State Street Corp cut its stake in Spirit Airlines, Inc. (NASDAQ:SAVE) by 1.3% during the first quarter, according to its most recent disclosure with the SEC. The firm owned 954,661 shares of the transportation company’s stock after selling 12,984 shares during the period. State Street Corp owned approximately 1.38% of Spirit Airlines worth $50,667,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. NJ State Employees Deferred Compensation Plan bought a new position in Spirit Airlines during the first quarter valued at about $371,000. State of New Jersey Common Pension Fund D boosted its position in Spirit Airlines by 4,300.0% in the first quarter. State of New Jersey Common Pension Fund D now owns 220,000 shares of the transportation company’s stock valued at $11,675,000 after buying an additional 215,000 shares during the period. Strs Ohio bought a new position in Spirit Airlines during the first quarter valued at about $46,436,000. James Investment Research Inc. bought a new position in Spirit Airlines during the first quarter valued at about $137,000. Finally, Middleton & Co Inc MA boosted its position in Spirit Airlines by 0.3% in the first quarter. Middleton & Co Inc MA now owns 17,275 shares of the transportation company’s stock valued at $917,000 after buying an additional 45 shares during the period. Hedge funds and other institutional investors own 98.47% of the company’s stock.
Spirit Airlines, Inc. (SAVE) traded down 0.30% on Friday, reaching $36.70. 1,104,246 shares of the company were exchanged. The firm has a market capitalization of $2.55 billion, a PE ratio of 10.64 and a beta of 0.57. The stock has a 50 day moving average of $45.26 and a 200 day moving average of $51.61. Spirit Airlines, Inc. has a 12-month low of $36.43 and a 12-month high of $60.40.
Spirit Airlines (NASDAQ:SAVE) last posted its quarterly earnings results on Thursday, July 27th. The transportation company reported $1.14 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.11 by $0.03. Spirit Airlines had a net margin of 9.62% and a return on equity of 17.96%. The firm had revenue of $701.68 million for the quarter, compared to analyst estimates of $702.29 million. During the same period in the prior year, the firm posted $1.11 earnings per share. The company’s quarterly revenue was up 20.1% compared to the same quarter last year. Equities analysts anticipate that Spirit Airlines, Inc. will post $3.61 EPS for the current year.
A number of brokerages recently weighed in on SAVE. Morgan Stanley reduced their target price on shares of Spirit Airlines from $54.00 to $46.00 and set an “equal weight” rating for the company in a report on Thursday. Zacks Investment Research cut shares of Spirit Airlines from a “hold” rating to a “strong sell” rating in a report on Wednesday. Barclays PLC reduced their target price on shares of Spirit Airlines from $67.00 to $50.00 and set an “equal weight” rating for the company in a report on Monday, August 14th. TheStreet cut shares of Spirit Airlines from a “b-” rating to a “c+” rating in a report on Monday, August 7th. Finally, J P Morgan Chase & Co upgraded shares of Spirit Airlines from a “neutral” rating to an “overweight” rating and reduced their price target for the company from $56.00 to $45.00 in a research report on Tuesday, August 1st. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $52.71.
Spirit Airlines Company Profile
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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