Bank of America Lowers Spirit AeroSystems (NYSE:SPR) to Underperform

Bank of America downgraded shares of Spirit AeroSystems (NYSE:SPRGet Rating) from a buy rating to an underperform rating in a research report released on Friday morning, MarketBeat Ratings reports. Bank of America currently has $26.00 price objective on the aerospace company’s stock, down from their previous price objective of $49.00.

A number of other brokerages have also recently weighed in on SPR. Cowen reduced their target price on Spirit AeroSystems from $70.00 to $55.00 and set an outperform rating on the stock in a report on Monday, August 8th. Wolfe Research raised Spirit AeroSystems from an underperform rating to a peer perform rating in a research report on Monday, November 7th. StockNews.com raised Spirit AeroSystems from a sell rating to a hold rating in a research report on Friday, November 4th. Morgan Stanley cut their price objective on Spirit AeroSystems from $35.00 to $27.00 and set an underweight rating on the stock in a research report on Monday, November 7th. Finally, The Goldman Sachs Group cut their price objective on Spirit AeroSystems from $49.00 to $43.00 and set a buy rating on the stock in a research report on Monday, November 7th. Three analysts have rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of Hold and an average price target of $42.92.

Spirit AeroSystems Price Performance

SPR stock opened at $26.46 on Friday. Spirit AeroSystems has a 52-week low of $21.14 and a 52-week high of $53.31. The stock has a market capitalization of $2.78 billion, a price-to-earnings ratio of -6.53 and a beta of 1.73. The company has a quick ratio of 0.79, a current ratio of 1.42 and a debt-to-equity ratio of 15.16. The stock’s fifty day simple moving average is $25.19 and its 200-day simple moving average is $29.51.

Spirit AeroSystems (NYSE:SPRGet Rating) last issued its earnings results on Thursday, November 3rd. The aerospace company reported ($0.15) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.39) by $0.24. Spirit AeroSystems had a negative return on equity of 89.53% and a negative net margin of 8.85%. The firm had revenue of $1.28 billion for the quarter, compared to analysts’ expectations of $1.32 billion. During the same quarter last year, the firm earned ($1.13) earnings per share. The firm’s revenue for the quarter was up 30.3% compared to the same quarter last year. Equities research analysts expect that Spirit AeroSystems will post -1.93 EPS for the current year.

Institutional Trading of Spirit AeroSystems

Hedge funds and other institutional investors have recently bought and sold shares of the company. Exchange Traded Concepts LLC bought a new stake in Spirit AeroSystems in the third quarter valued at about $32,000. Manchester Capital Management LLC bought a new stake in Spirit AeroSystems in the first quarter valued at about $91,000. Byrne Asset Management LLC increased its holdings in Spirit AeroSystems by 184.2% in the third quarter. Byrne Asset Management LLC now owns 1,876 shares of the aerospace company’s stock valued at $41,000 after buying an additional 1,216 shares during the last quarter. Captrust Financial Advisors increased its holdings in Spirit AeroSystems by 57.7% in the second quarter. Captrust Financial Advisors now owns 2,169 shares of the aerospace company’s stock valued at $64,000 after buying an additional 794 shares during the last quarter. Finally, MetLife Investment Management LLC bought a new stake in Spirit AeroSystems in the first quarter valued at about $169,000. 83.73% of the stock is owned by institutional investors.

About Spirit AeroSystems

(Get Rating)

Spirit AeroSystems Holdings, Inc designs, engineers, manufactures, and markets 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, struts/pylons, nacelles, and related engine structural components; and wings and wing components, including flight control surfaces, as well as other structural parts.

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Analyst Recommendations for Spirit AeroSystems (NYSE:SPR)

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