Dimensional Fund Advisors LP Cuts Holdings in Spirit Airlines, Inc. (SAVE)
Dimensional Fund Advisors LP lowered its position in shares of Spirit Airlines, Inc. (NASDAQ:SAVE) by 7.9% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,494,400 shares of the transportation company’s stock after selling 127,526 shares during the quarter. Dimensional Fund Advisors LP owned about 2.15% of Spirit Airlines worth $77,187,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in SAVE. Empire Life Investments Inc. grew its holdings in shares of Spirit Airlines by 7.4% during the first quarter. Empire Life Investments Inc. now owns 82,740 shares of the transportation company’s stock valued at $3,654,000 after purchasing an additional 5,689 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in Spirit Airlines by 3.3% in the 1st quarter. Bank of New York Mellon Corp now owns 323,709 shares of the transportation company’s stock worth $17,179,000 after buying an additional 10,452 shares in the last quarter. Karp Capital Management Corp bought a new position in Spirit Airlines in the 1st quarter worth approximately $368,000. Parametric Portfolio Associates LLC grew its holdings in Spirit Airlines by 25.9% in the 1st quarter. Parametric Portfolio Associates LLC now owns 89,541 shares of the transportation company’s stock worth $4,752,000 after buying an additional 18,433 shares in the last quarter. Finally, Principal Financial Group Inc. grew its holdings in Spirit Airlines by 26.0% in the 1st quarter. Principal Financial Group Inc. now owns 11,995 shares of the transportation company’s stock worth $637,000 after buying an additional 2,473 shares in the last quarter. Hedge funds and other institutional investors own 96.99% of the company’s stock.
Shares of Spirit Airlines, Inc. (NASDAQ SAVE) opened at 35.24 on Monday. The firm has a market cap of $2.44 billion, a P/E ratio of 10.21 and a beta of 0.66. The stock’s 50 day moving average price is $34.31 and its 200-day moving average price is $47.18. Spirit Airlines, Inc. has a 12 month low of $30.32 and a 12 month high of $60.40.
Spirit Airlines (NASDAQ:SAVE) last released its 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 net margin of 9.62% and a return on equity of 17.96%. The firm had revenue of $701.68 million during the quarter, compared to analyst estimates of $702.29 million. During the same quarter in the previous year, the business earned $1.11 EPS. The business’s quarterly revenue was up 20.1% compared to the same quarter last year. Equities research analysts anticipate that Spirit Airlines, Inc. will post $2.98 earnings per share for the current fiscal year.
In other Spirit Airlines news, Director H. Mcintyre Gardner bought 5,000 shares of the stock in a transaction on Friday, September 15th. The stock was purchased at an average price of $33.78 per share, with a total value of $168,900.00. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 0.33% of the stock is currently owned by insiders.
SAVE has been the subject of a number of recent analyst reports. BidaskClub lowered Spirit Airlines from a “hold” rating to a “sell” rating in a report on Friday, June 23rd. Bank of America Corporation decreased their price objective on Spirit Airlines from $75.00 to $68.00 and set a “buy” rating for the company in a report on Friday, June 30th. Deutsche Bank AG decreased their price objective on Spirit Airlines from $71.00 to $69.00 and set a “buy” rating for the company in a report on Wednesday, July 12th. Morgan Stanley reissued an “equal weight” rating and issued a $60.00 price objective (down from $61.00) on shares of Spirit Airlines in a report on Thursday, July 13th. Finally, Cowen and Company reissued a “market perform” rating and issued a $59.00 price objective on shares of Spirit Airlines in a report on Tuesday, July 18th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $47.77.
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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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