Spirit Aerosystems Holdings, Inc. (SPR) Upgraded to Buy by Zacks Investment Research
Spirit Aerosystems Holdings, Inc. (NYSE:SPR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Wednesday. The firm currently has a $89.00 target price on the aerospace company’s stock. Zacks Investment Research‘s price objective indicates a potential upside of 11.84% from the company’s current price.
According to Zacks, “SPIRIT AEROSYSTEMS is the world’s largest independent supplier of commercial airplane assemblies and components. In addition to its Kansas facility, Spirit has operations in Tulsa and McAlester, Okla., Prestwick, Scotland, and Samlesbury, England. In the U.S., Spirit’s core products include fuselages, pylons, nacelles and wing components. Additionally, Spirit provides aftermarket customer support services, including spare parts, maintenance/repair/overhaul, and fleet support services in North America and Europe. Spirit Europe produces wing components for a host of customers, including Airbus. “
Several other analysts have also recently issued reports on the company. BidaskClub cut Spirit Aerosystems Holdings from a “strong-buy” rating to a “buy” rating in a report on Saturday, June 24th. Royal Bank Of Canada set a $69.00 target price on Spirit Aerosystems Holdings and gave the company a “sell” rating in a report on Sunday, September 10th. Jefferies Group LLC set a $68.00 target price on Spirit Aerosystems Holdings and gave the company a “buy” rating in a report on Thursday, June 22nd. Cowen and Company restated a “buy” rating and issued a $69.00 target price on shares of Spirit Aerosystems Holdings in a report on Wednesday, August 2nd. Finally, UBS AG restated a “buy” rating and issued a $81.00 target price (up from $63.00) on shares of Spirit Aerosystems Holdings in a report on Monday, August 21st. Two analysts have rated the stock with a sell rating, eight have given a hold rating and thirteen have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $76.17.
Shares of Spirit Aerosystems Holdings (NYSE:SPR) traded down 1.17% during mid-day trading on Wednesday, reaching $78.65. The company had a trading volume of 171,062 shares. The company has a market capitalization of $9.31 billion, a PE ratio of 28.39 and a beta of 1.36. Spirit Aerosystems Holdings has a 1-year low of $45.04 and a 1-year high of $79.84. The stock’s 50-day moving average price is $76.03 and its 200 day moving average price is $63.30.
Spirit Aerosystems Holdings (NYSE:SPR) last issued its earnings results on Wednesday, August 2nd. The aerospace company reported $1.57 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.20 by $0.37. The company had revenue of $1.83 billion during the quarter, compared to analysts’ expectations of $1.74 billion. Spirit Aerosystems Holdings had a return on equity of 30.82% and a net margin of 4.97%. The firm’s quarterly revenue was down .2% on a year-over-year basis. During the same period in the prior year, the business earned $1.21 EPS. Equities analysts expect that Spirit Aerosystems Holdings will post $5.25 EPS for the current year.
Spirit Aerosystems Holdings declared that its board has initiated a stock buyback program on Wednesday, August 2nd that permits the company to buyback $400.00 million in outstanding shares. This buyback authorization permits the aerospace company to reacquire up to 4.6% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its shares are undervalued.
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In related news, SVP John A. Pilla sold 10,088 shares of the stock in a transaction dated Wednesday, September 6th. The stock was sold at an average price of $74.60, for a total transaction of $752,564.80. Following the transaction, the senior vice president now owns 93,258 shares of the company’s stock, valued at approximately $6,957,046.80. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Charles L. Chadwell sold 6,600 shares of the stock in a transaction dated Thursday, September 14th. The stock was sold at an average price of $76.49, for a total value of $504,834.00. Following the transaction, the director now directly owns 23,828 shares in the company, valued at approximately $1,822,603.72. The disclosure for this sale can be found here. 0.28% of the stock is currently owned by corporate insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of SPR. M&T Bank Corp lifted its stake in Spirit Aerosystems Holdings by 4.8% during the 1st quarter. M&T Bank Corp now owns 4,530 shares of the aerospace company’s stock worth $261,000 after acquiring an additional 207 shares in the last quarter. Stifel Financial Corp lifted its stake in Spirit Aerosystems Holdings by 3.4% during the 1st quarter. Stifel Financial Corp now owns 22,873 shares of the aerospace company’s stock worth $1,325,000 after acquiring an additional 754 shares in the last quarter. Victory Capital Management Inc. lifted its stake in Spirit Aerosystems Holdings by 13.4% during the 1st quarter. Victory Capital Management Inc. now owns 19,392 shares of the aerospace company’s stock worth $1,123,000 after acquiring an additional 2,294 shares in the last quarter. Schroder Investment Management Group lifted its stake in Spirit Aerosystems Holdings by 26.6% during the 1st quarter. Schroder Investment Management Group now owns 26,762 shares of the aerospace company’s stock worth $1,578,000 after acquiring an additional 5,617 shares in the last quarter. Finally, Alliancebernstein L.P. lifted its stake in Spirit Aerosystems Holdings by 44.6% during the 1st quarter. Alliancebernstein L.P. now owns 126,570 shares of the aerospace company’s stock worth $7,331,000 after acquiring an additional 39,068 shares in the last quarter. 98.66% of the stock is currently owned by hedge funds and other institutional investors.
Spirit Aerosystems Holdings Company Profile
Spirit AeroSystems Holdings, Inc is a non-original equipment manufacturer (OEM), aircraft parts designer and manufacturer of commercial aero-structures. The Company is also a supplier of aero-structures. The Company operates through three segments: Fuselage Systems, Propulsion Systems and Wing Systems.
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