Spirit Aerosystems Holdings, Inc. (NYSE:SPR) Lifted to “Buy” at Zacks Investment Research
Spirit Aerosystems Holdings, Inc. (NYSE:SPR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Thursday. The firm presently has a $79.00 target price on the aerospace company’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 13.28% from the company’s previous close.
According to Zacks, “SPIRIT AEROSYSTEMS is the world’s largest independent supplier of commercial airplane assemblies and components. In addition to its Kansas facility, Spirit has operations in Tulsa and McAlester, Okla., Prestwick, Scotland, and Samlesbury, England. In the U.S., Spirit’s core products include fuselages, pylons, nacelles and wing components. Additionally, Spirit provides aftermarket customer support services, including spare parts, maintenance/repair/overhaul, and fleet support services in North America and Europe. Spirit Europe produces wing components for a host of customers, including Airbus. “
Other analysts have also issued research reports about the stock. BidaskClub upgraded shares of Spirit Aerosystems Holdings from a “hold” rating to a “buy” rating in a research note on Saturday, August 5th. Canaccord Genuity lifted their price objective on shares of Spirit Aerosystems Holdings from $65.00 to $80.00 and gave the company a “buy” rating in a research note on Thursday, August 3rd. Seaport Global Securities upgraded shares of Spirit Aerosystems Holdings from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $62.00 to $83.00 in a research note on Thursday, August 3rd. Cowen and Company reiterated an “outperform” rating and set a $79.00 price objective (up previously from $69.00) on shares of Spirit Aerosystems Holdings in a research note on Tuesday. Finally, Morgan Stanley lifted their price objective on shares of Spirit Aerosystems Holdings from $66.00 to $81.00 and gave the company an “overweight” rating in a research note on Monday. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and eleven have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $69.67.
Spirit Aerosystems Holdings (NYSE SPR) opened at 69.74 on Thursday. The firm has a market cap of $8.25 billion, a PE ratio of 25.01 and a beta of 1.36. Spirit Aerosystems Holdings has a 12-month low of $42.26 and a 12-month high of $73.86. The firm’s 50-day moving average is $61.29 and its 200 day moving average is $58.26.
Spirit Aerosystems Holdings (NYSE:SPR) last posted its quarterly earnings results on Wednesday, August 2nd. The aerospace company reported $1.57 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.20 by $0.37. Spirit Aerosystems Holdings had a net margin of 4.97% and a return on equity of 30.82%. The firm had revenue of $1.83 billion for the quarter, compared to analyst estimates of $1.74 billion. During the same quarter last year, the firm posted $1.21 earnings per share. Spirit Aerosystems Holdings’s revenue for the quarter was down .2% compared to the same quarter last year. Equities research analysts predict that Spirit Aerosystems Holdings will post $5.07 EPS for the current year.
Spirit Aerosystems Holdings announced that its Board of Directors has initiated a share repurchase program on Wednesday, August 2nd that authorizes the company to repurchase $400.00 million in shares. This repurchase authorization authorizes the aerospace company to buy up to 4.6% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.
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In related news, Director Richard A. Gephardt sold 4,247 shares of Spirit Aerosystems Holdings stock in a transaction on Friday, June 9th. The shares were sold at an average price of $58.00, for a total value of $246,326.00. Following the completion of the sale, the director now owns 1,964 shares in the company, valued at $113,912. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.28% of the stock is currently owned by insiders.
A number of institutional investors have recently added to or reduced their stakes in SPR. Nomura Asset Management Co. Ltd. increased its position in Spirit Aerosystems Holdings by 9.5% in the first quarter. Nomura Asset Management Co. Ltd. now owns 1,840 shares of the aerospace company’s stock worth $106,000 after buying an additional 160 shares in the last quarter. Focused Wealth Management Inc increased its position in Spirit Aerosystems Holdings by 68.8% in the first quarter. Focused Wealth Management Inc now owns 2,700 shares of the aerospace company’s stock worth $156,000 after buying an additional 1,100 shares in the last quarter. State of Alaska Department of Revenue increased its position in Spirit Aerosystems Holdings by 4.7% in the first quarter. State of Alaska Department of Revenue now owns 3,317 shares of the aerospace company’s stock worth $192,000 after buying an additional 149 shares in the last quarter. Parametrica Management Ltd acquired a new position in Spirit Aerosystems Holdings during the second quarter worth approximately $217,000. Finally, PNC Financial Services Group Inc. increased its position in Spirit Aerosystems Holdings by 20.1% in the first quarter. PNC Financial Services Group Inc. now owns 4,248 shares of the aerospace company’s stock worth $247,000 after buying an additional 710 shares in the last quarter. 98.51% of the stock is owned by hedge funds and other institutional investors.
Spirit Aerosystems Holdings Company Profile
Spirit AeroSystems Holdings, Inc is a non-original equipment manufacturer (OEM), aircraft parts designer and manufacturer of commercial aero-structures. The Company is also a supplier of aero-structures. The Company operates through three segments: Fuselage Systems, Propulsion Systems and Wing Systems.
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