Levin Capital Strategies L.P. Takes Position in Spirit Airlines, Inc. (NYSE:SAVE)

Levin Capital Strategies L.P. bought a new position in Spirit Airlines, Inc. (NYSE:SAVE) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 15,000 shares of the company’s stock, valued at approximately $246,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. International Assets Investment Management LLC increased its position in Spirit Airlines by 467.7% in the 4th quarter. International Assets Investment Management LLC now owns 1,970 shares of the company’s stock valued at $32,000 after acquiring an additional 1,623 shares in the last quarter. First Horizon Advisors Inc. acquired a new stake in Spirit Airlines during the 4th quarter worth approximately $33,000. Cary Street Partners Investment Advisory LLC bought a new stake in Spirit Airlines in the 3rd quarter valued at $50,000. Migdal Insurance & Financial Holdings Ltd. boosted its position in shares of Spirit Airlines by 862.8% in the fourth quarter. Migdal Insurance & Financial Holdings Ltd. now owns 3,466 shares of the company’s stock valued at $57,000 after acquiring an additional 3,106 shares during the period. Finally, Byrne Asset Management LLC increased its stake in Spirit Airlines by 81.0% during the 4th quarter. Byrne Asset Management LLC now owns 4,200 shares of the company’s stock worth $69,000 after acquiring an additional 1,880 shares during the period. Institutional investors own 58.73% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Susquehanna cut their target price on shares of Spirit Airlines from $5.00 to $4.00 and set a “negative” rating on the stock in a research report on Tuesday, April 9th. Bank of America started coverage on shares of Spirit Airlines in a report on Wednesday, January 17th. They set an “underperform” rating and a $5.00 target price on the stock. Seaport Res Ptn cut shares of Spirit Airlines from a “buy” rating to a “neutral” rating in a research note on Wednesday, January 17th. Evercore ISI lowered their target price on Spirit Airlines from $18.00 to $3.50 and set an “in-line” rating for the company in a research report on Thursday, April 4th. Finally, TD Cowen decreased their price target on Spirit Airlines from $5.00 to $4.00 and set a “hold” rating for the company in a research note on Tuesday, April 16th. Five research analysts have rated the stock with a sell rating and three have given a hold rating to the company. Based on data from MarketBeat.com, Spirit Airlines has an average rating of “Reduce” and an average price target of $4.91.

Spirit Airlines Stock Up 0.7 %

Shares of SAVE stock traded up $0.02 on Friday, hitting $3.71. The stock had a trading volume of 6,264,790 shares, compared to its average volume of 13,805,684. Spirit Airlines, Inc. has a 12-month low of $3.41 and a 12-month high of $19.69. The business has a 50 day moving average of $4.65 and a 200 day moving average of $9.48. The company has a debt-to-equity ratio of 2.69, a current ratio of 0.90 and a quick ratio of 0.90. The stock has a market cap of $405.70 million, a price-to-earnings ratio of -0.91 and a beta of 1.41.

Spirit Airlines (NYSE:SAVE) last posted its earnings results on Thursday, February 8th. The company reported ($1.36) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.42) by $0.06. The firm had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.32 billion. Spirit Airlines had a negative return on equity of 26.38% and a negative net margin of 8.34%. The business’s quarterly revenue was down 5.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.12 earnings per share. As a group, analysts expect that Spirit Airlines, Inc. will post -2.79 EPS for the current year.

Spirit Airlines Announces Dividend

The company also recently disclosed a dividend, which was paid on Thursday, February 29th. Investors of record on Friday, February 23rd were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, February 22nd.

Spirit Airlines Company Profile

Spirit Airlines, Inc provides airline services. The company also offers hotels and rental cars services. It serves 93 destinations in 15 countries in the United States, Latin America, and the Caribbean. As of December 31, 2023, the company operated a fleet of 205 Airbus single-aisle aircraft. The company was formerly known as Clippert Trucking Company and changed its name to Spirit Airlines, Inc in 1992.