JPMorgan Chase & Co. Downgrades Spirit Airlines (SAVE) to Neutral

JPMorgan Chase & Co. lowered shares of Spirit Airlines (NASDAQ:SAVE) from an overweight rating to a neutral rating in a report published on Tuesday morning, MarketBeat reports. The brokerage currently has $59.00 price objective on the transportation company’s stock, up from their prior price objective of $51.00.

SAVE has been the topic of a number of other reports. Buckingham Research set a $61.00 price target on shares of Spirit Airlines and gave the stock a buy rating in a research note on Thursday, August 30th. Imperial Capital upped their price target on shares of Spirit Airlines from $72.00 to $90.00 and gave the stock an outperform rating in a research note on Friday, October 26th. BidaskClub raised shares of Spirit Airlines from a hold rating to a buy rating in a research note on Tuesday, October 16th. Citigroup upped their price target on shares of Spirit Airlines from $50.00 to $52.00 and gave the stock a buy rating in a research note on Thursday, July 12th. Finally, Zacks Investment Research cut shares of Spirit Airlines from a strong-buy rating to a hold rating in a research note on Wednesday, October 10th. Six investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of Buy and a consensus target price of $57.50.

NASDAQ:SAVE opened at $53.69 on Tuesday. The company has a quick ratio of 1.88, a current ratio of 1.88 and a debt-to-equity ratio of 0.77. Spirit Airlines has a fifty-two week low of $34.08 and a fifty-two week high of $54.49.

Spirit Airlines (NASDAQ:SAVE) last posted its quarterly earnings results on Wednesday, October 24th. The transportation company reported $1.47 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.44 by $0.03. Spirit Airlines had a net margin of 8.55% and a return on equity of 15.86%. The business had revenue of $904.33 million for the quarter, compared to analysts’ expectations of $904.05 million. As a group, research analysts forecast that Spirit Airlines will post 3.08 earnings per share for the current fiscal year.

In other Spirit Airlines news, Director Robert D. Johnson sold 750 shares of the company’s stock in a transaction dated Tuesday, September 4th. The shares were sold at an average price of $47.53, for a total value of $35,647.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Rocky Wiggins sold 566 shares of the company’s stock in a transaction dated Tuesday, September 11th. The shares were sold at an average price of $47.89, for a total transaction of $27,105.74. The disclosure for this sale can be found here. Over the last three months, insiders sold 5,816 shares of company stock worth $290,273. 0.33% of the stock is owned by corporate insiders.

A number of large investors have recently added to or reduced their stakes in the business. FMR LLC lifted its holdings in Spirit Airlines by 12.0% in the 2nd quarter. FMR LLC now owns 10,236,765 shares of the transportation company’s stock valued at $372,107,000 after purchasing an additional 1,100,206 shares in the last quarter. BlackRock Inc. lifted its holdings in Spirit Airlines by 67.1% in the 2nd quarter. BlackRock Inc. now owns 4,468,084 shares of the transportation company’s stock valued at $162,416,000 after purchasing an additional 1,794,176 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Spirit Airlines by 43.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,908,837 shares of the transportation company’s stock valued at $142,083,000 after purchasing an additional 1,177,894 shares in the last quarter. Schroder Investment Management Group lifted its holdings in Spirit Airlines by 13.3% in the 2nd quarter. Schroder Investment Management Group now owns 2,070,473 shares of the transportation company’s stock valued at $73,233,000 after purchasing an additional 242,380 shares in the last quarter. Finally, Tyvor Capital LLC lifted its holdings in Spirit Airlines by 37.1% in the 2nd quarter. Tyvor Capital LLC now owns 1,277,186 shares of the transportation company’s stock valued at $46,426,000 after purchasing an additional 345,290 shares in the last quarter.

Spirit Airlines Company 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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Analyst Recommendations for Spirit Airlines (NASDAQ:SAVE)

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