Alpine Associates Management Inc. increased its position in Spirit Airlines, Inc. (NYSE:SAVE – Free Report) by 29.7% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,904,500 shares of the company’s stock after purchasing an additional 436,486 shares during the quarter. Spirit Airlines accounts for 1.6% of Alpine Associates Management Inc.’s portfolio, making the stock its 17th largest position. Alpine Associates Management Inc. owned 1.74% of Spirit Airlines worth $31,424,000 at the end of the most recent quarter.
Other large investors have also recently added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. raised its holdings in shares of Spirit Airlines by 272.4% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,119 shares of the company’s stock worth $41,000 after purchasing an additional 1,550 shares during the period. Rockefeller Capital Management L.P. bought a new position in shares of Spirit Airlines during the 2nd quarter valued at about $74,000. Quarry LP bought a new position in shares of Spirit Airlines during the 1st quarter valued at about $86,000. Money Concepts Capital Corp boosted its holdings in shares of Spirit Airlines by 55,625.0% in the fourth quarter. Money Concepts Capital Corp now owns 4,458 shares of the company’s stock worth $87,000 after buying an additional 4,450 shares during the period. Finally, PenderFund Capital Management Ltd. acquired a new position in shares of Spirit Airlines in the first quarter worth about $115,000. 65.22% of the stock is currently owned by institutional investors.
Analyst Ratings Changes
A number of analysts have recently issued reports on SAVE shares. Susquehanna reissued a “negative” rating and issued a $5.00 price target (down from $15.00) on shares of Spirit Airlines in a research report on Wednesday, January 17th. Citigroup lowered shares of Spirit Airlines from a “neutral” rating to a “sell” rating and cut their price objective for the company from $13.00 to $4.00 in a research report on Thursday, January 18th. TD Cowen dropped their price target on shares of Spirit Airlines from $11.00 to $5.00 and set a “market perform” rating on the stock in a research report on Monday, January 22nd. Seaport Res Ptn lowered shares of Spirit Airlines from a “buy” rating to a “neutral” rating in a research report on Wednesday, January 17th. Finally, Bank of America initiated coverage on shares of Spirit Airlines in a research note on Wednesday, January 17th. They issued an “underperform” rating and a $5.00 price objective on the stock. Four equities research analysts have rated the stock with a sell rating and three have given a hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Reduce” and a consensus target price of $8.17.
Spirit Airlines Stock Down 0.9 %
Shares of Spirit Airlines stock traded down $0.06 during trading on Friday, reaching $6.30. The company’s stock had a trading volume of 11,338,213 shares, compared to its average volume of 36,725,960. The stock has a 50-day moving average price of $13.01 and a two-hundred day moving average price of $14.51. The company has a debt-to-equity ratio of 2.31, a quick ratio of 0.91 and a current ratio of 0.91. Spirit Airlines, Inc. has a one year low of $4.04 and a one year high of $20.11.
Spirit Airlines Dividend Announcement
The company also recently disclosed a dividend, which was paid on Wednesday, January 31st. Shareholders of record on Thursday, January 25th were issued a dividend of $0.10 per share. The ex-dividend date was Wednesday, January 24th.
Spirit Airlines Company Profile
Spirit Airlines, Inc provides airline services. The company provides front seats, including wider seats with extra legroom, carry-on and checked baggage, assigned seats, travel insurance, and onboard beverages and snacks, as well as hotels, cars, vacation packages, and cruises services. It serves 92 destinations in 16 countries in the United States, Latin America, and the Caribbean.