Bank of New York Mellon Corp Has $29.07 Million Stake in Sprint Corporation (S)
Bank of New York Mellon Corp trimmed its holdings in shares of Sprint Corporation (NYSE:S) by 3.6% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,540,636 shares of the cell phone carrier’s stock after selling 130,965 shares during the period. Bank of New York Mellon Corp owned about 0.09% of Sprint Corporation worth $29,068,000 at the end of the most recent reporting period.
Other hedge funds have also modified their holdings of the company. Quantbot Technologies LP purchased a new position in Sprint Corporation in the 1st quarter valued at approximately $1,023,000. Gateway Investment Advisers LLC increased its stake in Sprint Corporation by 132.6% in the 2nd quarter. Gateway Investment Advisers LLC now owns 97,701 shares of the cell phone carrier’s stock valued at $802,000 after purchasing an additional 55,704 shares in the last quarter. Karp Capital Management Corp purchased a new position in Sprint Corporation in the 1st quarter valued at approximately $1,792,000. Bank of America Corp DE increased its stake in Sprint Corporation by 16.8% in the 1st quarter. Bank of America Corp DE now owns 645,740 shares of the cell phone carrier’s stock valued at $5,605,000 after purchasing an additional 93,034 shares in the last quarter. Finally, Highstreet Asset Management Inc. increased its stake in Sprint Corporation by 16.5% in the 1st quarter. Highstreet Asset Management Inc. now owns 79,718 shares of the cell phone carrier’s stock valued at $692,000 after purchasing an additional 11,303 shares in the last quarter. 13.96% of the stock is owned by institutional investors and hedge funds.
S has been the subject of several research analyst reports. HSBC Holdings plc reaffirmed a “reduce” rating and issued a $7.20 price objective on shares of Sprint Corporation in a research note on Friday, June 16th. ValuEngine raised Sprint Corporation from a “sell” rating to a “hold” rating in a research note on Friday, June 2nd. Cowen and Company reaffirmed a “market perform” rating and issued a $6.50 price objective on shares of Sprint Corporation in a research note on Wednesday, August 2nd. BidaskClub downgraded Sprint Corporation from a “strong-buy” rating to a “buy” rating in a research note on Thursday, June 15th. Finally, Jefferies Group LLC reaffirmed an “underperform” rating on shares of Sprint Corporation in a research note on Friday, June 30th. Six research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and three have given a buy rating to the stock. Sprint Corporation currently has a consensus rating of “Hold” and an average target price of $10.26.
In other Sprint Corporation news, VP Paul W. Schieber, Jr. sold 24,465 shares of the business’s stock in a transaction on Wednesday, June 14th. The shares were sold at an average price of $8.22, for a total transaction of $201,102.30. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.18% of the stock is owned by insiders.
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Shares of Sprint Corporation (NYSE:S) opened at 7.61 on Tuesday. The stock’s 50 day moving average price is $8.31 and its 200 day moving average price is $8.36. Sprint Corporation has a 12-month low of $5.83 and a 12-month high of $9.65. The firm’s market cap is $30.42 billion.
Sprint Corporation (NYSE:S) last announced its earnings results on Tuesday, August 1st. The cell phone carrier reported $0.05 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.01) by $0.06. Sprint Corporation had a negative net margin of 2.08% and a negative return on equity of 3.66%. The company had revenue of $8.16 billion for the quarter, compared to the consensus estimate of $8.14 billion. During the same period in the previous year, the business earned ($0.08) EPS. The company’s revenue was up 1.8% on a year-over-year basis. On average, equities research analysts predict that Sprint Corporation will post ($0.83) EPS for the current fiscal year.
Sprint Corporation 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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