Spirit Airlines Incorporated (SAVE): Lone Pine Capital Discloses New 6% Stake

Lone Pine Capital, managed by Stephen Mandel, has revealed a new position in Spirit Airlines Incorporated (NASDAQ:SAVE). According to a new filing with the U.S. Securities and Exchange Commission, the fund holds 4.37 million shares of the common stock of Spirit Airlines. The position equates to 6.0% of the stock, and is passive by nature.

LONE PINE CAPITAL

Spirit Airlines Incorporated (NASDAQ:SAVE) is an airline company that operates more than 270 daily flights to 55 destinations in the United States. The company has a market cap of $4.76 billion. Its stock traded up by 2.44% on Tuesday to $65.52. Analysts have the consensus average target price of $70.60 for the stock. The consensus average recommendation is ‘Buy.’ Last month, the company reported a 16.9% increase in traffic on a capacity increase of 15.4%, compared to June 2013.

For the first quarter of 2014, Spirit Airlines Incorporated (NASDAQ:SAVE) posted adjusted net income of $37.8 million, or $0.52 per diluted share, compared to $32.8 million, or $0.45 per diluted share, in the same quarter of 2013. GAAP net income for the first quarter was $37.7 million, or $0.51 per diluted share, compared to $30.6 million, $0.42 per diluted share, in the first quarter 2013, according to a press release.

Other largest shareholders of Spirit Airlines Incorporated (NASDAQ:SAVE) include Par Capital Management, managed by Paul Reeder and Edward Shapiro, which holds 1.25 million shares, and D. E. Shaw, which owns 1.23 million shares of the company. Another investor Roberto Mignone’s Bridger Management disclosed ownership of 1.0 million shares of Spirit Airlines Incorporated (NASDAQ:SAVE).

Steve Mandel has $17 billion assets under management. He returned about 23% during the past 11 years, beating the S&P 500 index by more than 20 percentage points per year. As of the end of the first quarter of 2014, the value of the fund’s equity portfolio was $23.0 billion. The largest holding is represented by Cognizant Technology Solutions Corp. (NASDAQ:CTSH), in which the fund disclosed owning 28.72 million shares. It is followed by Baidu Inc (ADR) (NASDAQ:BIDU), in which the fund holds 7.81 million shares.

Disclosure: none

Comments
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 52 percentage points in 24 months. Our beta is only 1.2 (don't click this link if beating the market isn't important to you).

Lists

The 10 Most Expensive Law Schools in the US

The 10 Best Wall Street Movies

The 10 Most Expensive Golf Clubs Ever Sold

The 10 Most Expensive Golf Memberships

The 10 Best Disney Characters Ever Created

The 8 Best Foods for Gaining Weight

The 10 Most Expensive Colleges in the World

The 7 Most Memorable Ad Campaigns of All Time

The 7 Most Expensive High Schools in the World

The 10 Electric Vehicles with the Longest Range

The 10 Cities with the Worst Drivers in the World

The 10 Most Expensive Dresses Ever Created

10 Islands to Visit Before You Die

10 Famous Celebrities Who Needed Rehab

The 15 Countries with the Largest Oil Reserves

The 10 Most Overused Excuses in the World

The 5 Best iOS Apps You Can’t Get on Android

5 Companies Damaged By Social Media Blunders

The 10 Most Legendary Blues Songs

The 10 Most Lawless Places in the World

4 Reasons China is a Threat to the US

The 17 Most Sugary Drinks in the World

The 10 Most Ruthless Rulers in History

The 10 Greatest Generals in History

Top 8 Travel Destinations for 2015

The 10 Safest Dog Breeds for Children

The 10 Most Stolen Vehicles in the US

The 7 Most Expensive Celebrity Weddings

The 10 Best LoL Teams in the World

Top 10 Worst Marketing Campaigns Ever Produced

Top 5 Diets that Help You Lose Weight

The 10 Best Ways to Stay Awake

7 Artists That Switched Musical Genres

The 10 Most Expensive Cities to Live in New Jersey

The 10 Best High Schools in New York

The 10 Countries With the Least Gender Inequality

The 6 Biggest Musician-Manager Feuds

The 10 Countries with the Cheapest Gas Prices

The 7 Most Theatrical Bands of All Time

The 8 Worst Band Breakups of All Time

The 10 Most Important South American Leaders

The 7 Most Successful Casting Show Winners

The 10 Most Peaceful Countries in the World

5 Big Reasons Communism Failed

The 15 Most Famous Carl Icahn Quotes

10 Scary Animals that are Actually Harmless

The 8 Most Famous Singer-Actors in Entertainment

The 10 Longest Wars of All Time

The 13 Worst Looking Foods that Taste Great

The 6 Most Gruesome Injuries Suffered During a Sports Match

Subscribe

Enter your email:

Delivered by FeedBurner

X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 47.6% in its first year! Wondering How?

Download a complete edition of our newsletter for free!