Spirit Airlines (SAVE) Stock Rating Lowered by Stifel Nicolaus
Spirit Airlines (NASDAQ:SAVE) was downgraded by stock analysts at Stifel Nicolaus to a “hold” rating in a note issued to investors on Monday. They presently have a $50.00 price objective on the transportation company’s stock. Stifel Nicolaus’ target price would suggest a potential upside of 3.61% from the stock’s previous close.
SAVE has been the subject of several other reports. Imperial Capital reissued an “in-line” rating and set a $36.00 price target (up previously from $32.00) on shares of Spirit Airlines in a research report on Friday, October 27th. JPMorgan Chase & Co. downgraded Spirit Airlines from a “neutral” rating to an “underweight” rating and set a $39.00 price target for the company. in a research report on Wednesday, November 1st. Deutsche Bank downgraded Spirit Airlines from a “buy” rating to a “hold” rating and set a $38.00 price target for the company. in a research report on Friday, October 6th. Zacks Investment Research raised Spirit Airlines from a “sell” rating to a “hold” rating in a research report on Friday, November 10th. Finally, Morgan Stanley raised their price target on Spirit Airlines from $38.00 to $39.00 and gave the stock an “equal weight” rating in a research report on Monday, October 23rd. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and six have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $46.25.
Spirit Airlines (SAVE) traded up $0.69 during trading on Monday, reaching $48.26. The company’s stock had a trading volume of 1,343,700 shares, compared to its average volume of 1,390,000. Spirit Airlines has a 52 week low of $30.32 and a 52 week high of $60.28. The company has a quick ratio of 1.88, a current ratio of 1.88 and a debt-to-equity ratio of 0.77. The firm has a market cap of $3,350.00, a PE ratio of 15.32, a price-to-earnings-growth ratio of 1.82 and a beta of 0.75.
Spirit Airlines (NASDAQ:SAVE) last posted its quarterly earnings results on Thursday, October 26th. The transportation company reported $0.94 EPS for the quarter, beating the consensus estimate of $0.90 by $0.04. The business had revenue of $687.20 million during the quarter, compared to analysts’ expectations of $686.13 million. Spirit Airlines had a return on equity of 15.86% and a net margin of 8.55%. The company’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same period last year, the firm earned $1.24 EPS. equities analysts predict that Spirit Airlines will post 3.08 EPS for the current year.
Spirit Airlines declared that its Board of Directors has authorized a share buyback plan on Thursday, October 26th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the transportation company to reacquire shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.
In other Spirit Airlines news, VP John A. Bendoraitis sold 2,340 shares of the business’s stock in a transaction dated Wednesday, December 6th. The stock was sold at an average price of $42.92, for a total transaction of $100,432.80. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.33% of the stock is currently owned by company insiders.
Several institutional investors and hedge funds have recently modified their holdings of the business. Schwab Charles Investment Management Inc. lifted its stake in shares of Spirit Airlines by 5.5% in the second quarter. Schwab Charles Investment Management Inc. now owns 285,782 shares of the transportation company’s stock worth $14,761,000 after acquiring an additional 14,790 shares in the last quarter. Legal & General Group Plc lifted its stake in shares of Spirit Airlines by 8.0% in the second quarter. Legal & General Group Plc now owns 20,480 shares of the transportation company’s stock worth $1,057,000 after acquiring an additional 1,522 shares in the last quarter. Neuberger Berman Group LLC acquired a new position in shares of Spirit Airlines in the second quarter worth about $620,000. Amalgamated Bank lifted its stake in shares of Spirit Airlines by 22.4% in the second quarter. Amalgamated Bank now owns 12,549 shares of the transportation company’s stock worth $648,000 after acquiring an additional 2,297 shares in the last quarter. Finally, BlueMountain Capital Management LLC acquired a new position in shares of Spirit Airlines in the second quarter worth about $1,115,000.
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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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