Mackenzie Financial Corp Has $59.28 Million Position in Spirit Airlines, Inc. (SAVE)
Mackenzie Financial Corp boosted its stake in Spirit Airlines, Inc. (NASDAQ:SAVE) by 8.8% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,774,332 shares of the transportation company’s stock after acquiring an additional 143,817 shares during the period. Mackenzie Financial Corp owned 2.56% of Spirit Airlines worth $59,280,000 at the end of the most recent quarter.
A number of other hedge funds also recently made changes to their positions in SAVE. The Manufacturers Life Insurance Company boosted its holdings in shares of Spirit Airlines by 7.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,160 shares of the transportation company’s stock worth $112,000 after buying an additional 141 shares in the last quarter. Advisor Group Inc. boosted its holdings in shares of Spirit Airlines by 18.8% during the 2nd quarter. Advisor Group Inc. now owns 2,170 shares of the transportation company’s stock worth $113,000 after buying an additional 344 shares in the last quarter. First Personal Financial Services boosted its holdings in shares of Spirit Airlines by 87.9% during the 3rd quarter. First Personal Financial Services now owns 3,088 shares of the transportation company’s stock worth $103,000 after buying an additional 1,445 shares in the last quarter. Victory Capital Management Inc. bought a new position in shares of Spirit Airlines during the 3rd quarter worth approximately $142,000. Finally, Intact Investment Management Inc. bought a new position in shares of Spirit Airlines during the 2nd quarter worth approximately $238,000.
A number of equities analysts have issued reports on the company. ValuEngine upgraded Spirit Airlines from a “hold” rating to a “buy” rating in a report on Friday. Stephens assumed coverage on Spirit Airlines in a report on Wednesday, November 29th. They set an “overweight” rating and a $50.00 price target on the stock. Zacks Investment Research upgraded Spirit Airlines from a “sell” rating to a “hold” rating in a report on Friday, November 10th. J P Morgan Chase & Co cut Spirit Airlines from a “neutral” rating to an “underweight” rating and set a $39.00 price target on the stock. in a report on Wednesday, November 1st. Finally, Buckingham Research upped their target price on Spirit Airlines from $31.00 to $37.00 and gave the stock a “neutral” rating in a research report on Friday, October 27th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and five have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $41.75.
In related news, Director H. Mcintyre Gardner purchased 5,000 shares of the stock in a transaction that occurred on Friday, September 15th. The stock was acquired at an average cost of $33.78 per share, with a total value of $168,900.00. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.33% of the company’s stock.
Shares of Spirit Airlines, Inc. (SAVE) opened at $43.41 on Tuesday. The company has a market capitalization of $2,956.68, a price-to-earnings ratio of 12.69, a P/E/G ratio of 1.73 and a beta of 0.75. Spirit Airlines, Inc. has a 12-month low of $30.32 and a 12-month high of $60.40. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.88 and a quick ratio of 1.88.
Spirit Airlines (NASDAQ:SAVE) last released its quarterly earnings results on Thursday, October 26th. The transportation company reported $0.94 EPS for the quarter, beating analysts’ consensus estimates of $0.90 by $0.04. The business had revenue of $687.20 million during the quarter, compared to analyst estimates of $686.13 million. Spirit Airlines had a return on equity of 15.86% and a net margin of 8.55%. Spirit Airlines’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.24 EPS. equities analysts anticipate that Spirit Airlines, Inc. will post 3.08 earnings per share for the current fiscal year.
Spirit Airlines announced that its board has approved a share repurchase plan on Thursday, October 26th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the transportation company to repurchase shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its stock is undervalued.
Spirit Airlines 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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