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

Spirit AeroSystems Holdings, Inc. (NYSE:SPR)’s stock price gapped up before the market opened on Monday . The stock had previously closed at $34.89, but opened at $35.75. Spirit AeroSystems shares last traded at $35.87, with a volume of 302,513 shares traded.

Analysts Set New Price Targets

SPR has been the subject of several research analyst reports. Royal Bank of Canada restated a “sector perform” rating and set a $37.25 price target on shares of Spirit AeroSystems in a research report on Tuesday, February 11th. StockNews.com assumed coverage on shares of Spirit AeroSystems in a research report on Saturday, March 8th. They set a “hold” rating on the stock. Fourteen analysts have rated the stock with a hold rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Spirit AeroSystems currently has a consensus rating of “Hold” and a consensus target price of $36.56.

Spirit AeroSystems Stock Up 2.2 %

The firm has a fifty day moving average of $33.60 and a 200 day moving average of $33.22. The stock has a market cap of $4.17 billion, a PE ratio of -2.87 and a beta of 1.41.

Spirit AeroSystems (NYSE:SPR) last posted its earnings results on Friday, February 28th. The aerospace company reported ($4.22) EPS for the quarter, missing analysts’ consensus estimates of ($1.86) by ($2.36). The company had revenue of $1.65 billion for the quarter, compared to analysts’ expectations of $1.94 billion. On average, equities research analysts forecast that Spirit AeroSystems Holdings, Inc. will post -11.88 EPS for the current fiscal year.

Hedge Funds Weigh In On Spirit AeroSystems

A number of hedge funds have recently modified their holdings of SPR. Norges Bank acquired a new stake in Spirit AeroSystems during the 4th quarter worth $105,879,000. National Bank of Canada FI grew its holdings in shares of Spirit AeroSystems by 47.2% during the fourth quarter. National Bank of Canada FI now owns 3,681,147 shares of the aerospace company’s stock worth $125,453,000 after buying an additional 1,181,147 shares during the last quarter. Adage Capital Partners GP L.L.C. increased its position in Spirit AeroSystems by 73.1% in the 4th quarter. Adage Capital Partners GP L.L.C. now owns 2,438,791 shares of the aerospace company’s stock valued at $83,114,000 after acquiring an additional 1,029,989 shares during the period. Alpine Associates Management Inc. raised its stake in Spirit AeroSystems by 30.1% during the 4th quarter. Alpine Associates Management Inc. now owns 3,092,584 shares of the aerospace company’s stock valued at $105,395,000 after acquiring an additional 714,984 shares during the last quarter. Finally, TIG Advisors LLC lifted its position in Spirit AeroSystems by 66.8% during the 4th quarter. TIG Advisors LLC now owns 1,739,094 shares of the aerospace company’s stock worth $59,268,000 after acquiring an additional 696,533 shares during the period. 93.59% of the stock is currently owned by hedge funds and other institutional investors.

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.