Sprint Corp. (S) Bonds Trading 2% Lower
An issue of Sprint Corp. (NYSE:S) bonds fell 2% against their face value during trading on Tuesday. 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 one week ago. Price changes in a company’s bonds in credit markets often anticipate parallel changes in its share price.
A number of research analysts have recently issued reports on S shares. Pacific Crest restated a “sell” rating on shares of Sprint Corp. in a research report on Sunday, July 17th. Oppenheimer Holdings Inc. restated a “market perform” rating on shares of Sprint Corp. in a research report on Tuesday, July 26th. Royal Bank Of Canada boosted their price target on shares of Sprint Corp. from $5.00 to $6.00 and gave the stock a “sector perform” rating in a research report on Tuesday, July 26th. Morgan Stanley boosted their price target on shares of Sprint Corp. from $3.00 to $4.40 and gave the stock an “underweight” rating in a research report on Thursday, July 28th. Finally, Barclays PLC boosted their price target on shares of Sprint Corp. from $4.00 to $5.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 26th. Nine research analysts have rated the stock with a sell rating, sixteen have issued a hold rating and three have issued a buy rating to the stock. Sprint Corp. presently has a consensus rating of “Hold” and a consensus target price of $4.49.
Sprint Corp. (NYSE:S) opened at 6.78 on Wednesday. Sprint Corp. has a 52-week low of $2.18 and a 52-week high of $7.03. The company’s 50-day moving average is $6.51 and its 200 day moving average is $4.87. The company’s market cap is $26.97 billion.
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Sprint Corp. (NYSE:S) last announced its quarterly earnings data on Monday, July 25th. The cell phone carrier reported ($0.08) EPS for the quarter, beating the consensus estimate of ($0.08) by $0.00. The business earned $8 billion during the quarter, compared to analyst estimates of $8.69 billion. Sprint Corp. had a negative return on equity of 10.53% and a negative net margin of 7.08%. The company’s revenue for the quarter was down .2% on a year-over-year basis. During the same quarter last year, the firm posted ($0.46) earnings per share. Equities analysts forecast that Sprint Corp. will post ($0.83) earnings per share for the current fiscal year.
Institutional investors have recently made changes to their positions in the stock. First Trust Advisors LP raised its position in shares of Sprint Corp. by 78,073.3% in the second quarter. First Trust Advisors LP now owns 20,373,523 shares of the cell phone carrier’s stock valued at $92,292,000 after buying an additional 20,347,461 shares in the last quarter. Primecap Management Co. CA raised its position in shares of Sprint Corp. by 26.6% in the second quarter. Primecap Management Co. CA now owns 36,561,800 shares of the cell phone carrier’s stock valued at $165,625,000 after buying an additional 7,671,300 shares in the last quarter. Bank of Montreal Can purchased a new position in shares of Sprint Corp. during the second quarter valued at approximately $24,937,000. BlackRock Fund Advisors raised its position in shares of Sprint Corp. by 26.1% in the second quarter. BlackRock Fund Advisors now owns 17,746,561 shares of the cell phone carrier’s stock valued at $80,392,000 after buying an additional 3,676,883 shares in the last quarter. Finally, Vanguard Group Inc. raised its position in shares of Sprint Corp. by 4.7% in the second quarter. Vanguard Group Inc. now owns 38,197,106 shares of the cell phone carrier’s stock valued at $173,033,000 after buying an additional 1,719,929 shares in the last quarter. 14.92% of the stock is owned by institutional investors and hedge funds.
About Sprint Corp.
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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