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Spirit Aerosystems (SPR) Surges 6.0%: Is This an Indication of Further Gains?

Zacks Equity Research
·2-min read

Spirit Aerosystems (SPR) shares soared 6% in the last trading session to close at $33.56. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 4.9% gain over the past four weeks.

A report from Reuters recently suggested that Boeing is nearing the agreement to buyback Spirit AeroSystems, which spun off from the jet maker in 2015. This must have boosted investors’ confidence in SPR, thereby resulting in the latest uptick in its share price.

 

This aircraft parts maker is expected to post quarterly loss of $0.63 per share in its upcoming report, which represents a year-over-year change of +56.9%. Revenues are expected to be $1.73 billion, up 26.5% from the year-ago quarter.

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While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

For Spirit Aerosystems, the consensus EPS estimate for the quarter has been revised 3.8% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on SPR going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

Spirit Aerosystems belongs to the Zacks Aerospace - Defense Equipment industry. Another stock from the same industry, Curtiss-Wright (CW), closed the last trading session 0.4% lower at $275.01. Over the past month, CW has returned -1.9%.

For Curtiss-Wright , the consensus EPS estimate for the upcoming report has changed -1.2% over the past month to $2.25. This represents a change of +4.7% from what the company reported a year ago. Curtiss-Wright currently has a Zacks Rank of #2 (Buy).

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Spirit Aerosystems Holdings, Inc. (SPR) : Free Stock Analysis Report

Curtiss-Wright Corporation (CW) : Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research