Spirit Airlines, Inc. (NASDAQ:SAVE) Stock Rating Reaffirmed by Cowen and Company

Cowen and Company reissued their hold rating on shares of Spirit Airlines, Inc. (NASDAQ:SAVE) in a report published on Tuesday, October 17th. The firm currently has a $37.00 price target on the transportation company’s stock.

A number of other brokerages also recently issued reports on SAVE. Deutsche Bank AG reissued a buy rating and set a $54.00 price objective (down from $69.00) on shares of Spirit Airlines in a research report on Sunday, July 30th. Morgan Stanley reissued an equal weight rating and set a $56.00 price objective (down from $60.00) on shares of Spirit Airlines in a research report on Tuesday, July 25th. Zacks Investment Research downgraded shares of Spirit Airlines from a hold rating to a sell rating in a research report on Tuesday, August 1st. Stifel Nicolaus reissued a buy rating and set a $55.00 price objective (down from $75.00) on shares of Spirit Airlines in a research report on Sunday, July 30th. Finally, J P Morgan Chase & Co downgraded shares of Spirit Airlines from an overweight rating to a neutral rating and reduced their price objective for the company from $45.00 to $37.00 in a research report on Friday, September 15th. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating and three have given a buy rating to the stock. The stock has an average rating of Hold and a consensus target price of $41.00.

Spirit Airlines (NASDAQ SAVE) traded up $0.16 during trading hours on Tuesday, reaching $36.29. 1,182,030 shares of the company were exchanged, compared to its average volume of 2,106,724. Spirit Airlines has a 52 week low of $30.32 and a 52 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. The company has a market cap of $2,506.45, a price-to-earnings ratio of 10.75, a P/E/G ratio of 1.47 and a beta of 0.71.

Spirit Airlines (NASDAQ:SAVE) last posted its quarterly earnings results on Thursday, October 26th. The transportation company reported $0.94 EPS for the quarter, beating the Zacks’ consensus estimate of $0.90 by $0.04. The company had revenue of $687.20 million during the quarter, compared to analyst estimates 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 business posted $1.24 EPS. research analysts predict that Spirit Airlines will post 3.08 EPS for the current fiscal year.

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Spirit Airlines declared that its Board of Directors has authorized a stock 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 buy shares of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its shares are undervalued.

In other Spirit Airlines news, Director H. Mcintyre Gardner acquired 5,000 shares of the 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 SEC, which can be accessed through the SEC website. 0.33% of the stock is owned by corporate insiders.

A number of institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its holdings in Spirit Airlines by 1.4% in the 2nd quarter. Vanguard Group Inc. now owns 5,438,753 shares of the transportation company’s stock worth $280,912,000 after acquiring an additional 73,982 shares in the last quarter. BlackRock Inc. increased its holdings in Spirit Airlines by 7,002.6% in the 1st quarter. BlackRock Inc. now owns 2,691,469 shares of the transportation company’s stock worth $142,838,000 after acquiring an additional 2,653,575 shares in the last quarter. Franklin Resources Inc. increased its holdings in Spirit Airlines by 4.0% in the 2nd quarter. Franklin Resources Inc. now owns 2,128,314 shares of the transportation company’s stock worth $109,927,000 after acquiring an additional 82,438 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in Spirit Airlines by 16.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,621,926 shares of the transportation company’s stock worth $86,073,000 after acquiring an additional 234,734 shares in the last quarter. Finally, State of New Jersey Common Pension Fund D increased its holdings in Spirit Airlines by 44.0% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 720,000 shares of the transportation company’s stock worth $24,055,000 after acquiring an additional 220,000 shares in the last quarter. 95.44% of the stock is owned by institutional investors.

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.

Analyst Recommendations for Spirit Airlines (NASDAQ:SAVE)

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