Citigroup Inc. reaffirmed their buy rating on shares of Spirit Aerosystems Holdings, Inc. (NYSE:SPR) in a report released on Monday morning. Citigroup Inc. currently has a $91.00 price target on the aerospace company’s stock, up from their prior price target of $85.00.
SPR has been the subject of a number of other research reports. ValuEngine raised Spirit Aerosystems Holdings from a buy rating to a strong-buy rating in a research report on Friday, September 1st. BidaskClub cut Spirit Aerosystems Holdings from a strong-buy rating to a buy rating in a research report on Saturday, June 24th. UBS AG reaffirmed a buy rating and issued a $81.00 price target (up previously from $63.00) on shares of Spirit Aerosystems Holdings in a research report on Monday, August 21st. Royal Bank Of Canada set a $69.00 price target on Spirit Aerosystems Holdings and gave the stock a sell rating in a research report on Sunday, September 10th. Finally, Morgan Stanley boosted their price target on Spirit Aerosystems Holdings from $66.00 to $81.00 and gave the stock an overweight rating in a research report on Monday, August 7th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and thirteen have given a buy rating to the stock. The company presently has a consensus rating of Hold and an average target price of $76.17.
Spirit Aerosystems Holdings (NYSE:SPR) last released its quarterly earnings data on Wednesday, August 2nd. The aerospace company reported $1.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.20 by $0.37. The firm had revenue of $1.83 billion during the quarter, compared to analysts’ expectations of $1.74 billion. Spirit Aerosystems Holdings had a return on equity of 30.82% and a net margin of 4.97%. The business’s revenue for the quarter was down .2% on a year-over-year basis. During the same quarter last year, the firm earned $1.21 earnings per share.
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Spirit Aerosystems Holdings declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, August 2nd that permits the company to buyback $400.00 million in outstanding shares. This buyback authorization permits the aerospace company to repurchase up to 4.6% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s leadership believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 10th. Stockholders of record on Monday, September 18th were paid a $0.10 dividend. The ex-dividend date was Friday, September 15th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.51%. Spirit Aerosystems Holdings’s payout ratio is presently 14.60%.
In related news, Director Charles L. Chadwell sold 6,600 shares of the business’s stock in a transaction dated Thursday, September 14th. The stock was sold at an average price of $76.49, for a total transaction of $504,834.00. Following the transaction, the director now directly owns 23,828 shares in the company, valued at $1,822,603.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP John A. Pilla sold 10,088 shares of the business’s stock in a transaction dated Wednesday, September 6th. The shares were sold at an average price of $74.60, for a total value of $752,564.80. Following the transaction, the senior vice president now owns 93,258 shares in the company, valued at $6,957,046.80. The disclosure for this sale can be found here. Insiders own 0.28% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the stock. Nomura Asset Management Co. Ltd. increased its stake in Spirit Aerosystems Holdings by 9.5% during the first quarter. Nomura Asset Management Co. Ltd. now owns 1,840 shares of the aerospace company’s stock valued at $106,000 after acquiring an additional 160 shares during the period. Raymond James Trust N.A. bought a new position in Spirit Aerosystems Holdings during the second quarter valued at about $200,000. State of Alaska Department of Revenue increased its stake in Spirit Aerosystems Holdings by 6.7% during the second quarter. State of Alaska Department of Revenue now owns 3,539 shares of the aerospace company’s stock valued at $205,000 after acquiring an additional 222 shares during the period. Parametrica Management Ltd bought a new position in Spirit Aerosystems Holdings during the second quarter valued at about $217,000. Finally, Hillsdale Investment Management Inc. increased its stake in Spirit Aerosystems Holdings by 23.2% during the second quarter. Hillsdale Investment Management Inc. now owns 3,930 shares of the aerospace company’s stock valued at $228,000 after acquiring an additional 740 shares during the period. Hedge funds and other institutional investors own 98.66% of the company’s stock.
Spirit Aerosystems Holdings Company Profile
Spirit AeroSystems Holdings, Inc is a non-original equipment manufacturer (OEM), aircraft parts designer and manufacturer of commercial aero-structures. The Company is also a supplier of aero-structures. The Company operates through three segments: Fuselage Systems, Propulsion Systems and Wing Systems.
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