Price T Rowe Associates Inc. MD Reduces Position in Spirit AeroSystems Holdings, Inc. (NYSE:SPR)

Price T Rowe Associates Inc. MD reduced its stake in Spirit AeroSystems Holdings, Inc. (NYSE:SPR) by 23.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 7,698,960 shares of the aerospace company’s stock after selling 2,319,769 shares during the quarter. Price T Rowe Associates Inc. MD owned 0.07% of Spirit AeroSystems worth $277,703,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Harel Insurance Investments & Financial Services Ltd. acquired a new stake in shares of Spirit AeroSystems in the 1st quarter valued at approximately $25,000. Principal Securities Inc. acquired a new position in Spirit AeroSystems in the fourth quarter valued at $26,000. Riverview Trust Co acquired a new position in Spirit AeroSystems in the first quarter valued at $35,000. Allspring Global Investments Holdings LLC increased its stake in Spirit AeroSystems by 148.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 1,211 shares of the aerospace company’s stock worth $44,000 after acquiring an additional 724 shares during the last quarter. Finally, Manchester Capital Management LLC increased its stake in Spirit AeroSystems by 586.2% during the first quarter. Manchester Capital Management LLC now owns 1,942 shares of the aerospace company’s stock worth $70,000 after acquiring an additional 1,659 shares during the last quarter. 93.59% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on SPR. Citigroup reiterated a “neutral” rating and issued a $37.25 target price (down previously from $39.00) on shares of Spirit AeroSystems in a research note on Wednesday, July 3rd. Wolfe Research reiterated a “peer perform” rating on shares of Spirit AeroSystems in a research report on Wednesday, July 10th. JPMorgan Chase & Co. restated a “neutral” rating and issued a $37.00 target price (up from $36.00) on shares of Spirit AeroSystems in a research report on Monday, July 8th. Royal Bank of Canada lifted their price target on Spirit AeroSystems from $33.00 to $35.00 and gave the company a “sector perform” rating in a research report on Wednesday, May 8th. Finally, Truist Financial raised their price objective on Spirit AeroSystems from $30.00 to $35.00 and gave the stock a “hold” rating in a research note on Wednesday, July 17th. Two equities research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $33.60.

Spirit AeroSystems Stock Performance

Shares of NYSE SPR traded up $0.06 during trading hours on Friday, hitting $35.57. 1,650,262 shares of the stock were exchanged, compared to its average volume of 5,088,822. The company has a market cap of $4.15 billion, a PE ratio of -4.09 and a beta of 1.84. The company’s fifty day simple moving average is $32.52 and its two-hundred day simple moving average is $31.69. Spirit AeroSystems Holdings, Inc. has a 1-year low of $14.65 and a 1-year high of $36.34.

Spirit AeroSystems (NYSE:SPR) last issued its earnings results on Tuesday, May 7th. The aerospace company reported ($3.93) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.44) by ($3.49). The business had revenue of $1.70 billion for the quarter, compared to analysts’ expectations of $1.62 billion. Spirit AeroSystems’s quarterly revenue was up 19.0% on a year-over-year basis. During the same quarter in the prior year, the company earned ($1.69) EPS. As a group, sell-side analysts expect that Spirit AeroSystems Holdings, Inc. will post -3.93 EPS for the current fiscal year.

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.