Nationwide Fund Advisors Trims Holdings in Sprint Corp (S)
Nationwide Fund Advisors cut its stake in Sprint Corp (NYSE:S) by 2.6% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 305,294 shares of the cell phone carrier’s stock after selling 8,097 shares during the period. Nationwide Fund Advisors’ holdings in Sprint were worth $2,375,000 as of its most recent SEC filing.
A number of other institutional investors also recently modified their holdings of S. Janney Montgomery Scott LLC bought a new position in shares of Sprint during the 2nd quarter worth about $125,000. Schwab Charles Investment Management Inc. lifted its holdings in shares of Sprint by 8.7% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 1,148,503 shares of the cell phone carrier’s stock worth $9,430,000 after acquiring an additional 92,389 shares during the period. First Trust Advisors LP lifted its holdings in shares of Sprint by 0.9% during the 2nd quarter. First Trust Advisors LP now owns 1,389,626 shares of the cell phone carrier’s stock worth $11,409,000 after acquiring an additional 12,072 shares during the period. Advisors Asset Management Inc. lifted its holdings in shares of Sprint by 2.2% during the 2nd quarter. Advisors Asset Management Inc. now owns 14,809 shares of the cell phone carrier’s stock worth $122,000 after acquiring an additional 318 shares during the period. Finally, State of Wisconsin Investment Board lifted its holdings in shares of Sprint by 17.3% during the 2nd quarter. State of Wisconsin Investment Board now owns 918,197 shares of the cell phone carrier’s stock worth $7,538,000 after acquiring an additional 135,610 shares during the period. 13.74% of the stock is owned by hedge funds and other institutional investors.
In other news, CFO Tarek Robbiati sold 363,529 shares of Sprint stock in a transaction that occurred 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 owns 1,901,974 shares in the company, valued at approximately $11,411,844. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, major shareholder Group Corp Softbank purchased 6,484,367 shares of the stock in a transaction dated Tuesday, November 7th. The shares were acquired at an average price of $5.92 per share, with a total value of $38,387,452.64. The disclosure for this purchase can be found here. In the last 90 days, insiders acquired 26,921,846 shares of company stock valued at $159,182,105 and sold 913,236 shares valued at $5,377,413. Company insiders own 0.18% of the company’s stock.
Sprint (NYSE:S) last posted its quarterly earnings data on Wednesday, October 25th. The cell phone carrier reported ($0.01) earnings per share for the quarter, beating the consensus estimate of ($0.02) by $0.01. The firm had revenue of $7.93 billion during the quarter, compared to analysts’ expectations of $8.05 billion. Sprint had a negative net margin of 1.82% and a negative return on equity of 3.19%. The company’s quarterly revenue was down 3.9% compared to the same quarter last year. During the same quarter last year, the company posted ($0.04) EPS. equities research analysts forecast that Sprint Corp will post -0.02 EPS for the current fiscal year.
Several equities analysts recently issued reports on S shares. Oppenheimer reissued a “hold” rating on shares of Sprint in a report on Wednesday, September 20th. Zacks Investment Research raised shares of Sprint from a “hold” rating to a “buy” rating and set a $8.50 price target for the company in a report on Tuesday, October 3rd. KeyCorp downgraded shares of Sprint from a “sector weight” rating to an “underweight” rating and set a $5.50 price target for the company. in a report on Monday, November 6th. UBS reissued a “buy” rating and set a $7.50 price target (down from $9.00) on shares of Sprint in a report on Monday, November 6th. Finally, Deutsche Bank cut their price target on shares of Sprint to $5.50 and set a “hold” rating for the company in a report on Monday, December 11th. Seven research analysts have rated the stock with a sell rating, twelve have given a hold rating and three have assigned a buy rating to the company’s stock. Sprint presently has an average rating of “Hold” and a consensus price target of $7.10.
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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