PNC Financial Services Group Inc. boosted its position in shares of Spirit Airlines Inc. (NASDAQ:SAVE) by 2.7% during the second quarter, Holdings Channel reports. The fund owned 8,222 shares of the company’s stock after buying an additional 219 shares during the period. PNC Financial Services Group Inc.’s holdings in Spirit Airlines were worth $369,000 at the end of the most recent quarter.
Other hedge funds have also recently added to or reduced their stakes in the company. Wellington Management Group LLP raised its position in Spirit Airlines by 583.0% in the first quarter. Wellington Management Group LLP now owns 1,618,183 shares of the company’s stock valued at $77,641,000 after buying an additional 1,381,250 shares during the period. Franklin Resources Inc. raised its position in Spirit Airlines by 61.6% in the first quarter. Franklin Resources Inc. now owns 1,535,908 shares of the company’s stock valued at $73,692,000 after buying an additional 585,523 shares during the period. Royce & Associates LP bought a new position in Spirit Airlines during the first quarter valued at $27,857,000. Clal Insurance Enterprises Holdings Ltd raised its position in Spirit Airlines by 225.0% in the first quarter. Clal Insurance Enterprises Holdings Ltd now owns 324,993 shares of the company’s stock valued at $15,593,000 after buying an additional 224,993 shares during the period. Finally, Chartwell Investment Partners LLC bought a new position in Spirit Airlines during the second quarter valued at $7,009,000. 98.20% of the stock is owned by hedge funds and other institutional investors.
Shares of Spirit Airlines Inc. (NASDAQ:SAVE) traded up 0.79% during trading on Wednesday, hitting $42.28. The stock had a trading volume of 748,547 shares. Spirit Airlines Inc. has a 12-month low of $32.73 and a 12-month high of $53.53. The stock’s 50-day moving average is $39.55 and its 200-day moving average is $43.45. The stock has a market capitalization of $2.96 billion, a P/E ratio of 9.87 and a beta of 1.06.
Spirit Airlines (NASDAQ:SAVE) last released its earnings results on Friday, July 29th. The company reported $1.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.08 by $0.03. The business had revenue of $584.10 million for the quarter, compared to the consensus estimate of $594.47 million. Spirit Airlines had a return on equity of 25.93% and a net margin of 13.83%. Spirit Airlines’s quarterly revenue was up 5.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.03 earnings per share. Analysts predict that Spirit Airlines Inc. will post $3.91 EPS for the current fiscal year.
Several research firms have weighed in on SAVE. Raymond James Financial Inc. upgraded Spirit Airlines from an “outperform” rating to a “strong-buy” rating and set a $59.00 target price on the stock in a report on Thursday, August 4th. Zacks Investment Research upgraded Spirit Airlines from a “strong sell” rating to a “hold” rating in a report on Wednesday, August 17th. Citigroup Inc. cut their target price on Spirit Airlines from $56.00 to $51.00 and set a “buy” rating on the stock in a report on Monday, August 8th. Credit Suisse Group AG upgraded Spirit Airlines from a “neutral” rating to an “outperform” rating and raised their target price for the company from $44.00 to $55.00 in a report on Monday, June 20th. Finally, Wolfe Research lowered Spirit Airlines from an “outperform” rating to a “market perform” rating in a report on Tuesday, August 2nd. Four equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the company’s stock. Spirit Airlines presently has an average rating of “Buy” and an average target price of $59.49.
About Spirit Airlines
Spirit Airlines, Inc is an airline company. The Company’s all-Airbus fleet operates more than 385 daily flights to 56 destinations in the United States, Caribbean and Latin America. Its ultra-low-cost carrier (ULCC) business model provides low, unbundled base fares that remove components traditionally included in the price of an airline ticket.
Want to see what other hedge funds are holding SAVE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Spirit Airlines Inc. (NASDAQ:SAVE).
Receive News & Ratings for Spirit Airlines Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Spirit Airlines Inc. and related companies with MarketBeat.com's FREE daily email newsletter.