Windstream Holdings Inc (NYSE:WIN) Cut to Underperform at Bank of America Corporation
Windstream Holdings Inc (NYSE:WIN) was downgraded by equities researchers at Bank of America Corporation from a “buy” rating to an “underperform” rating in a report issued on Friday, Marketbeat Ratings reports. They currently have a $3.00 target price on the stock. Bank of America Corporation’s price objective would suggest a potential upside of 34.53% from the company’s previous close.
Other equities analysts also recently issued reports about the stock. Raymond James Financial, Inc. raised shares of Windstream Holdings from an “underperform” rating to an “outperform” rating and set a $5.25 price target on the stock in a research note on Wednesday, May 17th. Morgan Stanley reissued an “equal weight” rating and issued a $5.00 price target (down from $9.00) on shares of Windstream Holdings in a research note on Wednesday, June 14th. Citigroup Inc. decreased their price target on shares of Windstream Holdings from $5.25 to $4.00 and set a “neutral” rating on the stock in a research note on Thursday, July 13th. Finally, Zacks Investment Research downgraded shares of Windstream Holdings from a “hold” rating to a “strong sell” rating in a research note on Wednesday. Four investment analysts have rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $6.11.
Shares of Windstream Holdings (WIN) traded down 6.30% during mid-day trading on Friday, hitting $2.23. 14,474,442 shares of the stock traded hands. The firm has a 50 day moving average of $3.99 and a 200 day moving average of $5.53. The company’s market cap is $424.80 million. Windstream Holdings has a 12 month low of $2.13 and a 12 month high of $10.45.
Windstream Holdings (NYSE:WIN) last posted its quarterly earnings results on Thursday, August 3rd. The company reported ($0.37) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.45) by $0.08. The business had revenue of $1.49 billion during the quarter, compared to analysts’ expectations of $1.50 billion. The business’s quarterly revenue was up 9.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.01 earnings per share. Equities analysts anticipate that Windstream Holdings will post ($1.93) EPS for the current fiscal year.
Windstream Holdings declared that its Board of Directors has approved a share repurchase program on Thursday, August 3rd that permits the company to buyback $90.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 19.9% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.
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A number of institutional investors have recently modified their holdings of WIN. Lapides Asset Management LLC increased its position in shares of Windstream Holdings by 45.5% in the second quarter. Lapides Asset Management LLC now owns 26,232 shares of the company’s stock worth $102,000 after buying an additional 8,200 shares during the period. Fox Run Management L.L.C. purchased a new position in shares of Windstream Holdings during the first quarter worth approximately $105,000. Los Angeles Capital Management & Equity Research Inc. purchased a new position in shares of Windstream Holdings during the first quarter worth approximately $114,000. Stevens Capital Management LP purchased a new position in shares of Windstream Holdings during the first quarter worth approximately $117,000. Finally, Great West Life Assurance Co. Can increased its position in shares of Windstream Holdings by 142.8% in the first quarter. Great West Life Assurance Co. Can now owns 21,720 shares of the company’s stock worth $118,000 after buying an additional 12,774 shares during the period.
About Windstream Holdings
Windstream Holdings, Inc provides network communications and technology solutions in the United States. Its ILEC Consumer and Small Business segment offers consumer services, including high-speed Internet access; Internet security services; online backup services; basic local telephone services and long-distance services, as well as call waiting, caller identification, call forwarding, and other services; and video services, as well as owns and operates cable television franchises, and sells and leases equipment to support its consumer high-speed Internet and voice services.
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