Spirit Airlines, Inc. Expected to Earn Q3 2017 Earnings of $0.87 Per Share (SAVE)
Spirit Airlines, Inc. (NASDAQ:SAVE) – Imperial Capital cut their Q3 2017 earnings per share (EPS) estimates for shares of Spirit Airlines in a report issued on Thursday. Imperial Capital analyst M. Derchin now expects that the transportation company will post earnings of $0.87 per share for the quarter, down from their previous estimate of $1.14. Imperial Capital has a “Outperform” rating on the stock. Imperial Capital also issued estimates for Spirit Airlines’ FY2017 earnings at $3.10 EPS, FY2018 earnings at $3.00 EPS and FY2019 earnings at $1.75 EPS.
Several other research firms have also weighed in on SAVE. Wolfe Research raised shares of Spirit Airlines from a “market perform” rating to an “outperform” rating in a research note on Friday, June 2nd. Deutsche Bank AG reiterated a “buy” rating and issued a $54.00 price objective (down from $69.00) on shares of Spirit Airlines in a report on Sunday, July 30th. Morgan Stanley reiterated an “equal weight” rating and issued a $56.00 price objective (down from $60.00) on shares of Spirit Airlines in a report on Tuesday, July 25th. Stifel Nicolaus reiterated a “buy” rating and issued a $55.00 price objective (down from $75.00) on shares of Spirit Airlines in a report on Sunday, July 30th. Finally, Zacks Investment Research downgraded shares of Spirit Airlines from a “hold” rating to a “sell” rating in a report on Tuesday, August 1st. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $51.63.
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Shares of Spirit Airlines (NASDAQ:SAVE) opened at 33.10 on Monday. The firm has a market cap of $2.30 billion, a price-to-earnings ratio of 9.59 and a beta of 0.62. Spirit Airlines has a 12-month low of $30.32 and a 12-month high of $60.40. The stock’s 50 day moving average is $38.12 and its 200-day moving average is $49.69.
Spirit Airlines (NASDAQ:SAVE) last released its earnings results on Thursday, July 27th. The transportation company reported $1.14 EPS for the quarter, topping analysts’ consensus estimates of $1.11 by $0.03. Spirit Airlines had a net margin of 9.62% and a return on equity of 17.96%. The business had revenue of $701.68 million for the quarter, compared to the consensus estimate of $702.29 million. During the same period in the previous year, the firm earned $1.11 EPS. The business’s revenue for the quarter was up 20.1% on a year-over-year basis.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. The Manufacturers Life Insurance Company increased its position in shares of Spirit Airlines by 7.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,160 shares of the transportation company’s stock valued at $112,000 after purchasing an additional 141 shares during the last quarter. Advisor Group Inc. grew its stake in shares of Spirit Airlines by 18.8% during the 2nd quarter. Advisor Group Inc. now owns 2,170 shares of the transportation company’s stock worth $113,000 after acquiring an additional 344 shares during the period. Intact Investment Management Inc. bought a new position in shares of Spirit Airlines during the 2nd quarter worth $238,000. Ramsey Quantitative Systems bought a new position in shares of Spirit Airlines during the 2nd quarter worth $281,000. Finally, Oppenheimer Asset Management Inc. bought a new position in shares of Spirit Airlines during the 1st quarter worth $346,000. 97.00% of the stock is owned by institutional investors and hedge funds.
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.
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