BlueMountain Capital Management LLC Buys Shares of 21,592 Spirit Airlines, Inc. (SAVE)
BlueMountain Capital Management LLC bought a new position in Spirit Airlines, Inc. (NASDAQ:SAVE) during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 21,592 shares of the transportation company’s stock, valued at approximately $1,115,000.
Other institutional investors and hedge funds have also bought and sold shares of the company. Intact Investment Management Inc. acquired a new stake in shares of Spirit Airlines in the 2nd quarter worth about $238,000. Oppenheimer Asset Management Inc. purchased a new stake in Spirit Airlines in the 1st quarter valued at about $346,000. New Jersey Better Educational Savings Trust purchased a new stake in Spirit Airlines in the 2nd quarter valued at about $362,000. Karp Capital Management Corp purchased a new stake in Spirit Airlines in the 1st quarter valued at about $368,000. Finally, Airain ltd purchased a new stake in Spirit Airlines in the 1st quarter valued at about $374,000. Institutional investors own 96.99% of the company’s stock.
In related news, Director H. Mcintyre Gardner acquired 5,000 shares of the firm’s stock in a transaction dated Friday, September 15th. The stock was purchased at an average cost of $33.78 per share, with a total value of $168,900.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.33% of the stock is owned by insiders.
Spirit Airlines (NASDAQ:SAVE) last released its quarterly earnings data on Thursday, July 27th. The transportation company reported $1.14 earnings per share for the quarter, beating the 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 during the quarter, compared to analysts’ expectations of $702.29 million. During the same period in the previous year, the company earned $1.11 earnings per share. The firm’s quarterly revenue was up 20.1% on a year-over-year basis.
SAVE has been the subject of several analyst reports. ValuEngine lowered shares of Spirit Airlines from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. Cowen and Company reiterated a “hold” rating and issued a $45.00 price objective on shares of Spirit Airlines in a research note on Friday, September 1st. Wolfe Research upgraded shares of Spirit Airlines from a “market perform” rating to an “outperform” rating in a research note on Friday, June 2nd. Morgan Stanley reiterated an “equal weight” rating and issued a $45.00 price objective (down previously from $46.00) on shares of Spirit Airlines in a research note on Friday, September 1st. Finally, BidaskClub lowered shares of Spirit Airlines from a “sell” rating to a “strong sell” rating in a research note on Tuesday, July 25th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $50.59.
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Spirit Airlines 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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