BTC Capital Management Inc. Acquires New Position in Spirit Airlines, Inc. (NASDAQ:SAVE)
BTC Capital Management Inc. acquired a new stake in shares of Spirit Airlines, Inc. (NASDAQ:SAVE) during the second quarter, Holdings Channel reports. The fund acquired 36,890 shares of the transportation company’s stock, valued at approximately $1,901,000.
Several other hedge funds also recently made changes to their positions in the stock. AQR Capital Management LLC boosted its stake in shares of Spirit Airlines by 49.7% in the fourth quarter. AQR Capital Management LLC now owns 12,710 shares of the transportation company’s stock valued at $735,000 after buying an additional 4,218 shares during the last quarter. Norges Bank bought a new stake in shares of Spirit Airlines during the fourth quarter valued at about $14,285,000. Teachers Advisors LLC boosted its stake in shares of Spirit Airlines by 8.4% in the fourth quarter. Teachers Advisors LLC now owns 77,124 shares of the transportation company’s stock valued at $4,462,000 after buying an additional 6,000 shares during the last quarter. Macquarie Group Ltd. bought a new stake in shares of Spirit Airlines during the fourth quarter valued at about $4,114,000. Finally, Bank of Montreal Can boosted its stake in shares of Spirit Airlines by 253.8% in the first quarter. Bank of Montreal Can now owns 71,428 shares of the transportation company’s stock valued at $3,791,000 after buying an additional 51,238 shares during the last quarter.
Shares of Spirit Airlines, Inc. (NASDAQ:SAVE) opened at 37.61 on Friday. The firm has a market cap of $2.61 billion, a PE ratio of 10.90 and a beta of 0.57. Spirit Airlines, Inc. has a 52-week low of $37.17 and a 52-week high of $60.40. The stock’s 50 day moving average price is $47.79 and its 200-day moving average price is $52.37.
Spirit Airlines (NASDAQ:SAVE) last announced its quarterly earnings results on Thursday, July 27th. The transportation company reported $1.14 EPS for the quarter, beating the consensus estimate of $1.11 by $0.03. Spirit Airlines had a net margin of 9.62% and a return on equity of 17.96%. The company had revenue of $701.68 million for the quarter, compared to analyst estimates of $702.29 million. During the same quarter last year, the business earned $1.11 earnings per share. Spirit Airlines’s revenue was up 20.1% compared to the same quarter last year. On average, equities research analysts anticipate that Spirit Airlines, Inc. will post $3.61 earnings per share for the current fiscal year.
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Several analysts have recently issued reports on SAVE shares. Deutsche Bank AG increased their price objective on Spirit Airlines from $44.00 to $46.00 and gave the company a “buy” rating in a research note on Friday, April 14th. Cowen and Company raised their price target on Spirit Airlines from $58.00 to $62.00 and gave the company a “market perform” rating in a research note on Tuesday, April 18th. Imperial Capital restated an “outperform” rating and issued a $70.00 price target (up from $68.00) on shares of Spirit Airlines in a research note on Thursday, April 20th. Citigroup Inc. restated a “neutral” rating and issued a $60.00 price target (up from $58.00) on shares of Spirit Airlines in a research note on Saturday, April 22nd. Finally, Stifel Nicolaus restated a “buy” rating and issued a $75.00 price target on shares of Spirit Airlines in a research note on Saturday, April 22nd. One research analyst has rated the stock with a sell rating, six have issued a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $54.96.
About Spirit Airlines
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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