Los Angeles Capital Management & Equity Research Inc. acquired a new position in shares of Spirit Airlines, Inc. (NASDAQ:SAVE) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 147,065 shares of the transportation company’s stock, valued at approximately $4,913,000. Los Angeles Capital Management & Equity Research Inc. owned approximately 0.21% of Spirit Airlines at the end of the most recent quarter.
Several other large investors have also recently made changes to their positions in SAVE. BlackRock Inc. grew its holdings in shares of Spirit Airlines by 7,002.6% during the 1st quarter. BlackRock Inc. now owns 2,691,469 shares of the transportation company’s stock worth $142,838,000 after purchasing an additional 2,653,575 shares in the last quarter. Calamos Advisors LLC grew its holdings in shares of Spirit Airlines by 107.0% during the 3rd quarter. Calamos Advisors LLC now owns 699,240 shares of the transportation company’s stock worth $23,362,000 after purchasing an additional 361,478 shares in the last quarter. Hodges Capital Management Inc. acquired a new stake in shares of Spirit Airlines during the 2nd quarter worth approximately $16,711,000. State of New Jersey Common Pension Fund D grew its holdings in shares of Spirit Airlines by 127.3% during the 2nd quarter. State of New Jersey Common Pension Fund D now owns 500,000 shares of the transportation company’s stock worth $25,826,000 after purchasing an additional 280,000 shares in the last quarter. Finally, First Trust Advisors LP grew its holdings in shares of Spirit Airlines by 37.7% during the 2nd quarter. First Trust Advisors LP now owns 548,414 shares of the transportation company’s stock worth $28,326,000 after purchasing an additional 150,240 shares in the last quarter.
Several analysts have recently weighed in on the company. BidaskClub lowered Spirit Airlines from a “sell” rating to a “strong sell” rating in a report on Tuesday, July 25th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $56.00 price target (down previously from $60.00) on shares of Spirit Airlines in a research note on Tuesday, July 25th. Bank of America Corporation lowered Spirit Airlines from a “buy” rating to a “neutral” rating and decreased their price target for the company from $68.00 to $44.00 in a research note on Friday, July 28th. Cowen and Company reaffirmed a “market perform” rating and issued a $45.00 price target (down previously from $59.00) on shares of Spirit Airlines in a research note on Friday, July 28th. Finally, Buckingham Research lowered Spirit Airlines from a “buy” rating to a “neutral” rating in a research note on Friday, July 28th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and three have given a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $41.00.
In other news, Director H. Mcintyre Gardner bought 5,000 shares of the company’s stock in a transaction dated Friday, September 15th. The stock was bought at an average price of $33.78 per share, for a total transaction of $168,900.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.33% of the company’s stock.
Spirit Airlines, Inc. (NASDAQ SAVE) opened at $36.35 on Tuesday. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.88 and a quick ratio of 1.88. Spirit Airlines, Inc. has a 52-week low of $30.32 and a 52-week high of $60.40. The stock has a market capitalization of $2,524.49, a price-to-earnings ratio of 10.83, a price-to-earnings-growth ratio of 1.48 and a beta of 0.71.
Spirit Airlines (NASDAQ:SAVE) last issued its quarterly earnings data on Thursday, October 26th. The transportation company reported $0.94 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.90 by $0.04. Spirit Airlines had a return on equity of 15.86% and a net margin of 8.55%. The firm had revenue of $687.20 million during the quarter, compared to the consensus estimate of $686.13 million. During the same quarter in the previous year, the company posted $1.24 EPS. The business’s revenue for the quarter was up 10.6% compared to the same quarter last year. equities research analysts expect that Spirit Airlines, Inc. will post 3.08 earnings per share for the current year.
Spirit Airlines announced that its board has authorized a share repurchase program on Thursday, October 26th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the transportation company to reacquire shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.
About Spirit Airlines
Spirit Airlines, Inc is an airline company. The Company provides air transportation for passengers. As of December 31, 2016, its all-Airbus Fit Fleet operated over 420 daily flights to 59 destinations in the United States, Caribbean and Latin America. As of December 31, 2016, it had a fleet of 95 Airbus single-aisle aircraft, which are referred to as A320 family aircraft and include the A319, A320 and A321 models, which have common design and equipment but differ most notably in fuselage length, service range and seat capacity.
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