Forest Avenue Capital Management LP Acquires Shares of 493,800 Spirit AeroSystems Holdings, Inc. (NYSE:SPR)

Forest Avenue Capital Management LP bought a new position in shares of Spirit AeroSystems Holdings, Inc. (NYSE:SPR) in 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 approximately 2.2% of Forest Avenue Capital Management LP’s holdings, making the stock its 21st biggest position. Forest Avenue Capital Management LP owned approximately 0.42% of Spirit AeroSystems as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in Spirit AeroSystems by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 10,954,485 shares of the aerospace company’s stock worth $395,128,000 after buying an additional 109,632 shares in the last quarter. Pentwater Capital Management LP increased its position in shares of Spirit AeroSystems by 18,132.0% during the second quarter. Pentwater Capital Management LP now owns 9,016,000 shares of the aerospace company’s stock worth $296,356,000 after purchasing an additional 9,066,000 shares in the last quarter. Steadfast Capital Management LP raised its stake in Spirit AeroSystems by 1,274.6% in the 1st quarter. Steadfast Capital Management LP now owns 4,714,874 shares of the aerospace company’s stock valued at $170,066,000 after purchasing an additional 4,371,874 shares during the last quarter. Maple Rock Capital Partners Inc. lifted its holdings in Spirit AeroSystems by 7.2% in the 1st quarter. Maple Rock Capital Partners Inc. now owns 4,423,000 shares of the aerospace company’s stock valued at $159,538,000 after purchasing an additional 296,000 shares in the last quarter. Finally, Sei Investments Co. boosted its stake in Spirit AeroSystems by 39.3% during the 4th quarter. Sei Investments Co. now owns 1,965,370 shares of the aerospace company’s stock worth $62,459,000 after purchasing an additional 554,666 shares during the last quarter. Hedge funds and other institutional investors own 93.59% of the company’s stock.

Wall Street Analyst Weigh In

SPR has been the topic of several research reports. Benchmark reissued a “hold” rating on shares of Spirit AeroSystems in a research note on Thursday, June 20th. Sanford C. Bernstein restated a “market perform” rating on shares of Spirit AeroSystems in a report on Monday, July 8th. Barclays reaffirmed an “equal weight” rating and issued a $37.00 price target (down previously from $40.00) on shares of Spirit AeroSystems in a report on Wednesday, July 3rd. JPMorgan Chase & Co. reissued a “neutral” rating and set a $37.00 price objective (up previously from $36.00) on shares of Spirit AeroSystems in a research note on Monday, July 8th. Finally, UBS Group raised their target price on Spirit AeroSystems from $33.00 to $34.00 and gave the stock a “neutral” rating in a research note on Monday, July 1st. One investment analyst has rated the stock with a sell rating, sixteen have issued a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $35.38.

Spirit AeroSystems Stock Performance

Shares of SPR stock opened at $33.10 on Friday. The firm’s 50 day moving average price is $34.43 and its 200-day moving average price is $33.25. Spirit AeroSystems Holdings, Inc. has a one year low of $14.65 and a one year high of $37.08. The firm has a market cap of $3.86 billion, a P/E ratio of -3.81 and a beta of 1.85.

Spirit AeroSystems (NYSE:SPR) last issued its quarterly earnings data 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 analysts’ expectations of $1.57 billion. During the same quarter in the prior year, the company posted ($1.46) EPS. The business’s revenue was up 9.3% on a year-over-year basis. As a group, research analysts predict that Spirit AeroSystems Holdings, Inc. will post -4.21 EPS for the current fiscal year.

Spirit AeroSystems 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.