Spirit AeroSystems (NYSE:SPR) Shares Gap Down on Disappointing Earnings

Spirit AeroSystems Holdings, Inc. (NYSE:SPR)’s share price gapped down prior to trading on Thursday following a weaker than expected earnings announcement. The stock had previously closed at $32.65, but opened at $31.51. Spirit AeroSystems shares last traded at $32.30, with a volume of 202,162 shares traded.

The aerospace company reported ($3.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.16) by ($2.87). The business had revenue of $1.47 billion during the quarter, compared to analysts’ expectations of $1.83 billion.

Analyst Ratings Changes

SPR has been the subject of a number of research reports. Wolfe Research reaffirmed a “peer perform” rating on shares of Spirit AeroSystems in a research report on Wednesday, July 10th. Robert W. Baird restated a “neutral” rating and issued a $37.25 price target (up previously from $36.00) on shares of Spirit AeroSystems in a report on Friday, July 12th. UBS Group lifted their price objective on shares of Spirit AeroSystems from $33.00 to $34.00 and gave the company a “neutral” rating in a research note on Monday, July 1st. Citigroup restated a “neutral” rating and issued a $37.25 target price (down from $39.00) on shares of Spirit AeroSystems in a research note on Wednesday, July 3rd. Finally, Baird R W downgraded shares of Spirit AeroSystems from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 12th. One equities research analyst has rated the stock with a sell rating, sixteen have issued a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $35.54.

Institutional Investors Weigh In On Spirit AeroSystems

Hedge funds have recently bought and sold shares of the company. Harel Insurance Investments & Financial Services Ltd. acquired a new position in shares of Spirit AeroSystems during the first quarter worth approximately $25,000. Byrne Asset Management LLC bought a new position in Spirit AeroSystems during the second quarter worth $30,000. Waldron Private Wealth LLC acquired a new position in Spirit AeroSystems during the 3rd quarter valued at $32,000. Allspring Global Investments Holdings LLC boosted its holdings in Spirit AeroSystems by 148.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,211 shares of the aerospace company’s stock valued at $44,000 after purchasing an additional 724 shares during the period. Finally, Manchester Capital Management LLC grew its position in Spirit AeroSystems by 586.2% in the 1st quarter. Manchester Capital Management LLC now owns 1,942 shares of the aerospace company’s stock worth $70,000 after purchasing an additional 1,659 shares during the last quarter. 93.59% of the stock is currently owned by institutional investors.

Spirit AeroSystems Trading Down 0.7 %

The firm’s fifty day moving average price is $33.17 and its 200-day moving average price is $32.92. The company has a market cap of $3.66 billion, a P/E ratio of -3.62 and a beta of 1.85.

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.