Sprint (S) Hits New 1-Year Low on Insider Selling
Sprint Corp (NYSE:S) hit a new 52-week low on Thursday after an insider sold shares in the company. The company traded as low as $5.57 and last traded at $5.69, with a volume of 13794700 shares traded. The stock had previously closed at $5.74.
Specifically, major shareholder Group Corp Softbank purchased 6,484,367 shares of Sprint stock in a transaction dated Tuesday, November 7th. The stock was purchased at an average cost of $5.92 per share, with a total value of $38,387,452.64. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Jorge Enrique Gracia sold 112,959 shares of the business’s stock in a transaction on Monday, November 27th. The stock was sold at an average price of $6.18, for a total value of $698,086.62. Following the completion of the transaction, the insider now directly owns 858,383 shares of the company’s stock, valued at $5,304,806.94. The disclosure for this sale can be found here. Over the last quarter, insiders acquired 18,651,252 shares of company stock valued at $112,608,289 and sold 769,195 shares valued at $4,550,618. 0.18% of the stock is currently owned by corporate insiders.
Several research analysts have recently commented on S shares. Zacks Investment Research raised Sprint from a “hold” rating to a “buy” rating and set a $8.25 price target for the company in a research report on Tuesday, October 10th. UBS reissued a “buy” rating and issued a $7.50 price target (down from $9.00) on shares of Sprint in a research report on Monday, November 6th. Macquarie reissued a “hold” rating and issued a $8.00 price target on shares of Sprint in a research report on Thursday, October 26th. KeyCorp lowered Sprint from a “sector weight” rating to an “underweight” rating and set a $5.50 target price on the stock. in a research report on Monday, November 6th. Finally, Nomura reaffirmed a “neutral” rating and set a $7.00 target price (down from $8.00) on shares of Sprint in a research report on Thursday, October 26th. Eight analysts have rated the stock with a sell rating, twelve have given a hold rating and three have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $7.19.
The company has a debt-to-equity ratio of 1.80, a current ratio of 1.10 and a quick ratio of 1.03.
Sprint (NYSE:S) last posted its quarterly earnings results on Wednesday, October 25th. The cell phone carrier reported ($0.01) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.02) by $0.01. The business had revenue of $7.93 billion for the quarter, compared to the consensus estimate of $8.05 billion. Sprint had a negative return on equity of 3.19% and a negative net margin of 1.82%. The company’s quarterly revenue was down 3.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.04) EPS. sell-side analysts expect that Sprint Corp will post -0.03 earnings per share for the current fiscal year.
A number of institutional investors have recently bought and sold shares of the business. Americafirst Capital Management LLC purchased a new stake in Sprint during the 3rd quarter valued at about $156,000. Capital Bank & Trust Co grew its stake in Sprint by 10,821.7% during the 3rd quarter. Capital Bank & Trust Co now owns 21,625 shares of the cell phone carrier’s stock valued at $168,000 after purchasing an additional 21,427 shares during the last quarter. Cowen Inc. purchased a new stake in Sprint during the 3rd quarter valued at about $934,000. Magnetar Financial LLC purchased a new stake in Sprint during the 3rd quarter valued at about $771,000. Finally, Asset Management One Co. Ltd. grew its stake in Sprint by 1,182.2% during the 3rd quarter. Asset Management One Co. Ltd. now owns 1,235,281 shares of the cell phone carrier’s stock valued at $9,609,000 after purchasing an additional 1,138,942 shares during the last quarter. Institutional investors and hedge funds own 13.74% of the company’s stock.
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Sprint Corporation (Sprint) is a holding company. The Company, along with its subsidiaries, is a communications company offering a range of wireless and wireline communications products and services that are designed to meet the needs of consumers, businesses, government subscribers and resellers. It operates through two segments: Wireless and Wireline.
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