Spirit Airlines Inc. Forecasted to Post Q3 2016 Earnings of $1.08 Per Share (SAVE)
Spirit Airlines Inc. (NASDAQ:SAVE) – Equities research analysts at Imperial Capital issued their Q3 2016 earnings per share estimates for Spirit Airlines in a research note issued to investors on Thursday. Imperial Capital analyst M. Derchin forecasts that the firm will post earnings of $1.08 per share for the quarter. Imperial Capital currently has a “Outperform” rating and a $51.00 target price on the stock. Imperial Capital also issued estimates for Spirit Airlines’ Q4 2016 earnings at $0.70 EPS, Q1 2017 earnings at $0.69 EPS, Q2 2017 earnings at $1.05 EPS, Q3 2017 earnings at $1.24 EPS, Q4 2017 earnings at $0.85 EPS, FY2017 earnings at $3.84 EPS, FY2018 earnings at $4.63 EPS and FY2019 earnings at $3.25 EPS.
Spirit Airlines (NASDAQ:SAVE) last released its quarterly earnings data on Friday, July 29th. The company reported $1.11 EPS for the quarter, topping analysts’ consensus estimates of $1.08 by $0.03. The company earned $584.10 million during the quarter, compared to the consensus estimate of $594.47 million. Spirit Airlines had a net margin of 13.83% and a return on equity of 25.93%. The firm’s revenue for the quarter was up 5.5% compared to the same quarter last year. During the same period last year, the firm earned $1.03 EPS.
SAVE has been the subject of several other research reports. Deutsche Bank AG cut their price objective on shares of Spirit Airlines from $56.00 to $52.00 and set a “buy” rating for the company in a research report on Monday, August 1st. Credit Suisse Group AG set a $55.00 price objective on Spirit Airlines and gave the company a “buy” rating in a research note on Tuesday, September 13th. Citigroup Inc. reaffirmed a “buy” rating and issued a $56.00 price objective on shares of Spirit Airlines in a research note on Tuesday, July 19th. Zacks Investment Research downgraded Spirit Airlines from a “hold” rating to a “strong sell” rating in a research note on Wednesday, June 29th. Finally, Wolfe Research downgraded Spirit Airlines from an “outperform” rating to a “market perform” rating in a research note on Tuesday, August 2nd. Four equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Spirit Airlines has a consensus rating of “Buy” and an average target price of $58.96.
Spirit Airlines (NASDAQ:SAVE) traded up 0.53% during midday trading on Friday, reaching $41.88. 465,705 shares of the company’s stock traded hands. The stock has a 50-day moving average of $39.62 and a 200 day moving average of $43.43. Spirit Airlines has a 52-week low of $32.73 and a 52-week high of $53.53. The company has a market cap of $2.93 billion, a P/E ratio of 9.77 and a beta of 1.06.
Institutional investors have recently added to or reduced their stakes in the company. RS Investment Management Co. LLC boosted its position in Spirit Airlines by 11.9% in the second quarter. RS Investment Management Co. LLC now owns 772,956 shares of the company’s stock worth $34,683,000 after buying an additional 82,317 shares during the last quarter. Wellington Management Group LLP boosted 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 worth $77,641,000 after buying an additional 1,381,250 shares during the last quarter. Cortina Asset Management LLC boosted its position in Spirit Airlines by 17.4% in the second quarter. Cortina Asset Management LLC now owns 220,086 shares of the company’s stock worth $9,875,000 after buying an additional 32,689 shares during the last quarter. Aperio Group LLC boosted its position in Spirit Airlines by 45.3% in the first quarter. Aperio Group LLC now owns 7,332 shares of the company’s stock worth $352,000 after buying an additional 2,286 shares during the last quarter. Finally, Nicholas Investment Partners LP acquired a new position in Spirit Airlines during the first quarter worth $1,380,000. 98.20% of the stock is owned by institutional investors.
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.
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