Sprint Corporation (S) Lowered to “Hold” at Zacks Investment Research
Sprint Corporation (NYSE:S) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Wednesday.
According to Zacks, “Sprint is on track with its network modernization and integration efforts, to fortify its position in the wireless industry. Sprint’s prepaid subsidiary has extended its unlimited offerings to its existing iPhone owners and has also inked deal with Apple to relaunch itself as an exclusive iPhone carrier. Sprint also offers attractive unlimited data plans to lure customers from rivals. We believe these efforts have driven the huge wireless subscribers. Sprint unveiled its Sprint MultiLine solution which allows businesses to add a company-owned number to their employees' personal phones for better businesses. For full-year 2017, Sprint has raised its outlook. Over the past three months, the stock price underperformed its industry. However, high cash burn from promotional offers and discounts, debt-laden balance sheet and decreasing cash flow have led to losses for Sprint. Further, Sprint operates in a highly competitive wireless market.”
A number of other research analysts also recently issued reports on the company. ValuEngine downgraded Sprint Corporation from a “hold” rating to a “sell” rating in a report on Monday. KeyCorp reaffirmed a “hold” rating on shares of Sprint Corporation in a report on Wednesday, October 11th. Deutsche Bank AG lowered their price target on Sprint Corporation from $8.00 to $7.00 and set a “hold” rating on the stock in a report on Tuesday, October 10th. Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of Sprint Corporation in a report on Wednesday, September 20th. Finally, BidaskClub downgraded Sprint Corporation from a “hold” rating to a “sell” rating in a report on Friday, August 11th. Seven equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating and three have issued a buy rating to the company. Sprint Corporation presently has a consensus rating of “Hold” and an average target price of $10.10.
Shares of Sprint Corporation (NYSE:S) traded down 0.071% during trading on Wednesday, reaching $7.085. The company’s stock had a trading volume of 1,573,526 shares. The stock’s 50 day moving average is $7.81 and its 200 day moving average is $8.20. Sprint Corporation has a one year low of $5.83 and a one year high of $9.65. The firm’s market cap is $28.32 billion.
Sprint Corporation (NYSE:S) last announced its quarterly earnings results on Tuesday, August 1st. The cell phone carrier reported $0.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.06. The firm had revenue of $8.16 billion for the quarter, compared to the consensus estimate of $8.14 billion. Sprint Corporation had a negative return on equity of 3.66% and a negative net margin of 2.08%. The company’s quarterly revenue was up 1.8% on a year-over-year basis. During the same period in the prior year, the company posted ($0.08) earnings per share. On average, equities analysts forecast that Sprint Corporation will post ($0.83) EPS for the current fiscal year.
A number of institutional investors and hedge funds have recently modified their holdings of the business. Wetherby Asset Management Inc. purchased a new stake in shares of Sprint Corporation during the second quarter worth about $100,000. Financial Counselors Inc. grew its position in shares of Sprint Corporation by 1.7% during the second quarter. Financial Counselors Inc. now owns 12,173 shares of the cell phone carrier’s stock worth $100,000 after purchasing an additional 201 shares in the last quarter. Summit Securities Group LLC purchased a new stake in shares of Sprint Corporation during the second quarter worth about $108,000. Advisors Asset Management Inc. grew its position in shares of Sprint Corporation by 2.2% during the second quarter. Advisors Asset Management Inc. now owns 14,809 shares of the cell phone carrier’s stock worth $122,000 after purchasing an additional 318 shares in the last quarter. Finally, Stratos Wealth Partners LTD. grew its position in shares of Sprint Corporation by 17.0% during the second quarter. Stratos Wealth Partners LTD. now owns 15,188 shares of the cell phone carrier’s stock worth $125,000 after purchasing an additional 2,210 shares in the last quarter. Institutional investors and hedge funds own 13.95% of the company’s stock.
About Sprint Corporation
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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