BlackRock Inc. Has $142.84 Million Stake in Spirit Airlines, Inc. (NASDAQ:SAVE)

BlackRock Inc. raised its stake in Spirit Airlines, Inc. (NASDAQ:SAVE) by 7,002.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,691,469 shares of the transportation company’s stock after buying an additional 2,653,575 shares during the period. BlackRock Inc. owned approximately 3.88% of Spirit Airlines worth $142,838,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. U S Global Investors Inc increased its stake in Spirit Airlines by 13.5% in the first quarter. U S Global Investors Inc now owns 51,877 shares of the transportation company’s stock valued at $2,753,000 after buying an additional 6,189 shares in the last quarter. Morgan Stanley increased its stake in Spirit Airlines by 11.6% in the first quarter. Morgan Stanley now owns 111,781 shares of the transportation company’s stock valued at $5,932,000 after buying an additional 11,622 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Spirit Airlines by 16.9% in the first 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. Geode Capital Management LLC increased its stake in shares of Spirit Airlines by 8.8% in the first quarter. Geode Capital Management LLC now owns 610,106 shares of the transportation company’s stock worth $32,378,000 after buying an additional 49,302 shares during the period. Finally, Cambridge Investment Research Advisors Inc. increased its stake in shares of Spirit Airlines by 11.5% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 24,372 shares of the transportation company’s stock worth $1,293,000 after buying an additional 2,521 shares during the period.

Shares of Spirit Airlines, Inc. (SAVE) opened at 38.25 on Friday. The firm has a 50-day moving average of $47.38 and a 200 day moving average of $52.24. Spirit Airlines, Inc. has a 52-week low of $37.17 and a 52-week high of $60.40. The firm has a market cap of $2.65 billion, a PE ratio of 11.09 and a beta of 0.57.

Spirit Airlines (NASDAQ:SAVE) last issued its quarterly earnings results on Thursday, July 27th. The transportation company reported $1.14 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.11 by $0.03. The firm had revenue of $701.68 million during the quarter, compared to the consensus estimate of $702.29 million. Spirit Airlines had a return on equity of 17.96% and a net margin of 9.62%. The company’s revenue for the quarter was up 20.1% on a year-over-year basis. During the same quarter last year, the company posted $1.11 EPS. On average, equities analysts predict that Spirit Airlines, Inc. will post $3.61 earnings per share for the current year.

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A number of brokerages have weighed in on SAVE. TheStreet downgraded shares of Spirit Airlines from a “b-” rating to a “c+” rating in a report on Monday, August 7th. J P Morgan Chase & Co raised shares of Spirit Airlines from a “neutral” rating to an “overweight” rating and reduced their price target for the company from $56.00 to $45.00 in a report on Tuesday, August 1st. Zacks Investment Research downgraded shares of Spirit Airlines from a “hold” rating to a “sell” rating in a report on Tuesday, August 1st. Citigroup Inc. raised shares of Spirit Airlines from a “neutral” rating to a “buy” rating and reduced their price target for the company from $65.00 to $52.00 in a report on Friday, July 28th. Finally, Stifel Nicolaus reaffirmed a “buy” rating and set a $55.00 price objective (down from $75.00) on shares of Spirit Airlines in a report on Sunday, July 30th. One research analyst has rated the stock with a sell rating, six have given a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. Spirit Airlines has an average rating of “Buy” and an average price target of $54.96.

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.

Institutional Ownership by Quarter for Spirit Airlines (NASDAQ:SAVE)

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