Muhlenkamp Co Inc buys $7.7 Million stake in Spirit Airlines Incorporated (SAVE)

Spirit Airlines Incorporated (SAVE) : Muhlenkamp Co Inc scooped up 210 additional shares in Spirit Airlines Incorporated during the most recent quarter end , the firm said in a disclosure report filed with the SEC on May 12, 2016. The investment management firm now holds a total of 193,315 shares of Spirit Airlines Incorporated which is valued at $7.7 Million.Spirit Airlines Incorporated makes up approximately 3.34% of Muhlenkamp Co Inc’s portfolio.

Other Hedge Funds, Including , United Services Automobile Association added SAVE to its portfolio by purchasing 10,900 company shares during the most recent quarter which is valued at $436,327. Trexquant Investment Lp added SAVE to its portfolio by purchasing 38,270 company shares during the most recent quarter which is valued at $1.5 Million. Spirit Airlines Incorporated makes up approx 0.18% of Trexquant Investment Lp’s portfolio. Royce Associates Lp added SAVE to its portfolio by purchasing 580,600 company shares during the most recent quarter which is valued at $23.2 Million. Spirit Airlines Incorporated makes up approx 0.15% of Royce Associates Lp’s portfolio.Blackrock Advisors boosted its stake in SAVE in the latest quarter, The investment management firm added 30,849 additional shares and now holds a total of 200,946 shares of Spirit Airlines Incorporated which is valued at $8 Million. Spirit Airlines Incorporated makes up approx 0.01% of Blackrock Advisors’s portfolio. Essex Investment Management Co added SAVE to its portfolio by purchasing 26,401 company shares during the most recent quarter which is valued at $1.1 Million. Spirit Airlines Incorporated makes up approx 0.18% of Essex Investment Management Co’s portfolio.

Spirit Airlines Incorporated opened for trading at $42.03 and hit $42.94 on the upside on Friday, eventually ending the session at $42.32, with a gain of 1.20% or 0.5 points. The heightened volatility saw the trading volume jump to 5,63,455 shares. Company has a market cap of $3,013,480 M.

On the company’s financial health, Spirit Airlines Incorporated reported $1.01 EPS for the quarter, beating the analyst consensus estimate by $ 0.04 according to the earnings call on Apr 26, 2016. Analyst had a consensus of $0.97. The company had revenue of $538.10 million for the quarter, compared to analysts expectations of $536.17 million. The company’s revenue was up 9.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.96 EPS.

Many Wall Street Analysts have commented on Spirit Airlines Incorporated. Spirit Airlines Incorporated was Downgraded by JP Morgan to ” Neutral” on Apr 20, 2016. Spirit Airlines Incorporated was Upgraded by Raymond James to ” Outperform” on Feb 26, 2016.

Spirit Airlines Inc. is an airline company. The Company’s all-Airbus fleet operates more than 300 daily flights to 56 destinations in the United States Caribbean and Latin America. Its ultra-low-cost carrier (ULCC) business model provides low base fares with a range of optional services. The Company’s route network includes approximately 151 markets served by 56 airports throughout North America Central America South America and the Caribbean. The Company operates international services to Aruba the Bahamas Colombia Costa Rica Dominican Republic El Salvador Guatemala Haiti Honduras Jamaica Mexico Nicaragua Panama Peru and St. Maarten as well as Puerto Rico and the United States Virgin Islands.

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