Royal Bank of Canada Initiates Coverage on Spirit AeroSystems (NYSE:SPR)

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Royal Bank of Canada began coverage on shares of Spirit AeroSystems (NYSE:SPR) in a report issued on Friday morning, BenzingaRatingsTable reports. The brokerage issued an outperform rating and a $31.00 target price on the aerospace company’s stock.

A number of other research firms have also recently issued reports on SPR. SunTrust Banks cut their target price on shares of Spirit AeroSystems from $16.00 to $14.00 and set a sell rating for the company in a research note on Thursday, May 7th. UBS Group cut their price objective on shares of Spirit AeroSystems from $21.00 to $19.00 and set a neutral rating for the company in a research report on Thursday, May 7th. Zacks Investment Research cut Spirit AeroSystems from a hold rating to a sell rating and set a $22.00 price objective for the company. in a report on Tuesday, March 24th. ValuEngine upgraded Spirit AeroSystems from a hold rating to a buy rating in a research note on Monday, June 8th. Finally, Bank of America downgraded Spirit AeroSystems from a neutral rating to an underperform rating and reduced their price target for the company from $77.00 to $25.00 in a research note on Monday, April 13th. Three investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and five have given a buy rating to the company. The stock currently has an average rating of Hold and a consensus price target of $47.82.

Shares of Spirit AeroSystems stock opened at $26.18 on Friday. The company has a debt-to-equity ratio of 2.07, a quick ratio of 1.99 and a current ratio of 2.81. The business’s 50 day simple moving average is $24.42 and its 200 day simple moving average is $43.70. The firm has a market cap of $2.36 billion, a PE ratio of 13.43 and a beta of 1.48. Spirit AeroSystems has a 52-week low of $13.69 and a 52-week high of $92.81.

Spirit AeroSystems (NYSE:SPR) last posted its quarterly earnings results on Wednesday, May 6th. The aerospace company reported ($0.79) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.42) by $0.63. Spirit AeroSystems had a return on equity of 20.46% and a net margin of 2.92%. The business had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1 billion. During the same quarter in the prior year, the business earned $1.68 EPS. The firm’s revenue for the quarter was down 44.1% on a year-over-year basis. As a group, equities research analysts predict that Spirit AeroSystems will post -2.59 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Monday, July 6th. Stockholders of record on Monday, June 15th will be issued a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a dividend yield of 0.15%. The ex-dividend date is Friday, June 12th. Spirit AeroSystems’s dividend payout ratio (DPR) is currently 0.72%.

Hedge funds have recently bought and sold shares of the stock. Bank of America Corp DE grew its stake in Spirit AeroSystems by 1.8% during the fourth quarter. Bank of America Corp DE now owns 339,492 shares of the aerospace company’s stock worth $24,742,000 after buying an additional 6,149 shares in the last quarter. Alliancebernstein L.P. lifted its holdings in shares of Spirit AeroSystems by 12.3% during the 4th quarter. Alliancebernstein L.P. now owns 455,355 shares of the aerospace company’s stock worth $33,186,000 after acquiring an additional 49,959 shares during the period. Legal & General Group Plc boosted its position in shares of Spirit AeroSystems by 7.9% during the 1st quarter. Legal & General Group Plc now owns 412,079 shares of the aerospace company’s stock worth $9,861,000 after acquiring an additional 30,092 shares in the last quarter. First Bank & Trust increased its stake in Spirit AeroSystems by 74.5% in the first quarter. First Bank & Trust now owns 3,808 shares of the aerospace company’s stock valued at $92,000 after acquiring an additional 1,626 shares during the last quarter. Finally, Nikko Asset Management Americas Inc. raised its position in Spirit AeroSystems by 25.8% during the first quarter. Nikko Asset Management Americas Inc. now owns 4,966 shares of the aerospace company’s stock valued at $119,000 after purchasing an additional 1,017 shares in the last quarter. 93.50% of the stock is owned by institutional investors and hedge funds.

Spirit AeroSystems Company Profile

Spirit AeroSystems Holdings, Inc designs, manufactures, and supplies commercial aero structures in the United States and internationally. The company operates in three segments: Fuselage Systems, Propulsion Systems, and Wing Systems. The Fuselage Systems segment develops, produces, and markets forward, mid, and rear fuselage sections and systems primarily to aircraft original equipment manufacturers (OEMs); and related spares, as well as maintenance, repairs, and overhaul (MRO) services.

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