Imperial Capital Weighs in on Spirit Airlines, Inc.’s Q3 2017 Earnings (SAVE)
Spirit Airlines, Inc. (NASDAQ:SAVE) – Research analysts at Imperial Capital dropped their Q3 2017 EPS estimates for Spirit Airlines in a research note issued to investors on Thursday. Imperial Capital analyst M. Derchin now anticipates that the transportation company will post earnings of $0.87 per share for the quarter, down from their prior forecast of $1.14. Imperial Capital currently has a “Outperform” rating on the stock. Imperial Capital also issued estimates for Spirit Airlines’ FY2017 earnings at $3.10 EPS, FY2018 earnings at $3.00 EPS and FY2019 earnings at $1.75 EPS.
Spirit Airlines (NASDAQ:SAVE) last issued its earnings results on Thursday, July 27th. The transportation company reported $1.14 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.11 by $0.03. Spirit Airlines had a return on equity of 17.96% and a net margin of 9.62%. The business had revenue of $701.68 million during the quarter, compared to analysts’ expectations of $702.29 million. During the same quarter in the prior year, the firm earned $1.11 EPS. The business’s revenue for the quarter was up 20.1% compared to the same quarter last year.
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A number of other research firms also recently weighed in on SAVE. Wolfe Research upgraded Spirit Airlines from a “market perform” rating to an “outperform” rating in a research report on Friday, June 2nd. Deutsche Bank AG restated a “buy” rating and set a $54.00 price target (down previously from $69.00) on shares of Spirit Airlines in a research report on Sunday, July 30th. Morgan Stanley restated an “equal weight” rating and set a $56.00 price target (down previously from $60.00) on shares of Spirit Airlines in a research report on Tuesday, July 25th. Stifel Nicolaus restated a “buy” rating and set a $55.00 price target (down previously from $75.00) on shares of Spirit Airlines in a research report on Sunday, July 30th. Finally, Zacks Investment Research downgraded Spirit Airlines from a “hold” rating to a “sell” rating in a research report on Tuesday, August 1st. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. The company has an average rating of “Hold” and an average target price of $51.63.
Spirit Airlines (NASDAQ:SAVE) opened at 34.89 on Monday. Spirit Airlines has a one year low of $30.32 and a one year high of $60.40. The firm has a 50-day moving average price of $37.68 and a 200-day moving average price of $49.53. The firm has a market cap of $2.42 billion, a PE ratio of 10.11 and a beta of 0.62.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. The Manufacturers Life Insurance Company grew its stake in shares of Spirit Airlines by 7.0% in the second quarter. The Manufacturers Life Insurance Company now owns 2,160 shares of the transportation company’s stock worth $112,000 after purchasing an additional 141 shares during the last quarter. Advisor Group Inc. grew its stake in shares of Spirit Airlines by 18.8% in the second quarter. Advisor Group Inc. now owns 2,170 shares of the transportation company’s stock worth $113,000 after purchasing an additional 344 shares during the last quarter. Intact Investment Management Inc. bought a new stake in shares of Spirit Airlines in the second quarter worth about $238,000. Ramsey Quantitative Systems bought a new stake in shares of Spirit Airlines in the second quarter worth about $281,000. Finally, Oppenheimer Asset Management Inc. bought a new stake in shares of Spirit Airlines in the first quarter worth about $346,000. 97.00% of the stock is currently owned by institutional investors.
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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