Imperial Capital Equities Analysts Decrease Earnings Estimates for Spirit Airlines Incorporated (SAVE)
Spirit Airlines Incorporated (NASDAQ:SAVE) – Analysts at Imperial Capital decreased their Q1 2017 earnings per share estimates for shares of Spirit Airlines in a research report issued on Friday. Imperial Capital analyst M. Derchin now forecasts that the firm will earn $0.47 per share for the quarter, down from their prior forecast of $0.58. Imperial Capital has a “Outperform” rating on the stock. Imperial Capital also issued estimates for Spirit Airlines’ FY2017 earnings at $3.88 EPS and FY2018 earnings at $4.50 EPS.
Spirit Airlines (NASDAQ:SAVE) last released its quarterly earnings results on Tuesday, February 7th. The company reported $0.77 earnings per share for the quarter, beating analysts’ consensus estimates of $0.74 by $0.03. Spirit Airlines had a net margin of 11.41% and a return on equity of 22.22%. The business had revenue of $578.40 million for the quarter, compared to analysts’ expectations of $578.35 million. During the same period last year, the business earned $1.02 EPS. The company’s revenue was up 11.3% compared to the same quarter last year.
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A number of other equities analysts also recently commented on the company. Cowen and Company downgraded Spirit Airlines from an “outperform” rating to a “market perform” rating and boosted their price objective for the stock from $53.00 to $58.00 in a research report on Wednesday, January 4th. Zacks Investment Research raised Spirit Airlines from a “hold” rating to a “buy” rating and set a $60.00 price objective for the company in a research report on Thursday, March 2nd. Barclays PLC initiated coverage on Spirit Airlines in a research report on Thursday, December 15th. They set an “equal weight” rating and a $67.00 price objective for the company. Finally, Morgan Stanley reissued an “equal weight” rating on shares of Spirit Airlines in a research report on Friday, December 16th. Seven investment analysts have rated the stock with a hold rating, six have issued a buy rating and two have issued a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $58.75.
Shares of Spirit Airlines (NASDAQ:SAVE) opened at 51.10 on Monday. The company has a market capitalization of $3.54 billion, a PE ratio of 13.59 and a beta of 0.78. Spirit Airlines has a 12-month low of $37.17 and a 12-month high of $60.40. The stock has a 50 day moving average of $52.62 and a 200-day moving average of $50.44.
A number of institutional investors have recently made changes to their positions in the stock. Royal Bank of Canada increased its position in shares of Spirit Airlines by 9.3% in the second quarter. Royal Bank of Canada now owns 495,713 shares of the company’s stock worth $22,242,000 after buying an additional 42,148 shares during the period. BNP Paribas Arbitrage SA increased its position in shares of Spirit Airlines by 1,513.1% in the third quarter. BNP Paribas Arbitrage SA now owns 7,856 shares of the company’s stock worth $334,000 after buying an additional 7,369 shares during the period. Independent Portfolio Consultants Inc. increased its position in shares of Spirit Airlines by 5.2% in the third quarter. Independent Portfolio Consultants Inc. now owns 3,511 shares of the company’s stock worth $149,000 after buying an additional 175 shares during the period. Moody Aldrich Partners LLC increased its position in shares of Spirit Airlines by 12.6% in the third quarter. Moody Aldrich Partners LLC now owns 22,355 shares of the company’s stock worth $951,000 after buying an additional 2,510 shares during the period. Finally, Bank of Montreal Can increased its position in shares of Spirit Airlines by 3,471.7% in the third quarter. Bank of Montreal Can now owns 12,858 shares of the company’s stock worth $547,000 after buying an additional 12,498 shares during the period. 96.91% of the stock is owned by hedge funds and other institutional investors.
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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