Sprint Corp. (S) Bond Prices Fall 2%
An issue of Sprint Corp. (NYSE:S) bonds fell 2% against their face value during trading on Friday. The high-yield issue of debt has a 7.125% coupon and is set to mature on June 15, 2024. The debt is now trading at $97.72 and was trading at $97.72 last week. Price changes in a company’s bonds in credit markets often predict parallel changes in its share price.
S has been the subject of several recent research reports. Macquarie reaffirmed an “outperform” rating and issued a $7.00 price target on shares of Sprint Corp. in a report on Friday, September 23rd. Barclays PLC increased their price target on Sprint Corp. from $5.00 to $6.00 and gave the company an “equal weight” rating in a report on Tuesday, September 20th. Citigroup Inc. increased their price target on Sprint Corp. from $6.00 to $7.00 and gave the company a “neutral” rating in a report on Thursday, September 15th. Wells Fargo & Co. reaffirmed a “buy” rating on shares of Sprint Corp. in a report on Sunday, September 11th. Finally, Buckingham Research cut Sprint Corp. from a “neutral” rating to an “underperform” rating and cut their price target for the company from $5.00 to $3.50 in a report on Thursday, August 25th. They noted that the move was a valuation call. Nine equities research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and three have issued a buy rating to the company. Sprint Corp. presently has an average rating of “Hold” and a consensus price target of $4.49.
Shares of Sprint Corp. (NYSE:S) opened at 6.48 on Friday. The firm’s market capitalization is $25.78 billion. The firm has a 50-day moving average price of $6.47 and a 200-day moving average price of $4.80. Sprint Corp. has a 1-year low of $2.18 and a 1-year high of $7.03.
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Sprint Corp. (NYSE:S) last released its quarterly earnings data on Monday, July 25th. The cell phone carrier reported ($0.08) EPS for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.00. The business earned $8 billion during the quarter, compared to the consensus estimate of $8.69 billion. Sprint Corp. had a negative return on equity of 10.53% and a negative net margin of 7.08%. The business’s revenue for the quarter was down .2% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.46) EPS. On average, analysts forecast that Sprint Corp. will post ($0.83) EPS for the current fiscal year.
Several hedge funds have recently added to or reduced their stakes in S. Metropolitan Life Insurance Co. NY increased its stake in Sprint Corp. by 3.5% in the second quarter. Metropolitan Life Insurance Co. NY now owns 22,411 shares of the cell phone carrier’s stock worth $102,000 after buying an additional 758 shares during the last quarter. Amalgamated Bank increased its stake in Sprint Corp. by 6.2% in the second quarter. Amalgamated Bank now owns 23,002 shares of the cell phone carrier’s stock worth $140,000 after buying an additional 1,343 shares during the last quarter. Cambridge Investment Research Advisors Inc. increased its stake in Sprint Corp. by 16.6% in the second quarter. Cambridge Investment Research Advisors Inc. now owns 25,415 shares of the cell phone carrier’s stock worth $115,000 after buying an additional 3,612 shares during the last quarter. Oppenheimer & Co. Inc. increased its stake in Sprint Corp. by 4.0% in the second quarter. Oppenheimer & Co. Inc. now owns 26,155 shares of the cell phone carrier’s stock worth $119,000 after buying an additional 1,000 shares during the last quarter. Finally, NN Investment Partners Holdings N.V. increased its stake in Sprint Corp. by 2.2% in the second quarter. NN Investment Partners Holdings N.V. now owns 27,801 shares of the cell phone carrier’s stock worth $126,000 after buying an additional 600 shares during the last quarter. Institutional investors and hedge funds own 14.92% of the company’s stock.
Sprint Corp. Company Profile
Sprint Corporation is a holding company. The Company, along with its subsidiaries is a wireless communications company offering a range of wireless and wireline communications products and services. The Company operates in two segments: Wireless and Wireline. Its services are provided through its ownership of wireless networks, an all-digital global wireline network and a Tier 1 Internet backbone.
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