Prudential Financial Inc. Increases Stake in Spirit Airlines, Inc. (SAVE)
Prudential Financial Inc. raised its position in Spirit Airlines, Inc. (NASDAQ:SAVE) by 102.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 486,422 shares of the transportation company’s stock after buying an additional 246,441 shares during the period. Prudential Financial Inc. owned approximately 0.70% of Spirit Airlines worth $25,814,000 at the end of the most recent reporting period.
A number of other hedge funds have also modified their holdings of the company. Coronation Fund Managers Ltd. acquired a new stake in shares of Spirit Airlines during the third quarter worth about $5,720,000. South Texas Money Management Ltd. increased its position in shares of Spirit Airlines by 21.5% in the third quarter. South Texas Money Management Ltd. now owns 193,762 shares of the transportation company’s stock worth $8,241,000 after buying an additional 34,280 shares in the last quarter. BlackRock Fund Advisors increased its position in shares of Spirit Airlines by 4.7% in the third quarter. BlackRock Fund Advisors now owns 707,290 shares of the transportation company’s stock worth $30,081,000 after buying an additional 31,698 shares in the last quarter. Teachers Advisors LLC increased its position in shares of Spirit Airlines by 4.5% in the third quarter. Teachers Advisors LLC now owns 71,124 shares of the transportation company’s stock worth $3,025,000 after buying an additional 3,066 shares in the last quarter. Finally, Clal Insurance Enterprises Holdings Ltd increased its position in shares of Spirit Airlines by 35.1% in the third quarter. Clal Insurance Enterprises Holdings Ltd now owns 439,143 shares of the transportation company’s stock worth $18,677,000 after buying an additional 114,150 shares in the last quarter.
Spirit Airlines, Inc. (SAVE) opened at 52.71 on Friday. The stock has a market cap of $3.66 billion, a PE ratio of 15.66 and a beta of 0.56. The firm has a 50-day moving average price of $55.25 and a 200 day moving average price of $54.79. Spirit Airlines, Inc. has a 52-week low of $37.17 and a 52-week high of $60.40.
Spirit Airlines (NASDAQ:SAVE) last posted its quarterly earnings results on Friday, April 28th. The transportation company reported $0.51 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.49 by $0.02. The company had revenue of $591.80 million for the quarter, compared to the consensus estimate of $591.31 million. Spirit Airlines had a return on equity of 18.60% and a net margin of 9.89%. The firm’s quarterly revenue was up 10.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.01 EPS. Equities analysts anticipate that Spirit Airlines, Inc. will post $4.16 earnings per share for the current year.
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A number of brokerages have recently commented on SAVE. Imperial Capital boosted their price objective on Spirit Airlines from $70.00 to $75.00 and gave the stock an “outperform” rating in a research report on Monday, May 1st. Cowen and Company boosted their price objective on Spirit Airlines from $58.00 to $62.00 and gave the stock a “market perform” rating in a research report on Tuesday, April 18th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $75.00 price target on shares of Spirit Airlines in a report on Saturday, April 22nd. Deutsche Bank AG upped their price target on Spirit Airlines from $44.00 to $46.00 and gave the company a “buy” rating in a report on Friday, April 14th. Finally, Wolfe Research raised Spirit Airlines from a “market perform” rating to an “outperform” rating in a report on Friday, June 2nd. Five research analysts have rated the stock with a hold rating, five have given a buy rating and two have assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $61.05.
In other news, VP Edmundo Miranda sold 3,131 shares of the stock in a transaction on Friday, May 5th. The stock was sold at an average price of $59.39, for a total value of $185,950.09. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.26% of the company’s stock.
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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