Letko Brosseau & Associates Inc. Raises Stake in Spirit Airlines Incorporated (NASDAQ:SAVE)

Letko Brosseau & Associates Inc. grew its stake in shares of Spirit Airlines Incorporated (NASDAQ:SAVE) by 136.7% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,011,820 shares of the transportation company’s stock after purchasing an additional 584,275 shares during the period. Letko Brosseau & Associates Inc. owned approximately 1.48% of Spirit Airlines worth $48,294,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Dimensional Fund Advisors LP raised its stake in shares of Spirit Airlines by 2.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 4,341,595 shares of the transportation company’s stock valued at $251,464,000 after acquiring an additional 114,209 shares during the last quarter. Principal Financial Group Inc. raised its stake in shares of Spirit Airlines by 716.4% during the fourth quarter. Principal Financial Group Inc. now owns 52,413 shares of the transportation company’s stock valued at $3,035,000 after acquiring an additional 45,993 shares during the last quarter. Legal & General Group Plc raised its stake in shares of Spirit Airlines by 18.0% during the fourth quarter. Legal & General Group Plc now owns 15,256 shares of the transportation company’s stock valued at $884,000 after acquiring an additional 2,325 shares during the last quarter. Norges Bank bought a new position in shares of Spirit Airlines during the fourth quarter valued at about $15,630,000. Finally, Geode Capital Management LLC raised its stake in shares of Spirit Airlines by 7.7% during the fourth quarter. Geode Capital Management LLC now owns 748,803 shares of the transportation company’s stock valued at $43,370,000 after acquiring an additional 53,696 shares during the last quarter.

In other Spirit Airlines news, Director H. Mcintyre Gardner bought 2,500 shares of the firm’s stock in a transaction on Wednesday, July 31st. The stock was acquired at an average price of $41.92 per share, with a total value of $104,800.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Edward M. Christie III bought 2,375 shares of the firm’s stock in a transaction on Tuesday, July 30th. The shares were acquired at an average cost of $41.93 per share, with a total value of $99,583.75. The disclosure for this purchase can be found here. Insiders have acquired 5,051 shares of company stock valued at $211,885 in the last ninety days. Insiders own 0.33% of the company’s stock.

SAVE has been the subject of several recent analyst reports. Bank of America downgraded shares of Spirit Airlines from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $71.00 to $61.00 in a research note on Thursday, April 25th. Macquarie downgraded shares of Spirit Airlines from an “outperform” rating to a “neutral” rating and decreased their price target for the stock from $71.00 to $47.00 in a research note on Monday, July 29th. Morgan Stanley decreased their price target on shares of Spirit Airlines from $56.00 to $41.00 and set an “equal weight” rating for the company in a research note on Wednesday. Deutsche Bank downgraded shares of Spirit Airlines from a “buy” rating to a “hold” rating and decreased their price target for the stock from $79.00 to $55.00 in a research note on Thursday, July 25th. Finally, BidaskClub raised shares of Spirit Airlines from a “hold” rating to a “buy” rating in a research note on Friday, July 26th. Eight analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $61.00.

SAVE stock traded down $0.03 during trading on Thursday, reaching $37.44. The company had a trading volume of 12,441 shares, compared to its average volume of 1,161,885. Spirit Airlines Incorporated has a 52 week low of $37.20 and a 52 week high of $65.35. The business’s 50 day moving average price is $46.67.

Spirit Airlines (NASDAQ:SAVE) last announced its earnings results on Wednesday, July 24th. The transportation company reported $1.69 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.64 by $0.05. The business had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $1.01 billion. During the same period in the prior year, the business posted $1.11 EPS. Spirit Airlines’s revenue for the quarter was up 18.9% on a year-over-year basis.

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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Institutional Ownership by Quarter for Spirit Airlines (NASDAQ:SAVE)

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