Gabelli Funds LLC Has $2.98 Million Stake in Spirit Airlines, Inc. (NYSE:SAVE)

Posted by Defense World Staff on Jun 11th, 2023

Gabelli Funds LLC raised its holdings in Spirit Airlines, Inc. (NYSE:SAVE – Get Rating) by 59.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 152,731 shares of the company’s stock after acquiring an additional 56,681 shares during the period. Gabelli Funds LLC owned about 0.14% of Spirit Airlines worth $2,975,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Credit Suisse AG grew its stake in Spirit Airlines by 11.9% in the fourth quarter. Credit Suisse AG now owns 24,725 shares of the company’s stock valued at $482,000 after acquiring an additional 2,629 shares during the period. CTC Capital Management LLC acquired a new position in shares of Spirit Airlines during the fourth quarter worth about $195,000. Geode Capital Management LLC boosted its position in shares of Spirit Airlines by 3.3% during the fourth quarter. Geode Capital Management LLC now owns 1,975,699 shares of the company’s stock worth $38,486,000 after buying an additional 63,459 shares during the period. American Century Companies Inc. boosted its position in shares of Spirit Airlines by 30.6% during the fourth quarter. American Century Companies Inc. now owns 35,280 shares of the company’s stock worth $687,000 after buying an additional 8,267 shares during the period. Finally, Anqa Management LLC boosted its position in shares of Spirit Airlines by 4.7% during the fourth quarter. Anqa Management LLC now owns 443,307 shares of the company’s stock worth $8,636,000 after buying an additional 20,000 shares during the period. 67.72% of the stock is owned by institutional investors and hedge funds.

Spirit Airlines Trading Down 1.1 %

SAVE opened at $15.38 on Friday. Spirit Airlines, Inc. has a 52-week low of $14.41 and a 52-week high of $25.67. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 2.15. The business’s 50-day simple moving average is $16.27 and its 200 day simple moving average is $17.36.

Spirit Airlines (NYSE:SAVE – Get Rating) last released its earnings results on Thursday, April 27th. The company reported ($0.82) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.89) by $0.07. Spirit Airlines had a negative return on equity of 6.24% and a negative net margin of 8.50%. The business had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.35 billion. During the same quarter in the prior year, the company posted ($1.60) earnings per share. Spirit Airlines’s revenue was up 39.5% on a year-over-year basis. As a group, equities research analysts forecast that Spirit Airlines, Inc. will post 0.41 earnings per share for the current fiscal year.

Spirit Airlines Announces Dividend

The firm also recently disclosed a dividend, which was paid on Wednesday, May 31st. Shareholders of record on Wednesday, May 24th were paid a $0.10 dividend. The ex-dividend date of this dividend was Tuesday, May 23rd. This represents a yield of 3.16%.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. JPMorgan Chase & Co. reduced their price objective on Spirit Airlines from $28.00 to $10.00 in a research report on Monday, May 8th. StockNews.com assumed coverage on Spirit Airlines in a research report on Thursday, May 18th. They set a “sell” rating for the company. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $24.14.

About Spirit Airlines

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Spirit Airlines, Inc engages in the provision of air transportation services. Its operations are concentrated in markets such as South Florida, the Caribbean, Latin America, and the Northeast and Northern Midwest regions of the United States. The firm offers travel insurance, carry-on and checked baggage, online booking, and other services.