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

Forest Avenue Capital Management LP purchased a new stake in Spirit AeroSystems Holdings, Inc. (NYSE:SPR - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 493,800 shares of the aerospace company's stock, valued at approximately $16,231,000. Spirit AeroSystems accounts for 2.2% of Forest Avenue Capital Management LP's portfolio, making the stock its 21st largest position. Forest Avenue Capital Management LP owned 0.42% of Spirit AeroSystems as of its most recent filing with the Securities and Exchange Commission.

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

Spirit AeroSystems Stock Up 1.0 %

SPR traded up $0.33 during mid-day trading on Friday, reaching $33.12. 1,473,350 shares of the company traded hands, compared to its average volume of 3,311,488. The company's fifty day moving average price is $34.43 and its 200-day moving average price is $33.25. The stock has a market capitalization of $3.86 billion, a P/E ratio of -3.81 and a beta of 1.85. Spirit AeroSystems Holdings, Inc. has a 52-week low of $14.65 and a 52-week high of $37.08.

Spirit AeroSystems (NYSE:SPR - Get Free Report) last issued its quarterly earnings data on Monday, August 5th. The aerospace company reported ($2.73) earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 period last year, the firm posted ($1.46) earnings per share. Spirit AeroSystems's revenue for the quarter was up 9.3% on a year-over-year basis. As a group, sell-side analysts forecast that Spirit AeroSystems Holdings, Inc. will post -4.21 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms recently weighed in on SPR. JPMorgan Chase & Co. reaffirmed a "neutral" rating and issued a $37.00 price objective (up from $36.00) on shares of Spirit AeroSystems in a research note on Monday, July 8th. Sanford C. Bernstein reaffirmed a "market perform" rating on shares of Spirit AeroSystems in a report on Monday, July 8th. Wolfe Research reiterated a "peer perform" rating on shares of Spirit AeroSystems in a research report on Wednesday, July 10th. 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 research report on Wednesday, July 3rd. Finally, Susquehanna reiterated a "neutral" rating and set a $37.00 price target (down from $40.00) on shares of Spirit AeroSystems in a report on Wednesday, July 17th. One equities research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, Spirit AeroSystems has a consensus rating of "Hold" and a consensus price target of $35.38.

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.