Sprint Corp. (S) Bonds Trading 2% Lower
An issue of Sprint Corp. (NYSE:S) debt fell 2% as a percentage of its face value during trading on Monday. The high-yield debt issue has a 7.125% coupon and is set to mature on June 15, 2024. The bonds in the issue are now trading at $97.72 and were trading at $97.72 last week. Price changes in a company’s debt in credit markets often predict parallel changes in its stock price.
Several analysts recently issued reports on S shares. Macquarie reissued an “outperform” rating and issued a $5.50 target price on shares of Sprint Corp. in a research note on Friday, July 15th. Morgan Stanley raised their target price on Sprint Corp. from $3.00 to $4.40 and gave the stock an “underweight” rating in a research note on Thursday, July 28th. Barclays PLC raised their target price on Sprint Corp. from $5.00 to $6.00 and gave the stock an “equal weight” rating in a research note on Tuesday, September 20th. Citigroup Inc. raised their target price on Sprint Corp. from $6.00 to $7.00 and gave the stock a “neutral” rating in a research note on Thursday, September 15th. Finally, Wells Fargo & Co. restated an “outperform” rating and issued a $9.00 price objective on shares of Sprint Corp. in a report on Sunday, August 21st. Nine 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. The stock currently has an average rating of “Hold” and a consensus price target of $4.49.
Shares of Sprint Corp. (NYSE:S) opened at 6.73 on Tuesday. Sprint Corp. has a 12 month low of $2.18 and a 12 month high of $7.03. The stock’s 50 day moving average is $6.49 and its 200-day moving average is $4.85. The company’s market cap is $26.77 billion.
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Sprint Corp. (NYSE:S) last announced its quarterly earnings results on Monday, July 25th. The cell phone carrier reported ($0.08) earnings per share for the quarter, topping the consensus estimate of ($0.08) by $0.00. Sprint Corp. had a negative net margin of 7.08% and a negative return on equity of 10.53%. The firm earned $8 billion during the quarter, compared to analysts’ expectations of $8.69 billion. During the same quarter in the prior year, the company earned ($0.46) EPS. The company’s revenue was down .2% compared to the same quarter last year. On average, equities analysts forecast that Sprint Corp. will post ($0.83) EPS for the current year.
Large investors have recently made changes to their positions in the company. Metropolitan Life Insurance Co. NY boosted its stake in shares of 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 valued at $102,000 after buying an additional 758 shares during the last quarter. Cambridge Investment Research Advisors Inc. boosted 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. boosted 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. NN Investment Partners Holdings N.V. boosted 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. Finally, Alps Advisors Inc. boosted its stake in Sprint Corp. by 169.5% in the second quarter. Alps Advisors Inc. now owns 30,795 shares of the cell phone carrier’s stock worth $140,000 after buying an additional 19,369 shares during the last quarter. 14.92% of the stock is owned by hedge funds and other institutional investors.
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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