Trade Report: The Sprint Corp (S) Bonds Trading 1.2% Higher

The Sprint Corp (S) Bonds Trading 1.2% Higher

An issue of Sprint Corp (NYSE:S) bonds rose 1.2% against their face value during trading on Wednesday. The high-yield debt issue has a 7.25% coupon and is set to mature on September 15, 2021. The bonds in the issue are now trading at $101.63 and were trading at $100.95 one week ago. Price moves in a company’s bonds in credit markets often anticipate parallel moves in its share price.

Several research firms have recently weighed in on S. Macquarie reissued an “outperform” rating and set a $7.00 price objective on shares of Sprint Corp in a research note on Friday, September 23rd. Barclays PLC raised their price objective on Sprint Corp from $5.00 to $6.00 and gave the stock an “equal weight” rating in a research note on Tuesday, September 20th. Citigroup Inc. raised their price objective on Sprint Corp from $6.00 to $7.00 and gave the stock a “neutral” rating in a research note on Thursday, September 15th. Wells Fargo & Co. reissued a “buy” rating on shares of Sprint Corp in a research note on Sunday, September 11th. Finally, Buckingham Research lowered Sprint Corp from a “neutral” rating to an “underperform” rating and reduced their price objective for the stock from $5.00 to $3.50 in a research note on Thursday, August 25th. They noted that the move was a valuation call. Nine research analysts have rated the stock with a sell rating, sixteen have issued a hold rating and three have given a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $4.49.

Shares of Sprint Corp (NYSE:S) opened at 6.78 on Thursday. The firm’s 50-day moving average price is $6.53 and its 200-day moving average price is $4.88. Sprint Corp has a 12-month low of $2.18 and a 12-month high of $7.03. The firm’s market capitalization is $26.97 billion.

Sprint Corp (NYSE:S) last released its quarterly earnings results on Monday, July 25th. The cell phone carrier reported ($0.08) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.08) by $0.00. The firm had revenue of $8 billion for the quarter, compared to analysts’ expectations of $8.69 billion. Sprint Corp had a negative net margin of 7.08% and a negative return on equity of 10.53%. The business’s revenue was down .2% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.46) EPS. Equities analysts predict that Sprint Corp will post ($0.83) earnings per share for the current fiscal year.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. First Trust Advisors LP boosted its position in 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 boosted its position in 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 bought a new position in Sprint Corp during the second quarter valued at $24,937,000. BlackRock Fund Advisors boosted its position in 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. boosted its position in 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 currently owned by hedge funds and other institutional investors.

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