Spirit Airlines, Inc. (SAVE) Upgraded by Zacks Investment Research to Hold
Zacks Investment Research upgraded shares of Spirit Airlines, Inc. (NASDAQ:SAVE) from a sell rating to a hold rating in a report issued on Friday morning.
According to Zacks, “Shares of Spirit Airlines have underperformed its industry on a year-to-date basis due to multiple headwinds including the recent hurricanes. The carrier performed impressively in the third quarter of 2017, despite disruptions caused by the hurricanes, reporting better-than-expected earnings per share and revenues. The bottom line however, plunged 24.2% on a year-over-year basis, due to high costs. The decrease in load factor in the third quarter of 2017, due to capacity overexpansion, is an added concern. Spirit Airlines' guidance for fourth-quarter TRASM is also disappointing. The carrier's efforts to modernize its fleet, however, raise optimism. Efforts to reward stockholders through share buybacks are impressive.”
Several other equities analysts have also recently commented on the stock. ValuEngine cut shares of Spirit Airlines from a buy rating to a hold rating in a research report on Friday, September 1st. Cowen and Company reissued a hold rating and set a $45.00 target price on shares of Spirit Airlines in a research report on Friday, September 1st. Morgan Stanley reissued an equal weight rating and set a $45.00 target price (down previously from $46.00) on shares of Spirit Airlines in a research report on Friday, September 1st. BidaskClub cut shares of Spirit Airlines from a sell rating to a strong sell rating in a report on Tuesday, July 25th. Finally, Deutsche Bank AG lowered their price target on shares of Spirit Airlines from $54.00 to $42.00 and set a buy rating on the stock in a report on Wednesday, September 6th. Two analysts have rated the stock with a sell rating, ten have given a hold rating and three have issued a buy rating to the stock. Spirit Airlines has a consensus rating of Hold and an average target price of $41.00.
Spirit Airlines (NASDAQ:SAVE) traded up $0.87 during mid-day trading on Friday, reaching $35.82. The company’s stock had a trading volume of 1,238,700 shares, compared to its average volume of 2,169,113. The firm has a market cap of $2,484.94, a P/E ratio of 10.66, a P/E/G ratio of 1.46 and a beta of 0.71. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.88 and a quick ratio of 1.88. Spirit Airlines has a fifty-two week low of $30.32 and a fifty-two week high of $60.40.
Spirit Airlines (NASDAQ:SAVE) last released its quarterly earnings results on Thursday, October 26th. The transportation company reported $0.94 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.90 by $0.04. The business 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 company’s quarterly revenue was up 10.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.24 EPS. equities research analysts expect that Spirit Airlines will post 3.08 earnings per share for the current year.
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Spirit Airlines announced that its board 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 repurchase shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.
In other news, Director H. Mcintyre Gardner acquired 5,000 shares of the 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 purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.33% of the company’s stock.
Hedge funds have recently modified their holdings of the stock. First Personal Financial Services boosted its holdings in Spirit Airlines by 87.9% in the third quarter. First Personal Financial Services now owns 3,088 shares of the transportation company’s stock worth $103,000 after purchasing an additional 1,445 shares during the last quarter. The Manufacturers Life Insurance Company boosted its holdings in 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. boosted its holdings in 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. Victory Capital Management Inc. purchased a new stake in Spirit Airlines in the third quarter worth approximately $142,000. Finally, Intact Investment Management Inc. purchased a new stake in Spirit Airlines in the second quarter worth approximately $238,000. Institutional investors own 95.44% of the company’s stock.
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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