Spirit Aerosystems Holdings, Inc. (SPR) Rating Lowered to Hold at Zacks Investment Research
Spirit Aerosystems Holdings, Inc. (NYSE:SPR) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday.
According to Zacks, “SPIRIT AEROSYSTEMS is the world’s largest independent supplier of commercial airplane assemblies and components. In addition to its Kansas facility, Spirit has operations in Tulsa and McAlester, Okla., Prestwick, Scotland, and Samlesbury, England. In the U.S., Spirit’s core products include fuselages, pylons, nacelles and wing components. Additionally, Spirit provides aftermarket customer support services, including spare parts, maintenance/repair/overhaul, and fleet support services in North America and Europe. Spirit Europe produces wing components for a host of customers, including Airbus. “
Other equities research analysts also recently issued reports about the stock. Seaport Global Securities upgraded shares of Spirit Aerosystems Holdings from a “neutral” rating to a “buy” rating and lifted their price target for the company from $62.00 to $83.00 in a research report on Thursday, August 3rd. Cowen and Company reiterated a “buy” rating and issued a $69.00 price target on shares of Spirit Aerosystems Holdings in a research report on Wednesday, August 2nd. BidaskClub downgraded shares of Spirit Aerosystems Holdings from a “strong-buy” rating to a “buy” rating in a research report on Thursday, July 27th. Jefferies Group LLC reiterated a “buy” rating and issued a $68.00 price target on shares of Spirit Aerosystems Holdings in a research report on Tuesday, July 25th. Finally, Canaccord Genuity lifted their price target on shares of Spirit Aerosystems Holdings from $65.00 to $80.00 and gave the company a “buy” rating in a research report on Thursday, August 3rd. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and twelve have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $75.28.
Spirit Aerosystems Holdings (NYSE SPR) opened at 78.90 on Tuesday. The firm has a market cap of $9.34 billion, a PE ratio of 28.33 and a beta of 1.36. Spirit Aerosystems Holdings has a 12-month low of $45.04 and a 12-month high of $79.29. The firm has a 50-day moving average price of $75.02 and a 200 day moving average price of $62.63.
Spirit Aerosystems Holdings (NYSE:SPR) last released its quarterly earnings results on Wednesday, August 2nd. The aerospace company reported $1.57 earnings per share for the quarter, beating analysts’ consensus estimates of $1.20 by $0.37. Spirit Aerosystems Holdings had a net margin of 4.97% and a return on equity of 30.82%. The company had revenue of $1.83 billion during the quarter, compared to the consensus estimate of $1.74 billion. During the same period in the previous year, the business earned $1.21 earnings per share. The firm’s quarterly revenue was down .2% on a year-over-year basis. Equities research analysts forecast that Spirit Aerosystems Holdings will post $5.24 EPS for the current year.
Spirit Aerosystems Holdings declared that its Board of Directors has initiated a stock repurchase program on Wednesday, August 2nd that authorizes the company to buyback $400.00 million in shares. This buyback authorization authorizes the aerospace company to purchase up to 4.6% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.
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In other news, SVP John A. Pilla sold 10,088 shares of the company’s stock in a transaction on Wednesday, September 6th. The shares were sold at an average price of $74.60, for a total transaction of $752,564.80. Following the completion of the transaction, the senior vice president now directly owns 93,258 shares in the company, valued at $6,957,046.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Charles L. Chadwell sold 6,600 shares of the company’s stock in a transaction on Thursday, September 14th. The stock was sold at an average price of $76.49, for a total transaction of $504,834.00. Following the transaction, the director now owns 23,828 shares of the company’s stock, valued at $1,822,603.72. The disclosure for this sale can be found here. 0.28% of the stock is currently owned by corporate insiders.
Large investors have recently made changes to their positions in the company. Nomura Asset Management Co. Ltd. increased its holdings in shares of Spirit Aerosystems Holdings by 9.5% during the first quarter. Nomura Asset Management Co. Ltd. now owns 1,840 shares of the aerospace company’s stock worth $106,000 after buying an additional 160 shares in the last quarter. Raymond James Trust N.A. acquired a new position in shares of Spirit Aerosystems Holdings during the second quarter worth $200,000. State of Alaska Department of Revenue increased its holdings in shares of Spirit Aerosystems Holdings by 6.7% during the second quarter. State of Alaska Department of Revenue now owns 3,539 shares of the aerospace company’s stock worth $205,000 after buying an additional 222 shares in the last quarter. Parametrica Management Ltd acquired a new position in shares of Spirit Aerosystems Holdings during the second quarter worth $217,000. Finally, Hillsdale Investment Management Inc. increased its holdings in shares of Spirit Aerosystems Holdings by 23.2% during the second quarter. Hillsdale Investment Management Inc. now owns 3,930 shares of the aerospace company’s stock worth $228,000 after buying an additional 740 shares in the last quarter. Institutional investors own 98.66% of the company’s stock.
About Spirit Aerosystems Holdings
Spirit AeroSystems Holdings, Inc is a non-original equipment manufacturer (OEM), aircraft parts designer and manufacturer of commercial aero-structures. The Company is also a supplier of aero-structures. The Company operates through three segments: Fuselage Systems, Propulsion Systems and Wing Systems.
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