Spirit Airlines, Inc. (SAVE) Upgraded by Zacks Investment Research to Hold

Zacks Investment Research upgraded shares of Spirit Airlines, Inc. (NASDAQ:SAVE) from a sell rating to a hold rating in a report released on Friday.

According to Zacks, “Shares of Spirit Airlines have underperformed its industry on a year-to-date basis due to multiple headwinds including the recent hurricanes. The carrier performed impressively in the third quarter of 2017, despite disruptions caused by the hurricanes, reporting better-than-expected earnings per share and revenues. The bottom line however, plunged 24.2% on a year-over-year basis, due to high costs. The decrease in load factor in the third quarter of 2017, due to capacity overexpansion, is an added concern. Spirit Airlines' guidance for fourth-quarter TRASM is also disappointing. The carrier's efforts to modernize its fleet, however, raise optimism. Efforts to reward stockholders through share buybacks are impressive.”

Other equities research analysts have also issued reports about the stock. Cowen and Company reiterated a hold rating and set a $37.00 target price on shares of Spirit Airlines in a research report on Tuesday, October 17th. Morgan Stanley reiterated an equal weight rating and set a $60.00 target price (down from $61.00) on shares of Spirit Airlines in a research report on Thursday, July 13th. Stifel Nicolaus reiterated a buy rating and set a $55.00 target price (down from $75.00) on shares of Spirit Airlines in a research report on Sunday, July 30th. Bank of America Corporation lowered shares of Spirit Airlines from a buy rating to a neutral rating and dropped their target price for the company from $68.00 to $44.00 in a research report on Friday, July 28th. Finally, J P Morgan Chase & Co upgraded shares of Spirit Airlines from a neutral rating to an overweight rating and dropped their target price for the company from $56.00 to $45.00 in a research report on Tuesday, August 1st. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and three have given a buy rating to the company. Spirit Airlines currently has a consensus rating of Hold and a consensus target price of $41.00.

Shares of Spirit Airlines (NASDAQ:SAVE) traded down $0.54 during trading on Friday, reaching $35.28. 1,161,900 shares of the company’s stock traded hands, compared to its average volume of 1,425,058. Spirit Airlines has a twelve month low of $30.32 and a twelve month high of $60.40. The company has a market capitalization of $2,450.00, a price-to-earnings ratio of 10.66, a PEG ratio of 1.46 and a beta of 0.71. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 0.77.

Spirit Airlines (NASDAQ:SAVE) last announced its earnings results on Thursday, October 26th. The transportation company reported $0.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.90 by $0.04. Spirit Airlines had a net margin of 8.55% and a return on equity of 15.86%. The business had revenue of $687.20 million during the quarter, compared to analyst estimates of $686.13 million. During the same period in the previous year, the business posted $1.24 earnings per share. Spirit Airlines’s revenue for the quarter was up 10.6% on a year-over-year basis. analysts anticipate that Spirit Airlines will post 3.08 EPS for the current year.

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Spirit Airlines declared that its Board of Directors has approved a stock repurchase program on Thursday, October 26th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the transportation company to repurchase shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.

In other news, Director H. Mcintyre Gardner bought 5,000 shares of the firm’s stock in a transaction that occurred on Friday, September 15th. The shares were bought at an average cost of $33.78 per share, with a total value of $168,900.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.33% of the stock is owned by insiders.

Hedge funds and other institutional investors have recently modified their holdings of the stock. First Personal Financial Services increased its stake in shares of Spirit Airlines by 87.9% in the third quarter. First Personal Financial Services now owns 3,088 shares of the transportation company’s stock worth $103,000 after buying an additional 1,445 shares during the period. The Manufacturers Life Insurance Company increased its stake in shares of Spirit Airlines by 7.0% in 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 during the period. Advisor Group Inc. increased its stake in shares of Spirit Airlines by 18.8% in the second quarter. Advisor Group Inc. now owns 2,170 shares of the transportation company’s stock worth $113,000 after buying an additional 344 shares during the period. Victory Capital Management Inc. purchased a new position in shares of Spirit Airlines in the third quarter worth $142,000. Finally, Intact Investment Management Inc. purchased a new position in shares of Spirit Airlines in the second quarter worth $238,000. 92.85% of the stock is currently owned by 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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