New York State Common Retirement Fund, one of the largest pension funds in the United States, has increased its stake in Spirit AeroSystems Holdings, Inc. The fund revealed in its first-quarter filing with the Securities and Exchange Commission (SEC) that it now owns 457,816 shares of the aerospace company’s stock, representing a 2.7% boost from the previous quarter.
The additional shares were purchased during the first quarter, totaling 11,830 shares. This acquisition brings New York State Common Retirement Fund’s ownership of Spirit AeroSystems to 0.44%, which is estimated to be worth $15,808,000 based on the most recent SEC filing.
Spirit AeroSystems Holdings is a global leader in the design, engineering, manufacturing, and marketing of commercial aerostructures. The company operates through three main segments: Commercial, Defense & Space, and Aftermarket.
Under its Commercial segment, Spirit AeroSystems offers various components for aircraft such as fuselage sections and systems (forward,mid,and rear), nacelles,struts/pylons (which form part of an airplane wing structure), directional stabilizers (horizontal and vertical), flight control surfaces including flaps and slats,wings structure components along with fully functional as well as tested wing systems.
The company’s Defense & Space segment focuses on providing aerostructures to defense contractors and space agencies worldwide. This includes advanced military aircraft components as well as parts for satellite launch vehicles.
Lastly, Spirit AeroSystem’s Aftermarket segment deals with providing maintenance services and spare parts for its products throughout their lifespan. This includes repair services for damaged components and supplying replacement parts when necessary.
As New York State Common Retirement Fund increases its stake in Spirit AeroSystems Holdings Inc., it shows confidence in the company’s long-term growth potential within the aerospace industry. The investment by this leading pension fund demonstrates faith in Spirit AeroSystem’s ability to navigate market challenges successfully while taking advantage of new opportunities.
It is worth noting that the information provided in this article is based on the most recent filing by New York State Common Retirement Fund with the SEC. The fund’s holdings may change over time due to fluctuations in market conditions and investment strategies.
In conclusion, New York State Common Retirement Fund’s increased stake in Spirit AeroSystems Holdings, Inc. reflects a positive outlook on the company’s future prospects. As one of the largest pension funds in the United States, its investment decisions hold significant weight and often influence market sentiment. Investors will be closely monitoring Spirit AeroSystem’s performance following this increased investment, as it could indicate further potential for growth in the aerospace industry as a whole.
Spirit AeroSystems Holdings, Inc.
SPR
Neutral
Updated on: 04/12/2023
Financial Health
Weak
Debt to equity ratio: Strong Sell
Price to earnings ratio: Strong Sell
Price to book ratio: Strong Sell
DCF: Strong Buy
ROE: Strong Buy
Spirit AeroSystems Faces Challenges and Uncertainty amid Investor Activity and Analyst Reports
Spirit AeroSystems, an aerospace company listed on the New York Stock Exchange under the ticker symbol SPR, has recently attracted a significant amount of attention from large investors. Several institutional investors have increased their stakes in the company, signaling a growing interest in its stock.
One such investor is LPL Financial LLC, which raised its stake in Spirit AeroSystems by 0.4% during the second quarter of this year. The firm now owns 102,283 shares of the company’s stock, valued at approximately $2,997,000. Similarly, Ancora Advisors LLC also increased its stake in Spirit AeroSystems by 6.1% during the first quarter and currently holds 7,000 shares worth $341,000.
Public Employees Retirement System of Ohio saw a modest increase of 0.8% in its stake during the third quarter, bringing its ownership to 52,370 shares with a value of $1,148,000. Legal & General Group Plc followed suit with a 0.3% increase in its stake during the second quarter and now owns 141,263 shares worth $4,139,000. Finally, Treasurer of the State of North Carolina raised its stake by 1.3% during the fourth quarter and currently holds 45,292 shares valued at $1,341,000.
All in all, institutional investors and hedge funds own approximately 88.05% of Spirit AeroSystems’ stock. This level of involvement suggests that these investors believe in the potential growth and long-term prospects of the company.
Moving on to analyst reports surrounding Spirit AeroSystems’ stock performance and future prospects; several notable reports have emerged recently from trusted sources such as Morgan Stanley and Susquehanna. Morgan Stanley decreased their price target on Spirit AeroSystems from $27 to $22 per share while issuing an “underweight” rating for the stock.
Similarly, Susquehanna lowered their price target from $37 to $32 per share and maintained a “positive” rating on the stock. Noteworthy downgrades were also reflected in reports by Melius, which shifted Spirit AeroSystems’ rating from “overweight” to “neutral,” setting a price objective of $23. The Goldman Sachs Group joined the bearish sentiment, downgrading the stock from “buy” to “neutral” and reducing their price objective from $45 to $30.
In contrast, StockNews.com took an even more pessimistic view by lowering Spirit AeroSystems’ rating from “hold” to “sell.” With four sell ratings, eight hold ratings, and four buy ratings overall, Bloomberg.com suggests that the consensus among analysts is for investors to take a cautious approach. The average target price stands at $28.93.
As of September 14, 2023, Spirit AeroSystems’ stock opened at $16.70 per share. The company holds a market capitalization of approximately $1.76 billion with a PE ratio of -2.04 and a beta of 1.70. Notably, its 50-day simple moving average is currently recorded at $24.48 while the 200-day simple moving average stands at $27.97.
When it comes to financial performance, Spirit AeroSystems recently released its quarterly earnings results for the period ending on August 2nd, 2023. Unfortunately, the company reported an earnings-per-share (EPS) figure of ($1.46), significantly lower than analysts’ consensus estimate of ($0.79). This quarter’s earnings miss amounted to ($0.67) per share.
Furthermore, Spirit AeroSystems had a negative return on equity of 365.67% and experienced a negative net margin of 15.91%. In terms of revenue generation during this quarter, the company achieved $1.37 billion compared to analysts’ expectations of $1.31 billion. This represented an 8.5% increase in revenue compared to the same quarter the previous year, showing some positive growth.
Looking forward, research analysts forecast that Spirit AeroSystems Holdings, Inc. will post earnings-per-share of -3.91 for the current year. Given this comprehensive overview of Spirit AeroSystems’ recent investor activity, analyst reports, and financial performance, it is clear that the company is currently facing challenging circumstances and uncertainties in its stock trajectory.
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