California Public Employees Retirement System grew its position in shares of Spirit Airlines, Inc. (NASDAQ:SAVE) by 2.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 137,400 shares of the transportation company’s stock after purchasing an additional 2,900 shares during the period. California Public Employees Retirement System owned 0.20% of Spirit Airlines worth $7,097,000 at the end of the most recent quarter.
Several other institutional investors have also recently added to or reduced their stakes in SAVE. Intact Investment Management Inc. acquired a new stake in shares of Spirit Airlines during the 2nd quarter worth about $238,000. Oppenheimer Asset Management Inc. acquired a new stake in shares of Spirit Airlines during the 1st quarter worth about $346,000. New Jersey Better Educational Savings Trust acquired a new stake in shares of Spirit Airlines during the 2nd quarter worth about $362,000. Karp Capital Management Corp acquired a new stake in shares of Spirit Airlines during the 1st quarter worth about $368,000. Finally, Aperio Group LLC boosted its stake in shares of Spirit Airlines by 4.6% during the 2nd quarter. Aperio Group LLC now owns 7,260 shares of the transportation company’s stock worth $375,000 after purchasing an additional 322 shares during the last quarter. 96.99% of the stock is currently owned by institutional investors.
Shares of Spirit Airlines, Inc. (SAVE) opened at 33.84 on Friday. The stock’s 50 day moving average is $34.15 and its 200-day moving average is $46.72. Spirit Airlines, Inc. has a 52-week low of $30.32 and a 52-week high of $60.40. The firm has a market cap of $2.35 billion, a P/E ratio of 9.81 and a beta of 0.66.
Spirit Airlines (NASDAQ:SAVE) last issued its quarterly earnings results on Thursday, July 27th. The transportation company reported $1.14 EPS for the quarter, topping analysts’ consensus estimates of $1.11 by $0.03. Spirit Airlines had a return on equity of 17.96% and a net margin of 9.62%. The company had revenue of $701.68 million during the quarter, compared to analyst estimates of $702.29 million. During the same period in the previous year, the company earned $1.11 earnings per share. The company’s quarterly revenue was up 20.1% compared to the same quarter last year. Equities analysts anticipate that Spirit Airlines, Inc. will post $2.92 earnings per share for the current fiscal year.
In other Spirit Airlines news, Director H. Mcintyre Gardner purchased 5,000 shares of the business’s stock in a transaction dated Friday, September 15th. The stock was bought at an average cost of $33.78 per share, for a total transaction of $168,900.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.33% of the stock is owned by insiders.
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Several equities research analysts have issued reports on the stock. Deutsche Bank AG cut shares of Spirit Airlines from a “buy” rating to a “hold” rating and set a $38.00 price target on the stock. in a research note on Friday, October 6th. Stifel Nicolaus reaffirmed a “buy” rating and set a $55.00 price target on shares of Spirit Airlines in a research note on Thursday, September 28th. Macquarie began coverage on shares of Spirit Airlines in a research report on Monday, September 25th. They issued a “neutral” rating and a $33.00 target price on the stock. J P Morgan Chase & Co cut 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. Finally, ValuEngine cut shares of Spirit Airlines from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. Spirit Airlines currently has an average rating of “Hold” and a consensus target price of $47.77.
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.
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