Imperial Capital restated their in-line rating on shares of Spirit Airlines, Inc. (NASDAQ:SAVE) in a research report report published on Friday, October 27th, MarketBeat.com reports. They currently have a $36.00 target price on the transportation company’s stock, up from their prior target price of $32.00. Imperial Capital also issued estimates for Spirit Airlines’ Q4 2017 earnings at $0.50 EPS, Q3 2018 earnings at $1.07 EPS, Q4 2018 earnings at $0.57 EPS and FY2018 earnings at $2.75 EPS.
Other equities analysts also recently issued reports about the stock. Cowen and Company reiterated a hold rating and set a $37.00 price target on shares of Spirit Airlines in a report on Tuesday, October 17th. Morgan Stanley reissued an equal weight rating and issued a $60.00 price objective (down from $61.00) on shares of Spirit Airlines in a research report on Thursday, July 13th. Stifel Nicolaus reissued a buy rating and issued a $55.00 price objective (down from $75.00) on shares of Spirit Airlines in a research report on Sunday, July 30th. Bank of America Corporation cut shares of Spirit Airlines from a buy rating to a neutral rating and lowered their price objective for the company from $68.00 to $44.00 in a research report on Friday, July 28th. Finally, Zacks Investment Research cut shares of Spirit Airlines from a hold rating to a strong sell rating in a research report on Wednesday, August 16th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and three have issued a buy rating to the company’s stock. The company presently has a consensus rating of Hold and a consensus target price of $41.00.
Shares of Spirit Airlines (SAVE) opened at $36.26 on Friday. The firm has a market cap of $2,450.00, a PE ratio of 10.66, a PEG ratio of 1.46 and a beta of 0.71. Spirit Airlines has a fifty-two week low of $30.32 and a fifty-two week high of $60.40. 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 (NASDAQ:SAVE) last issued its quarterly earnings results 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 for the quarter, compared to the consensus estimate of $686.13 million. Spirit Airlines had a net margin of 8.55% and a return on equity of 15.86%. The firm’s revenue was up 10.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.24 EPS. research analysts anticipate 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 authorized a share buyback program on Thursday, October 26th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the transportation company to reacquire shares of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.
In other Spirit Airlines news, Director H. Mcintyre Gardner acquired 5,000 shares of the business’s stock in a transaction dated Friday, September 15th. The shares were purchased at an average price of $33.78 per share, for a total transaction of $168,900.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.33% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Camarda Financial Advisors LLC boosted its holdings in Spirit Airlines by 0.3% during the second quarter. Camarda Financial Advisors LLC now owns 32,224 shares of the transportation company’s stock worth $1,664,000 after buying an additional 101 shares in the last quarter. The Manufacturers Life Insurance Company boosted its holdings in Spirit Airlines by 7.0% during the second quarter. The Manufacturers Life Insurance Company now owns 2,160 shares of the transportation company’s stock worth $112,000 after buying an additional 141 shares in the last quarter. Public Employees Retirement System of Ohio boosted its holdings in Spirit Airlines by 0.3% during the first quarter. Public Employees Retirement System of Ohio now owns 96,711 shares of the transportation company’s stock worth $5,132,000 after buying an additional 246 shares in the last quarter. Aperio Group LLC lifted its holdings in Spirit Airlines by 4.6% during the second quarter. Aperio Group LLC now owns 7,260 shares of the transportation company’s stock valued at $375,000 after purchasing an additional 322 shares in the last quarter. Finally, Amalgamated Bank lifted its holdings in Spirit Airlines by 3.4% during the first quarter. Amalgamated Bank now owns 10,252 shares of the transportation company’s stock valued at $544,000 after purchasing an additional 333 shares in the last quarter. 92.85% of the stock is currently owned by hedge funds and other institutional investors.
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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