Royal Bank of Canada lifted its holdings in shares of Spirit Airlines, Inc. (NASDAQ:SAVE) by 14.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 599,043 shares of the transportation company’s stock after acquiring an additional 77,384 shares during the period. Royal Bank of Canada owned approximately 0.86% of Spirit Airlines worth $30,941,000 at the end of the most recent reporting period.
Other large investors have also bought and sold shares of the company. Advisor Group Inc. increased its position in shares of Spirit Airlines by 18.8% during the second quarter. Advisor Group Inc. now owns 2,170 shares of the transportation company’s stock worth $113,000 after acquiring an additional 344 shares in the last quarter. Intact Investment Management Inc. bought a new stake in shares of Spirit Airlines during the second quarter worth about $238,000. Ramsey Quantitative Systems bought a new stake in shares of Spirit Airlines during the second quarter worth about $281,000. Oppenheimer Asset Management Inc. bought a new stake in shares of Spirit Airlines during the first quarter worth about $346,000. Finally, Karp Capital Management Corp bought a new stake in shares of Spirit Airlines during the first quarter worth about $368,000. 96.99% of the stock is owned by institutional investors.
Spirit Airlines, Inc. (NASDAQ SAVE) opened at 35.24 on Friday. The company’s 50-day moving average is $34.31 and its 200 day moving average is $47.18. The stock has a market capitalization of $2.44 billion, a PE ratio of 10.21 and a beta of 0.66. Spirit Airlines, Inc. has a 12-month low of $30.32 and a 12-month high of $60.40.
Spirit Airlines (NASDAQ:SAVE) last released its quarterly earnings data on Thursday, July 27th. The transportation company reported $1.14 earnings per share for the quarter, beating analysts’ consensus estimates of $1.11 by $0.03. The business had revenue of $701.68 million during the quarter, compared to analyst estimates of $702.29 million. Spirit Airlines had a net margin of 9.62% and a return on equity of 17.96%. Spirit Airlines’s revenue was up 20.1% compared to the same quarter last year. During the same period last year, the business earned $1.11 EPS. On average, equities research analysts expect that Spirit Airlines, Inc. will post $2.98 earnings per share for the current fiscal year.
SAVE has been the subject of several recent research reports. Deutsche Bank AG reissued a “buy” rating and set a $54.00 target price (down from $69.00) on shares of Spirit Airlines in a research report on Sunday, July 30th. Morgan Stanley reissued an “equal weight” rating and set a $56.00 target price (down from $60.00) on shares of Spirit Airlines in a research report on Tuesday, July 25th. Stifel Nicolaus reissued a “buy” rating and set a $55.00 target price (down from $75.00) on shares of Spirit Airlines in a research report on Sunday, July 30th. Zacks Investment Research downgraded shares of Spirit Airlines from a “hold” rating to a “sell” rating in a research report on Tuesday, August 1st. Finally, J P Morgan Chase & Co downgraded shares of Spirit Airlines from an “overweight” rating to a “neutral” rating and decreased their target price for the stock from $45.00 to $37.00 in a research report on Friday, September 15th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $47.77.
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In other news, Director H. Mcintyre Gardner acquired 5,000 shares of Spirit Airlines stock in a transaction on Friday, September 15th. The stock was acquired at an average cost of $33.78 per share, for a total transaction of $168,900.00. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. 0.33% of the stock is currently owned by company insiders.
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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