Spirit Airlines, Inc. (SAVE) Stake Increased by Great West Life Assurance Co. Can
Great West Life Assurance Co. Can increased its holdings in shares of Spirit Airlines, Inc. (NASDAQ:SAVE) by 14,747.3% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 237,557 shares of the transportation company’s stock after purchasing an additional 235,957 shares during the quarter. Great West Life Assurance Co. Can owned 0.34% of Spirit Airlines worth $7,910,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Vanguard Group Inc. increased its stake in Spirit Airlines by 1.4% during the 2nd quarter. Vanguard Group Inc. now owns 5,438,753 shares of the transportation company’s stock worth $280,912,000 after purchasing an additional 73,982 shares in the last quarter. Franklin Resources Inc. increased its stake in Spirit Airlines by 4.0% during the 2nd quarter. Franklin Resources Inc. now owns 2,128,314 shares of the transportation company’s stock worth $109,927,000 after purchasing an additional 82,438 shares in the last quarter. State of New Jersey Common Pension Fund D increased its stake in Spirit Airlines by 44.0% during the 3rd quarter. State of New Jersey Common Pension Fund D now owns 720,000 shares of the transportation company’s stock worth $24,055,000 after purchasing an additional 220,000 shares in the last quarter. Calamos Advisors LLC boosted its position in 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 acquiring an additional 361,478 shares during the last quarter. Finally, Royal Bank of Canada boosted its position in Spirit Airlines by 14.8% during the 2nd quarter. Royal Bank of Canada now owns 599,043 shares of the transportation company’s stock worth $30,941,000 after acquiring an additional 77,384 shares during the last quarter.
In related news, Director H. Mcintyre Gardner acquired 5,000 shares of the business’s stock in a transaction dated Friday, September 15th. The stock was bought at an average price of $33.78 per share, with a total value of $168,900.00. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.33% of the company’s stock.
A number of equities analysts have weighed in on the company. Imperial Capital reaffirmed an “in-line” rating and set a $36.00 price target (up previously from $32.00) on shares of Spirit Airlines in a research report on Friday, October 27th. ValuEngine downgraded Spirit Airlines from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. Citigroup upped their price target on Spirit Airlines from $48.00 to $50.00 and gave the stock a “buy” rating in a research report on Friday, October 27th. J P Morgan Chase & Co downgraded Spirit Airlines from a “neutral” rating to an “underweight” rating and set a $39.00 price target for the company. in a research report on Wednesday, November 1st. Finally, Deutsche Bank reduced their price target on Spirit Airlines from $54.00 to $42.00 and set a “buy” rating for the company in a research report on Wednesday, September 6th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and five have assigned a buy rating to the stock. Spirit Airlines currently has an average rating of “Hold” and an average target price of $41.75.
Shares of Spirit Airlines, Inc. (NASDAQ SAVE) opened at $42.20 on Thursday. The company has a market capitalization of $2,974.03, a P/E ratio of 12.76, a PEG ratio of 1.74 and a beta of 0.75. The company has a quick ratio of 1.88, a current ratio of 1.88 and a debt-to-equity ratio of 0.77. Spirit Airlines, Inc. has a twelve month low of $30.32 and a twelve month high of $60.40.
Spirit Airlines (NASDAQ:SAVE) last released its quarterly earnings data on Thursday, October 26th. The transportation company reported $0.94 EPS for the quarter, beating the consensus estimate of $0.90 by $0.04. The company had revenue of $687.20 million during the quarter, compared to the consensus estimate of $686.13 million. Spirit Airlines had a return on equity of 15.86% and a net margin of 8.55%. The firm’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.24 EPS. analysts forecast that Spirit Airlines, Inc. will post 3.08 earnings per share for the current year.
Spirit Airlines announced that its Board of Directors has initiated a stock repurchase plan on Thursday, October 26th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the transportation company to buy shares of its stock through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.
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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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