Spirit AeroSystems (NYSE:SPR) Shares Gap Up – Here’s Why

Shares of Spirit AeroSystems Holdings, Inc. (NYSE:SPR) gapped up before the market opened on Monday . The stock had previously closed at $31.73, but opened at $33.00. Spirit AeroSystems shares last traded at $33.34, with a volume of 312,070 shares trading hands.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the company. Sanford C. Bernstein reissued a “market perform” rating on shares of Spirit AeroSystems in a report on Monday, July 8th. UBS Group upped their price objective on Spirit AeroSystems from $33.00 to $34.00 and gave the company a “neutral” rating in a research report on Monday, July 1st. Susquehanna restated a “neutral” rating and issued a $37.00 price target (down previously from $40.00) on shares of Spirit AeroSystems in a research note on Wednesday, July 17th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $37.25 price objective on shares of Spirit AeroSystems in a report on Tuesday, August 20th. Finally, Barclays restated an “equal weight” rating and set a $37.00 target price (down previously from $40.00) on shares of Spirit AeroSystems in a research note on Wednesday, July 3rd. One research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $35.07.

Spirit AeroSystems Trading Down 1.0 %

The stock has a 50 day moving average of $33.37 and a 200-day moving average of $32.95. The company has a market capitalization of $3.82 billion, a P/E ratio of -3.77 and a beta of 1.85.

Spirit AeroSystems (NYSE:SPR) last announced its quarterly earnings data on Monday, August 5th. The aerospace company reported ($2.73) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.98) by ($1.75). The firm had revenue of $1.49 billion for the quarter, compared to analysts’ expectations of $1.57 billion. During the same period in the previous year, the business posted ($1.46) earnings per share. Spirit AeroSystems’s quarterly revenue was up 9.3% on a year-over-year basis. As a group, sell-side analysts expect that Spirit AeroSystems Holdings, Inc. will post -4.67 EPS for the current fiscal year.

Hedge Funds Weigh In On Spirit AeroSystems

Hedge funds have recently made changes to their positions in the business. The Manufacturers Life Insurance Company lifted its holdings in Spirit AeroSystems by 1.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 22,001 shares of the aerospace company’s stock worth $723,000 after purchasing an additional 332 shares in the last quarter. MCF Advisors LLC boosted its position in shares of Spirit AeroSystems by 0.8% during the first quarter. MCF Advisors LLC now owns 41,228 shares of the aerospace company’s stock worth $1,487,000 after acquiring an additional 343 shares during the last quarter. Mystic Asset Management Inc. grew its stake in Spirit AeroSystems by 0.7% during the first quarter. Mystic Asset Management Inc. now owns 52,847 shares of the aerospace company’s stock valued at $1,906,000 after acquiring an additional 346 shares in the last quarter. Ensign Peak Advisors Inc increased its holdings in Spirit AeroSystems by 1.4% in the 2nd quarter. Ensign Peak Advisors Inc now owns 35,466 shares of the aerospace company’s stock valued at $1,166,000 after acquiring an additional 500 shares during the last quarter. Finally, Inspire Investing LLC lifted its stake in Spirit AeroSystems by 6.4% in the 2nd quarter. Inspire Investing LLC now owns 10,689 shares of the aerospace company’s stock worth $351,000 after purchasing an additional 643 shares in the last quarter. Institutional investors own 93.59% of the company’s stock.

Spirit AeroSystems Company Profile

Spirit AeroSystems Holdings, Inc engages in the design, engineering, manufacture, and marketing of commercial aerostructures worldwide. It operates through three segments: Commercial, Defense & Space, and Aftermarket. The Commercial segment offers forward, mid, and rear fuselage sections and systems, floor beams, nacelles, struts/pylons, horizontal and vertical stabilizers, flaps and slats flight control surfaces, wing structures, and wing systems.