Imperial Capital Comments on Spirit Airlines, Inc.’s Q4 2017 Earnings (SAVE)
Spirit Airlines, Inc. (NASDAQ:SAVE) – Stock analysts at Imperial Capital cut their Q4 2017 earnings per share estimates for shares of Spirit Airlines in a research report issued to clients and investors on Friday. Imperial Capital analyst M. Derchin now expects that the transportation company will post earnings of $0.50 per share for the quarter, down from their previous estimate of $0.58. Imperial Capital has a “In-Line” rating and a $36.00 price objective on the stock. Imperial Capital also issued estimates for Spirit Airlines’ Q3 2018 earnings at $1.07 EPS, Q4 2018 earnings at $0.57 EPS and FY2018 earnings at $2.75 EPS.
Spirit Airlines (NASDAQ:SAVE) last released its quarterly earnings data 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. The company had revenue of $687.20 million during the quarter, compared to analysts’ expectations of $686.13 million. Spirit Airlines had a net margin of 8.55% and a return on equity of 15.86%. The firm’s quarterly revenue was up 10.6% on a year-over-year basis. During the same period in the previous year, the company earned $1.24 EPS. TRADEMARK VIOLATION WARNING: This piece was originally reported by American Banking News and is owned by of American Banking News. If you are accessing this piece on another site, it was illegally stolen and republished in violation of US and international trademark and copyright laws. The original version of this piece can be read at https://www.americanbankingnews.com/2017/10/30/imperial-capital-comments-on-spirit-airlines-inc-s-q4-2017-earnings-save.html.
Several other analysts have also recently weighed in on the stock. Buckingham Research raised their target price on shares of Spirit Airlines from $31.00 to $37.00 and gave the company a “neutral” rating in a report on Friday. Citigroup Inc. raised their target price on shares of Spirit Airlines from $48.00 to $50.00 and gave the company a “buy” rating in a report on Friday. Cowen and Company raised their target price on shares of Spirit Airlines from $37.00 to $40.00 and gave the company a “market perform” rating in a report on Friday. Morgan Stanley raised their target price on shares of Spirit Airlines from $38.00 to $39.00 and gave the company an “equal weight” rating in a report on Monday, October 23rd. Finally, Stifel Nicolaus reduced their target price on shares of Spirit Airlines from $55.00 to $45.00 and set a “buy” rating on the stock in a report on Tuesday, October 17th. Two equities research 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. The stock has a consensus rating of “Hold” and an average target price of $40.82.
Shares of Spirit Airlines (NASDAQ SAVE) opened at 36.94 on Monday. Spirit Airlines has a 12-month low of $30.32 and a 12-month high of $60.40. The stock has a 50 day moving average of $34.29 and a 200 day moving average of $45.36. The company has a market cap of $2.56 billion, a price-to-earnings ratio of 10.71 and a beta of 0.66.
Spirit Airlines declared that its Board of Directors has approved a share repurchase plan on Thursday, October 26th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the transportation company to purchase shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.
In related news, Director H. Mcintyre Gardner acquired 5,000 shares of the business’s stock in a transaction on Friday, September 15th. The shares were bought at an average price of $33.78 per share, with a total value of $168,900.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.33% of the stock is currently owned by company insiders.
A number of hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its holdings in Spirit Airlines by 1.4% during the second quarter. Vanguard Group Inc. now owns 5,438,753 shares of the transportation company’s stock worth $280,912,000 after purchasing an additional 73,982 shares in the last quarter. BlackRock Inc. raised its holdings in Spirit Airlines by 7,002.6% during the first quarter. BlackRock Inc. now owns 2,691,469 shares of the transportation company’s stock worth $142,838,000 after purchasing an additional 2,653,575 shares in the last quarter. Franklin Resources Inc. raised its holdings in Spirit Airlines by 4.0% during the second quarter. Franklin Resources Inc. now owns 2,128,314 shares of the transportation company’s stock worth $109,927,000 after purchasing an additional 82,438 shares in the last quarter. State of New Jersey Common Pension Fund D raised its holdings in Spirit Airlines by 44.0% during the third 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 purchasing an additional 220,000 shares in the last quarter. Finally, Calamos Advisors LLC raised its holdings in Spirit Airlines by 107.0% during the third quarter. Calamos Advisors LLC now owns 699,240 shares of the transportation company’s stock worth $23,362,000 after purchasing an additional 361,478 shares in the last quarter. 97.05% 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.
Receive News & Ratings for Spirit Airlines Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Spirit Airlines Inc. and related companies with MarketBeat.com's FREE daily email newsletter.