FIL Ltd Reduces Stake in Spirit Airlines, Inc. (SAVE)
FIL Ltd reduced its stake in Spirit Airlines, Inc. (NASDAQ:SAVE) by 0.9% during the fourth quarter, Holdings Channel reports. The institutional investor owned 361,068 shares of the company’s stock after selling 3,376 shares during the period. FIL Ltd’s holdings in Spirit Airlines were worth $20,891,000 as of its most recent SEC filing.
A number of other large investors also recently modified their holdings of the company. Pinnacle Associates Ltd. acquired a new position in Spirit Airlines during the fourth quarter valued at $212,000. Sandia Holdings LLC acquired a new position in Spirit Airlines during the fourth quarter valued at $12,622,000. GFI Investment Counsel Ltd. acquired a new position in Spirit Airlines during the fourth quarter valued at $16,890,000. FMR LLC increased its position in Spirit Airlines by 9.8% in the fourth quarter. FMR LLC now owns 7,425,201 shares of the company’s stock valued at $429,622,000 after buying an additional 660,288 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its position in Spirit Airlines by 7.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,387,192 shares of the company’s stock valued at $80,261,000 after buying an additional 95,893 shares during the last quarter. Institutional investors own 96.91% of the company’s stock.
Shares of Spirit Airlines, Inc. (NASDAQ:SAVE) traded down 2.5083% during mid-day trading on Friday, hitting $51.0369. 1,253,492 shares of the stock traded hands. The firm has a 50 day moving average of $55.40 and a 200 day moving average of $48.69. The stock has a market cap of $3.54 billion, a price-to-earnings ratio of 13.5736 and a beta of 0.78. Spirit Airlines, Inc. has a 12 month low of $37.17 and a 12 month high of $60.40.
Spirit Airlines (NASDAQ:SAVE) last released its earnings results on Tuesday, February 7th. The company reported $0.77 earnings per share for the quarter, topping the consensus estimate of $0.74 by $0.03. The company had revenue of $578.40 million for the quarter, compared to the consensus estimate of $578.35 million. Spirit Airlines had a net margin of 11.41% and a return on equity of 22.22%. Spirit Airlines’s revenue was up 11.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.02 EPS. On average, equities analysts expect that Spirit Airlines, Inc. will post $3.99 EPS for the current fiscal year.
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Several research analysts have weighed in on the stock. Morgan Stanley reiterated an “equal weight” rating on shares of Spirit Airlines in a research report on Friday, December 16th. Cowen and Company increased their price target on shares of Spirit Airlines from $58.00 to $59.00 and gave the stock a “market perform” rating in a research report on Wednesday, February 8th. Imperial Capital increased their price target on shares of Spirit Airlines from $51.00 to $58.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 26th. Deutsche Bank AG increased their price target on shares of Spirit Airlines from $53.00 to $56.00 and gave the stock a “buy” rating in a research report on Wednesday, October 26th. Finally, Zacks Investment Research upgraded shares of Spirit Airlines from a “hold” rating to a “buy” rating and set a $65.00 price target on the stock in a research report on Thursday, January 12th. Six research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $60.14.
In other Spirit Airlines news, VP Edmundo Miranda sold 4,600 shares of the business’s stock in a transaction that occurred on Thursday, December 15th. The shares were sold at an average price of $59.42, for a total transaction of $273,332.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Edward M. Christie III sold 8,000 shares of the business’s stock in a transaction that occurred on Thursday, December 8th. The stock was sold at an average price of $58.40, for a total transaction of $467,200.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 14,461 shares of company stock worth $846,329. 0.26% of the stock is owned by insiders.
About Spirit Airlines
Spirit Airlines, Inc is an airline company. The Company’s all-Airbus fleet operates more than 385 daily flights to 56 destinations in the United States, Caribbean and Latin America. Its ultra-low-cost carrier (ULCC) business model provides low, unbundled base fares that remove components traditionally included in the price of an airline ticket.
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