Spirit AeroSystems (NYSE:SPR) Shares Gap Down After Earnings Miss

Shares of Spirit AeroSystems Holdings, Inc. (NYSE:SPR) gapped down before the market opened on Thursday after the company announced weaker than expected quarterly earnings. 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 for the quarter, missing analysts’ consensus estimates of ($0.16) by ($2.87). The firm had revenue of $1.47 billion during the quarter, compared to analysts’ expectations of $1.83 billion.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $37.25 price objective on shares of Spirit AeroSystems in a research note on Tuesday, August 20th. Barclays reaffirmed an “equal weight” rating and set a $37.00 price target (down previously from $40.00) on shares of Spirit AeroSystems in a research note on Wednesday, July 3rd. UBS Group upped their target price on shares of Spirit AeroSystems from $33.00 to $34.00 and gave the company a “neutral” rating in a research report on Monday, July 1st. StockNews.com assumed coverage on Spirit AeroSystems in a research note on Wednesday. They set a “sell” rating on the stock. Finally, Robert W. Baird reaffirmed a “neutral” rating and issued a $37.25 price objective (up from $36.00) on shares of Spirit AeroSystems in a research note on Friday, July 12th. One equities research analyst has rated the stock with a sell rating, sixteen have given a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $35.54.

Institutional Investors Weigh In On Spirit AeroSystems

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Pentwater Capital Management LP grew its position in shares of Spirit AeroSystems by 18,132.0% during the 2nd quarter. Pentwater Capital Management LP now owns 9,016,000 shares of the aerospace company’s stock worth $296,356,000 after buying an additional 9,066,000 shares in the last quarter. Steadfast Capital Management LP grew its holdings in Spirit AeroSystems by 1,274.6% during the 1st quarter. Steadfast Capital Management LP now owns 4,714,874 shares of the aerospace company’s stock worth $170,066,000 after acquiring an additional 4,371,874 shares in the last quarter. Appian Way Asset Management LP purchased a new position in Spirit AeroSystems during the 2nd quarter valued at about $39,969,000. Vanguard Group Inc. increased its position in Spirit AeroSystems by 8.8% during the 4th quarter. Vanguard Group Inc. now owns 10,844,853 shares of the aerospace company’s stock valued at $344,649,000 after purchasing an additional 876,673 shares during the period. Finally, Assenagon Asset Management S.A. raised its holdings in shares of Spirit AeroSystems by 405.9% in the 2nd quarter. Assenagon Asset Management S.A. now owns 1,069,600 shares of the aerospace company’s stock valued at $35,158,000 after purchasing an additional 858,162 shares in the last quarter. 93.59% of the stock is owned by institutional investors.

Spirit AeroSystems Trading Down 0.7 %

The firm’s 50-day moving average price is $33.17 and its two-hundred day moving average price is $32.92. The stock has a market cap of $3.66 billion, a PE ratio of -3.62 and a beta of 1.85.

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.