Spirit AeroSystems (NYSE:SPR) Shares Gap Down Following Weak Earnings

Shares of Spirit AeroSystems Holdings, Inc. (NYSE:SPR) gapped down before the market opened on Thursday following a dissappointing 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 trading hands.

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

Analysts Set New Price Targets

Several analysts have commented on the company. Royal Bank of Canada reiterated a “sector perform” rating and set a $37.25 target price on shares of Spirit AeroSystems in a research note on Tuesday, August 20th. Robert W. Baird reaffirmed a “neutral” rating and set a $37.25 price objective (up from $36.00) on shares of Spirit AeroSystems in a research report on Friday, July 12th. Susquehanna reissued a “neutral” rating and issued a $37.00 target price (down previously from $40.00) on shares of Spirit AeroSystems in a research report on Wednesday, July 17th. Wolfe Research reaffirmed a “peer perform” rating on shares of Spirit AeroSystems in a report on Wednesday, July 10th. Finally, Barclays reiterated an “equal weight” rating and issued a $37.00 price target (down from $40.00) on shares of Spirit AeroSystems in a research note on Wednesday, July 3rd. One investment analyst has rated the stock with a sell rating, sixteen have issued a hold rating and one has assigned a buy rating to the company. According to MarketBeat, Spirit AeroSystems presently has an average rating of “Hold” and a consensus target price of $35.54.

Institutional Investors Weigh In On Spirit AeroSystems

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Harel Insurance Investments & Financial Services Ltd. bought a new position in Spirit AeroSystems in the 1st quarter worth $25,000. Byrne Asset Management LLC purchased a new position in shares of Spirit AeroSystems in the second quarter valued at about $30,000. Waldron Private Wealth LLC bought a new position in shares of Spirit AeroSystems in the third quarter worth about $32,000. Allspring Global Investments Holdings LLC grew its position in shares of 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 purchasing an additional 724 shares in the last quarter. Finally, Manchester Capital Management LLC raised its stake in Spirit AeroSystems by 586.2% during the 1st quarter. Manchester Capital Management LLC now owns 1,942 shares of the aerospace company’s stock valued at $70,000 after purchasing an additional 1,659 shares during the period. Institutional investors own 93.59% of the company’s stock.

Spirit AeroSystems Stock Performance

The company has a market capitalization of $3.66 billion, a PE ratio of -3.62 and a beta of 1.85. The stock has a fifty day moving average of $33.17 and a 200 day moving average of $32.92.

About Spirit AeroSystems

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.