Russell Investments Group Ltd. Increases Holdings in Spirit Airlines Incorporated (NASDAQ:SAVE)

Russell Investments Group Ltd. lifted its holdings in Spirit Airlines Incorporated (NASDAQ:SAVE) by 16.3% in the second quarter, Holdings Channel reports. The fund owned 171,213 shares of the transportation company’s stock after purchasing an additional 24,019 shares during the quarter. Russell Investments Group Ltd.’s holdings in Spirit Airlines were worth $8,171,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in SAVE. Geode Capital Management LLC increased its stake in Spirit Airlines by 7.7% during the fourth quarter. Geode Capital Management LLC now owns 748,803 shares of the transportation company’s stock worth $43,370,000 after acquiring an additional 53,696 shares during the last quarter. Quadrant Capital Group LLC purchased a new stake in Spirit Airlines during the first quarter valued at approximately $25,000. Robeco Institutional Asset Management B.V. bought a new stake in shares of Spirit Airlines in the 1st quarter valued at approximately $7,759,000. Comerica Bank lifted its stake in shares of Spirit Airlines by 1.8% in the 1st quarter. Comerica Bank now owns 64,911 shares of the transportation company’s stock valued at $3,690,000 after purchasing an additional 1,134 shares during the last quarter. Finally, Boston Partners lifted its stake in shares of Spirit Airlines by 13.1% in the 1st quarter. Boston Partners now owns 55,805 shares of the transportation company’s stock valued at $2,950,000 after purchasing an additional 6,445 shares during the last quarter.

In related news, Director H. Mcintyre Gardner purchased 2,500 shares of the firm’s stock in a transaction dated Wednesday, July 31st. The stock was purchased at an average price of $41.92 per share, with a total value of $104,800.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Edward M. Christie III purchased 2,375 shares of the firm’s stock in a transaction dated Tuesday, July 30th. The shares were bought 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 bought 5,051 shares of company stock valued at $211,885 over the last three months. Insiders own 0.33% of the company’s stock.

Several research firms have recently weighed in on SAVE. TheStreet downgraded Spirit Airlines from a “b-” rating to a “c” rating in a research report on Wednesday, August 21st. Morgan Stanley lowered their price target on Spirit Airlines from $56.00 to $41.00 and set an “equal weight” rating for the company in a research report on Wednesday, August 14th. Raymond James downgraded Spirit Airlines from a “strong-buy” rating to a “market perform” rating and lowered their price target for the stock from $65.00 to $60.00 in a research report on Tuesday, September 3rd. Macquarie lowered shares of Spirit Airlines from an “outperform” rating to a “neutral” rating and dropped their price objective for the stock from $71.00 to $47.00 in a research note on Monday, July 29th. Finally, Cowen cut their price objective on shares of Spirit Airlines from $60.00 to $51.00 and set an “outperform” rating on the stock in a research report on Monday. Twelve analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Spirit Airlines has a consensus rating of “Hold” and an average price target of $57.67.

SAVE traded up $0.53 during trading hours on Wednesday, reaching $38.41. 12,321 shares of the company’s stock traded hands, compared to its average volume of 1,135,137. The firm has a 50-day moving average price of $39.82 and a 200 day moving average price of $48.84. Spirit Airlines Incorporated has a 52-week low of $34.53 and a 52-week high of $65.35.

Spirit Airlines (NASDAQ:SAVE) last released its earnings results on Wednesday, July 24th. The transportation company reported $1.69 earnings per share for the quarter, topping analysts’ consensus estimates of $1.64 by $0.05. The business had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $1.01 billion. During the same quarter in the previous year, the business earned $1.11 EPS. The business’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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