Sprint (S) Bonds Trading 1.5% Lower
An issue of Sprint Corp (NYSE:S) debt fell 1.5% as a percentage of its face value during trading on Friday. The debt issue has a 8.75% coupon and will mature on March 15, 2032. The bonds in the issue are now trading at $106.50 and were trading at $109.50 one week ago. Price moves in a company’s debt in credit markets sometimes predict parallel moves in its stock price.
Several analysts recently issued reports on S shares. Vetr lowered shares of Sprint from a “strong-buy” rating to a “buy” rating and set a $5.90 price objective on the stock. in a report on Thursday, January 4th. UBS Group restated a “buy” rating and issued a $7.50 price objective (down from $9.00) on shares of Sprint in a report on Monday, November 6th. Cowen restated a “hold” rating on shares of Sprint in a report on Monday, February 5th. Barclays restated a “hold” rating and issued a $5.00 price objective on shares of Sprint in a report on Friday, January 19th. Finally, KeyCorp lowered shares of Sprint from a “sector weight” rating to an “underweight” rating and set a $5.50 price objective on the stock. in a report on Monday, November 6th. Nine investment 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. Sprint currently has a consensus rating of “Hold” and a consensus price target of $6.11.
Sprint Corp (S) traded up $0.04 during midday trading on Friday, reaching $5.29. The company’s stock had a trading volume of 7,643,809 shares, compared to its average volume of 14,810,355. The firm has a market cap of $21,176.07, a P/E ratio of 3.06 and a beta of 0.64. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.83 and a current ratio of 0.92. Sprint Corp has a 52 week low of $4.91 and a 52 week high of $9.22.
In related news, major shareholder Group Corp Softbank acquired 1,045,040 shares of the stock in a transaction dated Monday, December 4th. The stock was acquired at an average cost of $5.99 per share, with a total value of $6,259,789.60. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Dow Draper sold 292,707 shares of the business’s stock in a transaction dated Wednesday, December 6th. The stock was sold at an average price of $5.71, for a total value of $1,671,356.97. Following the transaction, the insider now directly owns 1,165,158 shares of the company’s stock, valued at $6,653,052.18. The disclosure for this sale can be found here. Over the last ninety days, insiders acquired 54,802,571 shares of company stock valued at $315,434,946. 0.18% of the stock is currently owned by corporate insiders.
Several institutional investors have recently made changes to their positions in the company. Banco de Sabadell S.A acquired a new position in shares of Sprint during the fourth quarter worth about $176,000. Westside Investment Management Inc. grew its position in shares of Sprint by 872.7% during the fourth quarter. Westside Investment Management Inc. now owns 17,490 shares of the cell phone carrier’s stock worth $101,000 after buying an additional 15,692 shares in the last quarter. Gotham Asset Management LLC boosted its holdings in Sprint by 113.8% in the fourth quarter. Gotham Asset Management LLC now owns 1,324,732 shares of the cell phone carrier’s stock valued at $7,803,000 after purchasing an additional 705,022 shares in the last quarter. Element Capital Management LLC acquired a new position in Sprint in the fourth quarter valued at approximately $14,449,000. Finally, Cornerstone Capital Management Holdings LLC. boosted its holdings in Sprint by 47.4% in the fourth quarter. Cornerstone Capital Management Holdings LLC. now owns 295,726 shares of the cell phone carrier’s stock valued at $1,741,000 after purchasing an additional 95,093 shares in the last quarter. 14.11% of the stock is owned by institutional investors and hedge funds.
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Sprint Company Profile
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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