Wells Fargo & Company MN cut its stake in Spirit Airlines, Inc. (NASDAQ:SAVE) by 10.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,774,792 shares of the transportation company’s stock after selling 318,265 shares during the quarter. Wells Fargo & Company MN owned approximately 4.00% of Spirit Airlines worth $143,318,000 at the end of the most recent reporting period.
A number of other institutional investors also recently modified their holdings of the stock. Vanguard Group Inc. lifted its stake in Spirit Airlines by 4.4% in the 1st quarter. Vanguard Group Inc. now owns 5,364,771 shares of the transportation company’s stock valued at $284,708,000 after buying an additional 228,176 shares in the last quarter. BlackRock Inc. lifted its stake in Spirit Airlines by 7,002.6% in the 1st quarter. BlackRock Inc. now owns 2,691,469 shares of the transportation company’s stock valued at $142,838,000 after buying an additional 2,653,575 shares in the last quarter. Franklin Resources Inc. lifted its stake in Spirit Airlines by 4.0% in the 2nd quarter. Franklin Resources Inc. now owns 2,128,314 shares of the transportation company’s stock valued at $109,927,000 after buying an additional 82,438 shares in the last quarter. Mackenzie Financial Corp lifted its stake in Spirit Airlines by 3.9% in the 1st quarter. Mackenzie Financial Corp now owns 1,743,502 shares of the transportation company’s stock valued at $92,528,000 after buying an additional 64,996 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in Spirit Airlines by 16.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,621,926 shares of the transportation company’s stock valued at $86,073,000 after buying an additional 234,734 shares in the last quarter. 97.00% of the stock is currently owned by hedge funds and other institutional investors.
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Shares of Spirit Airlines, Inc. (NASDAQ SAVE) opened at 33.10 on Friday. The stock’s 50 day moving average is $38.12 and its 200-day moving average is $49.69. The firm has a market cap of $2.30 billion, a P/E ratio of 9.59 and a beta of 0.62. Spirit Airlines, Inc. has a one year low of $30.32 and a one year high of $60.40.
Spirit Airlines (NASDAQ:SAVE) last announced its quarterly earnings data on Thursday, July 27th. The transportation company reported $1.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.11 by $0.03. The business had revenue of $701.68 million for the quarter, compared to the consensus estimate of $702.29 million. Spirit Airlines had a net margin of 9.62% and a return on equity of 17.96%. The company’s quarterly revenue was up 20.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.11 earnings per share. Analysts anticipate that Spirit Airlines, Inc. will post $3.34 EPS for the current fiscal year.
A number of research analysts recently weighed in on the stock. Bank of America Corporation lowered shares of Spirit Airlines from a “buy” rating to a “neutral” rating and decreased their price target for the company from $68.00 to $44.00 in a research note on Friday, July 28th. Cowen and Company reaffirmed a “market perform” rating and issued a $59.00 price target on shares of Spirit Airlines in a research note on Tuesday, July 18th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $60.00 price target (down from $61.00) on shares of Spirit Airlines in a research note on Thursday, July 13th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $55.00 price target (down from $75.00) on shares of Spirit Airlines in a research note on Sunday, July 30th. Finally, Zacks Investment Research lowered shares of Spirit Airlines from a “hold” rating to a “strong sell” rating in a research note on Wednesday, August 16th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. Spirit Airlines has a consensus rating of “Hold” and a consensus price target of $51.63.
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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