Spirit Airlines Incorporated (NASDAQ:SAVE) – Analysts at Imperial Capital lowered their Q1 2018 EPS estimates for shares of Spirit Airlines in a research report issued to clients and investors on Wednesday. Imperial Capital analyst M. Derchin now forecasts that the transportation company will post earnings of $0.16 per share for the quarter, down from their prior estimate of $0.39. Imperial Capital currently has a “In-Line” rating and a $42.00 price target on the stock. Imperial Capital also issued estimates for Spirit Airlines’ Q2 2018 earnings at $0.95 EPS, Q3 2018 earnings at $0.84 EPS, Q4 2018 earnings at $0.56 EPS, FY2018 earnings at $2.50 EPS and FY2019 earnings at $3.75 EPS.
A number of other research analysts have also recently commented on the company. Buckingham Research increased their price target on Spirit Airlines from $42.00 to $45.00 and gave the company a “neutral” rating in a research note on Wednesday, February 7th. Morgan Stanley dropped their price target on Spirit Airlines from $43.00 to $42.00 and set an “equal weight” rating for the company in a research note on Wednesday, February 7th. Macquarie upgraded Spirit Airlines from a “neutral” rating to an “outperform” rating and set a $33.00 price target for the company in a research note on Wednesday, February 7th. Cowen dropped their price target on Spirit Airlines from $49.00 to $45.00 and set a “market perform” rating for the company in a research note on Wednesday, February 7th. Finally, Stifel Nicolaus cut Spirit Airlines from a “buy” rating to a “hold” rating and increased their price target for the company from $45.00 to $50.00 in a research note on Monday, January 15th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have issued a buy rating to the company’s stock. Spirit Airlines currently has an average rating of “Hold” and an average target price of $47.33.
Spirit Airlines (NASDAQ:SAVE) last issued its earnings results on Tuesday, February 6th. The transportation company reported $0.73 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.71 by $0.02. The firm had revenue of $667.00 million for the quarter, compared to the consensus estimate of $666.12 million. Spirit Airlines had a return on equity of 15.86% and a net margin of 8.55%. The company’s revenue was up 15.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.77 EPS.
A number of large investors have recently made changes to their positions in SAVE. Advisor Group Inc. raised its position in 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 purchasing an additional 344 shares during the last quarter. Janus Henderson Group PLC bought a new position in Spirit Airlines during the 2nd quarter worth $645,000. Cubist Systematic Strategies LLC raised its position in Spirit Airlines by 17,939.8% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 14,973 shares of the transportation company’s stock worth $773,000 after purchasing an additional 14,890 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in 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 worth $112,000 after purchasing an additional 141 shares during the last quarter. Finally, Nomura Holdings Inc. bought a new position in Spirit Airlines during the 2nd quarter worth $361,000.
In related news, VP John A. Bendoraitis sold 2,340 shares of the firm’s stock in a transaction on 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 document filed with the Securities & Exchange Commission, which is available through this link. 0.33% of the stock is owned by company insiders.
Spirit Airlines declared that its board has authorized a stock buyback program on Thursday, October 26th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the transportation company to purchase shares of its stock through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its stock is undervalued.
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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