Sprint (S) Bonds Trading 2.5% Lower
An issue of Sprint Corp (NYSE:S) debt fell 2.5% as a percentage of its face value during trading on Tuesday. The high-yield issue of debt has a 7.875% coupon and is set to mature on September 15, 2023. The debt is now trading at $103.75 and was trading at $104.75 last week. Price changes in a company’s debt in credit markets often anticipate parallel changes in its share price.
Several research analysts recently issued reports on S shares. Macquarie lowered shares of Sprint from a “neutral” rating to an “underperform” rating and set a $5.00 price target for the company. in a research report on Tuesday, January 23rd. UBS Group reaffirmed a “buy” rating and set a $7.50 price objective (down previously from $9.00) on shares of Sprint in a report on Monday, November 6th. KeyCorp lowered shares of Sprint from a “sector weight” rating to an “underweight” rating and set a $5.50 price objective for the company. in a report on Monday, November 6th. Deutsche Bank dropped their price objective on shares of Sprint to $5.50 and set a “hold” rating for the company in a report on Monday, December 11th. Finally, Vetr lowered shares of Sprint from a “strong-buy” rating to a “buy” rating and set a $5.90 price objective for the company. in a report on Thursday, January 4th. Nine investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and three have assigned a buy rating to the stock. Sprint has an average rating of “Hold” and a consensus price target of $6.11.
Shares of Sprint Corp (NYSE S) traded down $0.01 during trading on Tuesday, hitting $5.26. 9,293,460 shares of the company were exchanged, compared to its average volume of 19,260,000. The company has a current ratio of 0.92, a quick ratio of 0.83 and a debt-to-equity ratio of 1.25. The firm has a market capitalization of $21,060.00, a price-to-earnings ratio of 3.04 and a beta of 0.64. Sprint Corp has a fifty-two week low of $4.91 and a fifty-two week high of $9.44.
In other Sprint news, insider Dow Draper sold 292,707 shares of the firm’s stock in a transaction that occurred on Wednesday, December 6th. The shares were 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 sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, major shareholder Group Corp Softbank acquired 6,239,538 shares of Sprint stock in a transaction on Thursday, January 11th. The stock was acquired at an average cost of $5.70 per share, for a total transaction of $35,565,366.60. The disclosure for this purchase can be found here. In the last three months, insiders purchased 58,397,765 shares of company stock valued at $336,943,820 and sold 549,707 shares valued at $3,196,239. Company insiders own 0.18% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the business. Renaissance Technologies LLC bought a new position in Sprint in the fourth quarter valued at approximately $26,207,000. Amundi Pioneer Asset Management Inc. bought a new position in Sprint in the fourth quarter valued at approximately $9,311,000. Delpha Capital Management LLC bought a new position in Sprint in the fourth quarter valued at approximately $131,000. Landscape Capital Management L.L.C. bought a new position in Sprint in the fourth quarter valued at approximately $635,000. Finally, Geode Capital Management LLC boosted its stake in Sprint by 1.5% in the fourth quarter. Geode Capital Management LLC now owns 4,706,246 shares of the cell phone carrier’s stock valued at $27,698,000 after acquiring an additional 69,950 shares during the last quarter. 13.77% of the stock is currently owned by hedge funds and other institutional investors.
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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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