493,800 Shares in Spirit AeroSystems Holdings, Inc. (NYSE:SPR) Acquired by Forest Avenue Capital Management LP

Forest Avenue Capital Management LP bought a new position in shares of Spirit AeroSystems Holdings, Inc. (NYSE:SPR) during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor bought 493,800 shares of the aerospace company’s stock, valued at approximately $16,231,000. Spirit AeroSystems accounts for about 2.2% of Forest Avenue Capital Management LP’s holdings, making the stock its 21st largest position.

Several other large investors have also recently added to or reduced their stakes in the business. Harel Insurance Investments & Financial Services Ltd. purchased a new stake in shares of Spirit AeroSystems in the 1st quarter valued at approximately $25,000. Principal Securities Inc. purchased a new stake in shares of Spirit AeroSystems in the 4th quarter valued at approximately $26,000. Byrne Asset Management LLC purchased a new stake in shares of Spirit AeroSystems in the 2nd quarter valued at approximately $30,000. Riverview Trust Co purchased a new stake in shares of Spirit AeroSystems in the 1st quarter valued at approximately $35,000. Finally, Allspring Global Investments Holdings LLC increased its position in shares of Spirit AeroSystems by 148.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,211 shares of the aerospace company’s stock valued at $44,000 after purchasing an additional 724 shares during the last quarter. 93.59% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on SPR shares. Royal Bank of Canada reissued a “sector perform” rating and issued a $37.25 price objective on shares of Spirit AeroSystems in a research report on Tuesday, August 20th. Stifel Nicolaus upped their target price on shares of Spirit AeroSystems from $34.00 to $37.25 and gave the company a “hold” rating in a report on Monday, July 8th. Baird R W cut shares of Spirit AeroSystems from a “strong-buy” rating to a “hold” rating in a report on Friday, July 12th. Barclays restated an “equal weight” rating and issued a $37.00 target price (down previously from $40.00) on shares of Spirit AeroSystems in a report on Wednesday, July 3rd. Finally, Wolfe Research restated a “peer perform” rating on shares of Spirit AeroSystems in a report on Wednesday, July 10th. One equities research analyst has rated the stock with a sell rating, sixteen have given a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $35.38.

Spirit AeroSystems Stock Performance

SPR stock opened at $33.10 on Friday. Spirit AeroSystems Holdings, Inc. has a one year low of $14.65 and a one year high of $37.08. The stock has a market capitalization of $3.86 billion, a PE ratio of -3.81 and a beta of 1.85. The company has a fifty day moving average of $34.43 and a 200-day moving average of $33.25.

Spirit AeroSystems (NYSE:SPR) last released its earnings results on Monday, August 5th. The aerospace company reported ($2.73) EPS for the quarter, missing the consensus estimate of ($0.98) by ($1.75). The firm had revenue of $1.49 billion for the quarter, compared to the consensus estimate of $1.57 billion. During the same period in the previous year, the business earned ($1.46) EPS. The business’s revenue for the quarter was up 9.3% on a year-over-year basis. Equities analysts forecast that Spirit AeroSystems Holdings, Inc. will post -4.21 earnings per share for the current fiscal year.

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.