T. Rowe Price Associates, Inc. recently announced the acquisition of new stake in Spirit Aerosystems Holdings Inc (NYSE:SPR). The institutional investor has increased its shareholding in the Industrials company by 16.29% to 10.81 million shares with purchase of 1.51 million shares. This fresh investment now brings its stake to 9.34% valued currently at $297.21 million. In addition, The Vanguard Group, Inc. raised its holdings by 50838.0 to 9.83 million shares. And Hill City Capital LP has lifted its position by 2.32% or 0.12 million shares – to 5.3 million shares.
With over 24.59 million Spirit Aerosystems Holdings Inc (SPR) shares trading Monday and a closing price of $28.20 on the day, the dollar volume was approximately $693.44 million. The shares have shown a negative half year performance of -4.95% and its price on 01/08/24 lost nearly -11.13%. Currently, there are 115.76M common shares owned by the public and among those 114.89M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 20 analysts who have offered their price forecasts for SPR have a consensus price objective of $32.44. The analysts have set the share’s price value over the next 12 months at a high of $40.00 and a low of $21.00. The average price target is 11.1% above its recent price level and a downside to the estimated low will see the stock lose -34.29% over that period. But an upside of 29.5% will see the stock hit the forecast high price target while median target price for the stock is $33.50.
Insiders at the company have transacted a total of 84 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 36 of these insider trades were purchases, accounting for 168,211 shares. Insider sales of the common stock occurred on 48 occasions, with total insider shares sold totaling 81,836 shares.
The top 3 mutual fund holders in Spirit Aerosystems Holdings Inc are T Rowe Price Mid Cap Value Fund, SPDR S&P Aerospace & Defense ETF, and Vanguard Total Stock Market ETF. T Rowe Price Mid Cap Value Fund owns 6.39 million shares of the company’s stock, all valued at over $175.67 million. The company bought an additional 0.79 million shares recently to bring their total holdings to about 5.52% of the shares outstanding. SPDR S&P Aerospace & Defense ETF bought 19059.0 shares to see its total holdings expand to 3.66 million shares valued at over $100.59 million and representing 3.16% of the shares outstanding. Vanguard Total Stock Market ETF bought 0.3 million shares to bring its total holdings to over 3.59 million shares at a value of $98.81 million. Vanguard Total Stock Market ETF now owns shares totaling to 3.11% of the shares outstanding.
Shares of Spirit Aerosystems Holdings Inc (NYSE: SPR) opened at $27.65, down -$4.08 from a prior closing price of $31.73. The company’s stock has a 5-day price change of -11.26% and 68.86% over the past three months. SPR shares are trading -11.26% year to date (YTD), with the 12-month market performance down to -13.63% lower. It has a 12-month low price of $14.65 and touched a high of $38.55 over the same period. SPR has an average intraday trading volume of 3.84 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -7.18%, 3.87%, and 9.17% respectively.
Institutional ownership of Spirit Aerosystems Holdings Inc (NYSE: SPR) shares accounts for 79.50% of the company’s 115.76M shares outstanding. Mutual fund holders own 39.58%, while other institutional holders and individual stakeholders account for 40.14% and 3.05% respectively.
It has a market capitalization of $3.26B and a beta (3y monthly) value of 1.76. The earnings-per-share (ttm) stands at -$8.90. Price movements for the stock have been influenced by the stock’s volatility, which stands at 5.65% over the week and 3.73% over the month.
Analysts forecast that Spirit Aerosystems Holdings Inc (SPR) will achieve an EPS of $0.98 for the current quarter, -$0.16 for the next quarter and $0.21 for 2024. The lowest estimate earnings-per-share for the quarter is -$1.13 while analysts give the company a high EPS estimate of $3.22. Comparatively, EPS for the current quarter was -$1.46 a year ago. Earnings per share for the fiscal year are expected to decrease by -21.18%, and 111.62% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 20 brokerage firm advisors rate Spirit Aerosystems Holdings Inc (SPR) as a “Moderate Buy” at a consensus score of 2.35. Specifically, 5 Wall Street analysts polled rate the stock as a buy, while 10 of the 20 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the SPR, a number of firms have released research notes about the stock. Morgan Stanley stated their Equal-Weight rating for the stock in a research note on December 20, 2023, with the firm’s price target at $22-$35.
