Sprint (S) Debt Trading 1.5% Lower Insider Trade

An issue of Sprint Corp (NYSE:S) bonds fell 1.5% as a percentage of their face value during trading on Thursday following insider selling activity. The high-yield issue of debt has a 7.875% coupon and will mature on September 15, 2023. The bonds in the issue are now trading at $107.43 and were trading at $108.00 one week ago. Price changes in a company’s bonds in credit markets often predict parallel changes in its share price. Specifically, major shareholder Group Corp Softbank purchased 4,322,990 shares of the firm’s stock in a transaction on Thursday, November 9th. The stock was purchased at an average cost of $6.21 per share, with a total value of $26,845,767.90. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Tarek Robbiati sold 363,529 shares of Sprint stock in a transaction on Monday, November 13th. The shares were sold at an average price of $6.00, for a total transaction of $2,181,174.00. Following the completion of the sale, the chief financial officer now directly owns 1,901,974 shares of the company’s stock, valued at $11,411,844. The disclosure for this sale can be found here. In the last 90 days, insiders purchased 18,651,252 shares of company stock worth $112,608,289 and sold 769,195 shares worth $4,550,618. 0.18% of the stock is owned by insiders.

S has been the subject of several research analyst reports. Zacks Investment Research raised shares of Sprint from a “hold” rating to a “buy” rating and set a $8.25 price target for the company in a research note on Tuesday, October 10th. BTIG Research lifted their price target on shares of Sprint from $3.85 to $4.00 and gave the company a “sell” rating in a research note on Wednesday, October 18th. KeyCorp downgraded shares of Sprint from a “sector weight” rating to an “underweight” rating and set a $5.50 target price for the company. in a research report on Monday, November 6th. Deutsche Bank decreased their target price on shares of Sprint from $8.00 to $7.00 and set a “hold” rating for the company in a research report on Tuesday, October 10th. Finally, UBS reissued a “buy” rating and set a $7.50 target price (down from $9.00) on shares of Sprint in a research report on Monday, November 6th. Eight research analysts have rated the stock with a sell rating, twelve have issued a hold rating and three have assigned a buy rating to the company. Sprint has a consensus rating of “Hold” and an average target price of $7.19.

The company has a debt-to-equity ratio of 1.80, a quick ratio of 1.03 and a current ratio of 1.10.

Sprint (NYSE:S) last issued its quarterly earnings data on Wednesday, October 25th. The cell phone carrier reported ($0.01) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.02) by $0.01. Sprint had a negative net margin of 1.82% and a negative return on equity of 3.19%. The business had revenue of $7.93 billion during the quarter, compared to the consensus estimate of $8.05 billion. During the same period in the prior year, the firm posted ($0.04) EPS. The firm’s quarterly revenue was down 3.9% compared to the same quarter last year. sell-side analysts predict that Sprint Corp will post -0.03 EPS for the current year.

Hedge funds have recently modified their holdings of the business. Americafirst Capital Management LLC purchased a new position in Sprint in the third quarter valued at about $156,000. Capital Bank & Trust Co boosted its stake in Sprint by 10,821.7% in the third quarter. Capital Bank & Trust Co now owns 21,625 shares of the cell phone carrier’s stock valued at $168,000 after acquiring an additional 21,427 shares during the last quarter. Cowen Inc. purchased a new position in Sprint in the third quarter valued at about $934,000. Magnetar Financial LLC purchased a new position in Sprint in the third quarter valued at about $771,000. Finally, Asset Management One Co. Ltd. boosted its stake in Sprint by 1,182.2% in the third quarter. Asset Management One Co. Ltd. now owns 1,235,281 shares of the cell phone carrier’s stock valued at $9,609,000 after acquiring an additional 1,138,942 shares during the last quarter. 13.74% 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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