Spirit Airlines, Inc. (NASDAQ:SAVE) had its price target cut by stock analysts at Stifel Nicolaus from $55.00 to $45.00 in a report issued on Tuesday, October 17th, MarketBeat.com reports. The brokerage currently has a “buy” rating on the transportation company’s stock. Stifel Nicolaus’ price target suggests a potential upside of 23.69% from the company’s current price.
Other analysts have also issued research reports about the company. Deutsche Bank AG reissued a “buy” rating and issued a $54.00 target price (down previously from $69.00) on shares of Spirit Airlines in a report on Sunday, July 30th. Bank of America Corporation reduced their price objective on Spirit Airlines from $75.00 to $68.00 and set a “buy” rating on the stock in a research report on Friday, June 30th. Citigroup Inc. upgraded Spirit Airlines from a “neutral” rating to a “buy” rating and reduced their price objective for the company from $65.00 to $52.00 in a research report on Friday, July 28th. TheStreet downgraded Spirit Airlines from a “b-” rating to a “c+” rating in a research report on Monday, August 7th. Finally, Morgan Stanley restated an “equal weight” rating and issued a $56.00 price objective (down from $60.00) on shares of Spirit Airlines in a research report on Tuesday, July 25th. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and three have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $41.00.
Spirit Airlines (NASDAQ:SAVE) traded up $0.25 during trading on Tuesday, reaching $36.38. The company’s stock had a trading volume of 831,429 shares, compared to its average volume of 2,106,724. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.88 and a quick ratio of 1.88. The firm has a market capitalization of $2,506.45, a price-to-earnings ratio of 10.75, a price-to-earnings-growth ratio of 1.47 and a beta of 0.71. Spirit Airlines has a 12 month low of $30.32 and a 12 month high of $60.40.
Spirit Airlines (NASDAQ:SAVE) last posted its earnings results on Thursday, October 26th. The transportation company reported $0.94 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.90 by $0.04. The company had revenue of $687.20 million for the quarter, compared to analyst estimates of $686.13 million. Spirit Airlines had a return on equity of 15.86% and a net margin of 8.55%. Spirit Airlines’s revenue was up 10.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.24 earnings per share. equities research analysts anticipate that Spirit Airlines will post 3.08 earnings per share for the current fiscal year.
Spirit Airlines announced that its Board of Directors has approved a stock buyback program on Thursday, October 26th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the transportation company to repurchase shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.
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In other news, Director H. Mcintyre Gardner purchased 5,000 shares of the company’s stock in a transaction on Friday, September 15th. The stock was bought at an average cost of $33.78 per share, for a total transaction of $168,900.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.33% of the company’s stock.
A number of large investors have recently made changes to their positions in the business. Camarda Financial Advisors LLC increased its stake 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 acquiring an additional 101 shares during the last quarter. The Manufacturers Life Insurance Company increased its stake 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 acquiring an additional 141 shares during the last quarter. Public Employees Retirement System of Ohio increased its stake 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 acquiring an additional 246 shares during the last quarter. Aperio Group LLC increased its stake in Spirit Airlines by 4.6% during the second quarter. Aperio Group LLC now owns 7,260 shares of the transportation company’s stock worth $375,000 after acquiring an additional 322 shares during the last quarter. Finally, Amalgamated Bank increased its stake in Spirit Airlines by 3.4% during the first quarter. Amalgamated Bank now owns 10,252 shares of the transportation company’s stock worth $544,000 after acquiring an additional 333 shares during the last quarter. Institutional investors own 95.44% of the company’s stock.
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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