Spirit Aerosystems Holdings, Inc. (SPR) Rating Lowered to Hold at Zacks Investment Research
Spirit Aerosystems Holdings, Inc. (NYSE:SPR) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Friday.
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. “
Other analysts have also issued reports about the stock. Seaport Global Securities upgraded shares of Spirit Aerosystems Holdings from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $62.00 to $83.00 in a report on Thursday, August 3rd. Cowen and Company restated a “buy” rating and issued a $69.00 price objective on shares of Spirit Aerosystems Holdings in a report on Wednesday, August 2nd. BidaskClub lowered shares of Spirit Aerosystems Holdings from a “strong-buy” rating to a “buy” rating in a report on Thursday, July 27th. Jefferies Group LLC restated a “buy” rating and issued a $68.00 price objective on shares of Spirit Aerosystems Holdings in a report on Tuesday, July 25th. Finally, Canaccord Genuity restated a “buy” rating and issued a $80.00 price objective (up from $65.00) on shares of Spirit Aerosystems Holdings in a report on Wednesday, August 9th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and twelve have given a buy rating to the company’s stock. Spirit Aerosystems Holdings has a consensus rating of “Hold” and an average target price of $78.55.
Spirit Aerosystems Holdings (NYSE:SPR) last posted its quarterly earnings results on Wednesday, November 1st. The aerospace company reported $1.26 EPS for the quarter, hitting the consensus estimate of $1.26. Spirit Aerosystems Holdings had a return on equity of 30.53% and a net margin of 4.98%. The business had revenue of $1.75 billion for the quarter, compared to analyst estimates of $1.74 billion. During the same quarter in the previous year, the firm earned $1.16 EPS. The company’s quarterly revenue was up 2.2% compared to the same quarter last year.
Spirit Aerosystems Holdings declared that its Board of Directors has approved a share buyback program on Wednesday, August 2nd that authorizes the company to buyback $400.00 million in shares. This buyback authorization authorizes the aerospace company to purchase up to 4.6% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.
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In related news, SVP John A. Pilla sold 10,088 shares of the company’s stock in a transaction that occurred on Wednesday, September 6th. The stock was sold at an average price of $74.60, for a total value of $752,564.80. Following the completion of the transaction, the senior vice president now directly owns 93,258 shares of the company’s stock, valued at $6,957,046.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Charles L. Chadwell sold 6,600 shares of the company’s stock in a transaction that occurred on Thursday, September 14th. The shares were sold at an average price of $76.49, for a total value of $504,834.00. Following the completion of the transaction, the director now directly owns 23,828 shares of the company’s stock, valued at $1,822,603.72. The disclosure for this sale can be found here. Corporate insiders own 0.28% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the stock. Fisher Asset Management LLC boosted its holdings in Spirit Aerosystems Holdings by 839.5% in the third quarter. Fisher Asset Management LLC now owns 138,680 shares of the aerospace company’s stock valued at $10,778,000 after purchasing an additional 123,919 shares in the last quarter. Koch Industries Inc. acquired a new position in Spirit Aerosystems Holdings in the second quarter valued at approximately $524,000. Canada Pension Plan Investment Board boosted its holdings in shares of Spirit Aerosystems Holdings by 449.6% in the second quarter. Canada Pension Plan Investment Board now owns 75,300 shares of the aerospace company’s stock valued at $4,363,000 after acquiring an additional 61,600 shares during the period. BB&T Securities LLC acquired a new stake in shares of Spirit Aerosystems Holdings in the second quarter valued at approximately $817,000. Finally, Cambria Investment Management L.P. acquired a new stake in shares of Spirit Aerosystems Holdings in the second quarter valued at approximately $905,000. 98.96% of the stock is 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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