Franklin Resources Inc. lowered its position in shares of Spirit Airlines Incorporated (NASDAQ:SAVE) by 5.8% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,087,074 shares of the transportation company’s stock after selling 66,748 shares during the quarter. Franklin Resources Inc. owned approximately 1.59% of Spirit Airlines worth $51,060,000 at the end of the most recent quarter.
Several other institutional investors have also recently made changes to their positions in SAVE. BlackRock Inc. increased its position in shares of Spirit Airlines by 67.1% during the 2nd quarter. BlackRock Inc. now owns 4,468,084 shares of the transportation company’s stock worth $162,416,000 after purchasing an additional 1,794,176 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of Spirit Airlines by 43.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,908,837 shares of the transportation company’s stock worth $142,083,000 after purchasing an additional 1,177,894 shares in the last quarter. FMR LLC increased its position in shares of Spirit Airlines by 12.0% during the 2nd quarter. FMR LLC now owns 10,236,765 shares of the transportation company’s stock worth $372,107,000 after purchasing an additional 1,100,206 shares in the last quarter. Millennium Management LLC increased its position in shares of Spirit Airlines by 778.4% during the 2nd quarter. Millennium Management LLC now owns 884,020 shares of the transportation company’s stock worth $32,134,000 after purchasing an additional 783,381 shares in the last quarter. Finally, Hennessy Advisors Inc. acquired a new stake in shares of Spirit Airlines during the 3rd quarter worth about $27,322,000.
Several research firms have weighed in on SAVE. Zacks Investment Research cut shares of Spirit Airlines from a “buy” rating to a “hold” rating in a research report on Monday, October 1st. Imperial Capital raised their price objective on shares of Spirit Airlines from $72.00 to $90.00 and gave the company an “outperform” rating in a research report on Friday, October 26th. Morgan Stanley raised their price objective on shares of Spirit Airlines from $50.00 to $53.00 and gave the company an “equal weight” rating in a research report on Monday, October 15th. Credit Suisse Group began coverage on shares of Spirit Airlines in a research report on Monday, November 19th. They issued a “neutral” rating and a $59.00 price objective for the company. Finally, BidaskClub cut shares of Spirit Airlines from a “strong-buy” rating to a “buy” rating in a research report on Friday, November 2nd. Seven research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $61.25.
SAVE opened at $59.67 on Friday. Spirit Airlines Incorporated has a 1-year low of $34.36 and a 1-year high of $65.35.
Spirit Airlines (NASDAQ:SAVE) last posted its quarterly earnings data on Wednesday, October 24th. The transportation company reported $1.47 earnings per share for the quarter, beating the consensus estimate of $1.44 by $0.03. The company had revenue of $904.33 million during the quarter, compared to analyst estimates of $904.05 million.
In other news, Director Robert D. Johnson sold 750 shares of the firm’s stock in a transaction dated Monday, December 3rd. The shares were sold at an average price of $64.65, for a total value of $48,487.50. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Rocky Wiggins sold 566 shares of the firm’s stock in a transaction dated Tuesday, September 11th. The shares were sold at an average price of $47.89, for a total transaction of $27,105.74. The disclosure for this sale can be found here. Insiders sold a total of 5,816 shares of company stock worth $303,113 in the last ninety days. Insiders own 0.33% of the company’s stock.
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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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