Bank of Nova Scotia Buys 186,000 Shares of Spirit Aerosystems Holdings, Inc. (NYSE:SPR)

Key Points

• Bank of Nova Scotia increased its stake in Spirit Aerosystems Holdings, Inc. by 28.2%, owning approximately 846,000 shares worth $29.15 million at the end of the last quarter.
• The company's quarterly earnings reported a loss of ($4.25) EPS, significantly missing analysts' expectations, with a revenue decline of 10.6% year-over-year.
• Institutional investors and hedge funds collectively own 93.59% of Spirit Aerosystems' stock, indicating high confidence from major investors in the aerospace firm.

Bank of Nova Scotia raised its position in shares of Spirit Aerosystems Holdings, Inc. (NYSE:SPR - Free Report) by 28.2% in the first quarter, according to its most recent filing with the SEC. The firm owned 846,000 shares of the aerospace company's stock after purchasing an additional 186,000 shares during the quarter. Bank of Nova Scotia owned approximately 0.72% of Spirit Aerosystems worth $29,153,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in SPR. Pentwater Capital Management LP boosted its holdings in shares of Spirit Aerosystems by 1.3% during the 4th quarter. Pentwater Capital Management LP now owns 9,220,000 shares of the aerospace company's stock worth $314,218,000 after buying an additional 120,000 shares in the last quarter. OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Spirit Aerosystems by 6.2% during the 4th quarter. OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,952,014 shares of the aerospace company's stock valued at $100,605,000 after acquiring an additional 171,935 shares in the last quarter. Adage Capital Partners GP L.L.C. lifted its stake in Spirit Aerosystems by 73.1% during the 4th quarter. Adage Capital Partners GP L.L.C. now owns 2,438,791 shares of the aerospace company's stock valued at $83,114,000 after acquiring an additional 1,029,989 shares in the last quarter. Geode Capital Management LLC lifted its stake in Spirit Aerosystems by 4.2% during the 4th quarter. Geode Capital Management LLC now owns 1,847,904 shares of the aerospace company's stock valued at $62,998,000 after acquiring an additional 75,046 shares in the last quarter. Finally, TIG Advisors LLC lifted its stake in Spirit Aerosystems by 66.8% during the 4th quarter. TIG Advisors LLC now owns 1,739,094 shares of the aerospace company's stock valued at $59,268,000 after acquiring an additional 696,533 shares in the last quarter. Institutional investors and hedge funds own 93.59% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Susquehanna raised their price objective on shares of Spirit Aerosystems from $37.00 to $40.00 and gave the stock a "neutral" rating in a report on Monday, July 14th.

Spirit Aerosystems Stock Performance

SPR stock traded up $0.19 during mid-day trading on Thursday, hitting $39.79. The company had a trading volume of 112,964 shares, compared to its average volume of 1,226,472. The firm has a market cap of $4.67 billion, a PE ratio of -1.98 and a beta of 1.70. Spirit Aerosystems Holdings, Inc. has a 12 month low of $27.00 and a 12 month high of $42.33. The stock's fifty day moving average price is $38.75 and its two-hundred day moving average price is $35.99.

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

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.