Legal & General Group Plc has significantly reduced its holdings in Spirit Aerosystems Holdings, Inc. by 49.5% during the second quarter of 2023, according to a recent filing with the Securities and Exchange Commission. The investment firm now owns 124,675 shares of the aerospace manufacturer, valued at approximately $4.76 million, after selling 122,431 shares during the quarter.
This substantial reduction in holdings aligns with broader trends in institutional investment in Spirit Aerosystems, which has seen various hedge funds adjust their positions. For instance, Millennium Management LLC increased its stake by 51.9% in the first quarter, acquiring an additional 870,263 shares to reach a total of 2,545,611 shares, valued at about $87.72 million. Similarly, AQR Arbitrage LLC raised its holdings by 73.9%, now owning 1,093,536 shares worth $37.64 million after purchasing 464,755 additional shares.
Royal Bank of Canada also increased its position by 56.6%, bringing its total shares to 1,032,014, valued at approximately $35.56 million. Meanwhile, TIG Advisors LLC and Amundi made notable increases of 18.3% and a staggering 24,236.6%, respectively, indicating robust interest from institutional investors, who collectively hold 93.59% of Spirit Aerosystems’ stock.
Analysts Adjust Ratings and Price Targets
Analysts have recently updated their ratings and price targets for Spirit Aerosystems. Wall Street Zen upgraded the stock from a “strong sell” to a “hold” rating, while Zacks Research also raised its rating to “hold.” In contrast, Weiss Ratings maintained a “sell (d-)” rating. Currently, one analyst has given Spirit Aerosystems a Strong Buy rating, three analysts have issued a Hold rating, and one has rated it as a Sell.
According to MarketBeat.com, the average rating for Spirit Aerosystems is “Hold,” with an average target price of $38.63. This suggests a cautious outlook amid fluctuating market conditions.
Spirit Aerosystems’ Financial Performance
Spirit Aerosystems’ stock opened at $39.42 on the last trading day. The company has experienced a market capitalization of $4.63 billion, with a PE ratio of -1.78 and a beta of 1.11. Over the past year, the stock has fluctuated between a low of $27.00 and a high of $42.33.
On October 31, 2023, Spirit Aerosystems reported its quarterly earnings, revealing a loss of ($4.87) earnings per share, falling short of the consensus estimate of ($0.37). The company generated revenue of $1.59 billion, compared to analysts’ expectations of $1.92 billion. Despite this miss, revenue increased by 7.8% year-over-year, though earnings per share decreased from ($3.03) in the same quarter the previous year. Analysts predict that Spirit Aerosystems will report an earnings per share of ($11.88) for the current fiscal year.
Spirit Aerosystems Holdings, Inc. specializes in the design, engineering, manufacture, and marketing of commercial aerostructures globally. The company operates through three segments: Commercial, Defense & Space, and Aftermarket, providing essential components for aircraft manufacturing.
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