Vanguard Group Inc. boosted its stake in shares of Spirit Airlines, Inc. (NASDAQ:SAVE) by 1.4% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,438,753 shares of the transportation company’s stock after buying an additional 73,982 shares during the period. Vanguard Group Inc. owned approximately 7.84% of Spirit Airlines worth $280,912,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of the stock. BlackRock Inc. increased its position in Spirit Airlines by 7,002.6% during the 1st quarter. BlackRock Inc. now owns 2,691,469 shares of the transportation company’s stock valued at $142,838,000 after buying an additional 2,653,575 shares in the last quarter. Franklin Resources Inc. increased its position 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 valued at $109,927,000 after buying an additional 82,438 shares in the last quarter. Dimensional Fund Advisors LP increased its position in Spirit Airlines by 16.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,621,926 shares of the transportation company’s stock valued at $86,073,000 after buying an additional 234,734 shares in the last quarter. Bank of America Corp DE increased its position in Spirit Airlines by 32.6% during the 1st quarter. Bank of America Corp DE now owns 650,724 shares of the transportation company’s stock valued at $34,534,000 after buying an additional 160,022 shares in the last quarter. Finally, Geode Capital Management LLC increased its position in Spirit Airlines by 8.8% during the 1st quarter. Geode Capital Management LLC now owns 610,106 shares of the transportation company’s stock valued at $32,378,000 after buying an additional 49,302 shares in the last quarter. 96.99% of the stock is owned by institutional investors.
In other Spirit Airlines news, Director H. Mcintyre Gardner purchased 5,000 shares of Spirit Airlines stock in a transaction dated Friday, September 15th. The shares were acquired at an average cost of $33.78 per share, with a total value of $168,900.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.33% of the company’s stock.
Shares of Spirit Airlines, Inc. (NASDAQ SAVE) opened at 35.00 on Wednesday. The company has a market cap of $2.43 billion, a price-to-earnings ratio of 10.14 and a beta of 0.66. The firm has a 50 day moving average price of $34.21 and a 200-day moving average price of $46.91. Spirit Airlines, Inc. has a 12-month low of $30.32 and a 12-month high of $60.40.
Spirit Airlines (NASDAQ:SAVE) last issued its quarterly 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. The business had revenue of $701.68 million for the quarter, compared to the consensus estimate of $702.29 million. Spirit Airlines had a return on equity of 17.96% and a net margin of 9.62%. The business’s quarterly revenue was up 20.1% on a year-over-year basis. During the same period in the prior year, the firm posted $1.11 earnings per share. On average, equities analysts expect that Spirit Airlines, Inc. will post $2.96 earnings per share for the current fiscal year.
A number of research firms recently weighed in on SAVE. Cowen and Company reaffirmed a “market perform” rating and set a $59.00 price objective on shares of Spirit Airlines in a research report on Tuesday, July 18th. Morgan Stanley reaffirmed an “equal weight” rating and set a $60.00 price objective (down previously from $61.00) on shares of Spirit Airlines in a research report on Thursday, July 13th. BidaskClub lowered Spirit Airlines from a “hold” rating to a “sell” rating in a research report on Friday, June 23rd. Deutsche Bank AG reduced their price objective on Spirit Airlines from $71.00 to $69.00 and set a “buy” rating for the company in a research report on Wednesday, July 12th. Finally, Bank of America Corporation reduced their price objective on Spirit Airlines from $75.00 to $68.00 and set a “buy” rating for the company in a research report on Friday, June 30th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating, four have given a buy rating and one has given a strong buy rating to the company. The stock has an average rating of “Hold” and an average price target of $47.77.
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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