Hodges Capital Management Inc. Has $26.99 Million Holdings in Spirit Airlines Incorporated (SAVE)

Hodges Capital Management Inc. cut its stake in shares of Spirit Airlines Incorporated (NASDAQ:SAVE) by 1.7% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 574,575 shares of the transportation company’s stock after selling 9,780 shares during the quarter. Spirit Airlines makes up 2.0% of Hodges Capital Management Inc.’s portfolio, making the stock its 11th largest holding. Hodges Capital Management Inc.’s holdings in Spirit Airlines were worth $26,988,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Congress Asset Management Co. MA lifted its holdings in shares of Spirit Airlines by 10.0% during the third quarter. Congress Asset Management Co. MA now owns 56,569 shares of the transportation company’s stock valued at $2,657,000 after acquiring an additional 5,165 shares during the period. Strs Ohio raised its holdings in shares of Spirit Airlines by 89.7% in the third quarter. Strs Ohio now owns 5,500 shares of the transportation company’s stock valued at $258,000 after buying an additional 2,600 shares during the last quarter. Seven Eight Capital LP bought a new position in shares of Spirit Airlines in the third quarter valued at about $323,000. Hennessy Advisors Inc. bought a new position in shares of Spirit Airlines in the third quarter valued at about $27,322,000. Finally, Fox Run Management L.L.C. bought a new position in shares of Spirit Airlines in the third quarter valued at about $540,000.

SAVE stock traded down $0.44 during midday trading on Monday, reaching $52.08. The stock had a trading volume of 132,674 shares, compared to its average volume of 1,306,604. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 0.77. Spirit Airlines Incorporated has a twelve month low of $34.08 and a twelve month high of $53.49.



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

In related news, SVP Rocky Wiggins sold 566 shares of the business’s stock in a transaction that occurred on Tuesday, September 11th. The stock was sold at an average price of $47.89, for a total value of $27,105.74. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Robert D. Johnson sold 750 shares of the business’s stock in a transaction that occurred on Tuesday, September 4th. The shares were sold at an average price of $47.53, for a total value of $35,647.50. The disclosure for this sale can be found here. 0.33% of the stock is currently owned by insiders.

A number of research firms recently issued reports on SAVE. Zacks Investment Research raised Spirit Airlines from a “hold” rating to a “buy” rating and set a $60.00 price target for the company in a report on Monday. Imperial Capital lifted their price target on Spirit Airlines from $53.00 to $61.00 and gave the company an “outperform” rating in a report on Friday, July 27th. Buckingham Research set a $56.00 price target on Spirit Airlines and gave the company a “buy” rating in a report on Wednesday, October 10th. Deutsche Bank lifted their price target on Spirit Airlines from $51.00 to $53.00 and gave the company a “buy” rating in a report on Wednesday, October 10th. Finally, BidaskClub raised Spirit Airlines from a “hold” rating to a “buy” rating in a report on Wednesday, August 15th. Five research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the stock. Spirit Airlines currently has a consensus rating of “Buy” and an average target price of $56.57.

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.

Further Reading: How to calculate the intrinsic value of a stock

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

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