Adage Capital Partners GP L.L.C. Sells 1,186,151 Shares of Spirit Aerosystems Holdings, Inc. $SPR

Key Points

• Adage Capital Partners GP L.L.C. significantly reduced its stake in Spirit Aerosystems Holdings, Inc., trimming its position by 48.6% to approximately 1.07% ownership, valued at $43.17 million.
• Spirit Aerosystems faced a disappointing quarter, reporting an earnings per share of ($3.34), missing estimates by ($2.82), despite a 9.6% year-over-year revenue increase.
• Analysts have recently upgraded Spirit Aerosystems to a consensus rating of "Moderate Buy" with an average price target of $38.63, showing a shift in perspective amidst recent financial performance.

Adage Capital Partners GP L.L.C. lessened its holdings in shares of Spirit Aerosystems Holdings, Inc. (NYSE:SPR - Free Report) by 48.6% in the first quarter, according to its most recent filing with the SEC. The firm owned 1,252,640 shares of the aerospace company's stock after selling 1,186,151 shares during the quarter. Adage Capital Partners GP L.L.C. owned about 1.07% of Spirit Aerosystems worth $43,166,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the business. Byrne Asset Management LLC lifted its holdings in shares of Spirit Aerosystems by 128.2% in the first quarter. Byrne Asset Management LLC now owns 4,679 shares of the aerospace company's stock valued at $161,000 after buying an additional 2,629 shares during the period. Russell Investments Group Ltd. lifted its holdings in shares of Spirit Aerosystems by 48.0% in the first quarter. Russell Investments Group Ltd. now owns 6,061 shares of the aerospace company's stock valued at $209,000 after buying an additional 1,967 shares during the period. Cetera Investment Advisers acquired a new stake in shares of Spirit Aerosystems in the first quarter valued at $211,000. KBC Group NV lifted its holdings in shares of Spirit Aerosystems by 23.1% in the first quarter. KBC Group NV now owns 7,055 shares of the aerospace company's stock valued at $243,000 after buying an additional 1,322 shares during the period. Finally, ProShare Advisors LLC lifted its holdings in shares of Spirit Aerosystems by 10.0% in the fourth quarter. ProShare Advisors LLC now owns 7,731 shares of the aerospace company's stock valued at $263,000 after buying an additional 703 shares during the period. Institutional investors and hedge funds own 93.59% of the company's stock.

Spirit Aerosystems Stock Down 0.6%

Shares of NYSE SPR traded down $0.26 during mid-day trading on Tuesday, hitting $40.81. 71,431 shares of the company traded hands, compared to its average volume of 1,172,092. Spirit Aerosystems Holdings, Inc. has a 1 year low of $27.00 and a 1 year high of $42.33. The stock has a market capitalization of $4.79 billion, a price-to-earnings ratio of -2.04 and a beta of 1.74. The business has a 50 day moving average of $40.23 and a two-hundred day moving average of $37.05.

Spirit Aerosystems (NYSE:SPR - Get Free Report) last announced its earnings results on Tuesday, August 5th. The aerospace company reported ($3.34) EPS for the quarter, missing the consensus estimate of ($0.52) by ($2.82). The firm had revenue of $1.64 billion during the quarter, compared to analyst estimates of $1.82 billion. The firm's revenue was up 9.6% compared to the same quarter last year. During the same period last year, the company posted ($2.73) earnings per share. As a group, research analysts anticipate that Spirit Aerosystems Holdings, Inc. will post -11.88 EPS for the current year.

Analysts Set New Price Targets

Several brokerages have recently weighed in on SPR. Wall Street Zen upgraded Spirit Aerosystems from a "strong sell" rating to a "hold" rating in a report on Saturday, August 9th. Susquehanna upped their price objective on Spirit Aerosystems from $37.00 to $40.00 and gave the company a "neutral" rating in a report on Monday, July 14th. One research analyst has rated the stock with a Strong Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $38.63.

Spirit Aerosystems Company 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.