An issue of Sprint Corp (NYSE:S) debt fell 6.5% against its face value during trading on Tuesday after Jefferies Group lowered their price target on the stock from $5.50 to $4.50. The high-yield debt issue has a 8.75% coupon and will mature on March 15, 2032. The bonds in the issue are now trading at $116.00 and were trading at $121.63 one week ago. Price moves in a company’s debt in credit markets sometimes anticipate parallel moves in its share price.

Several other brokerages also recently commented on S. Cowen and Company reaffirmed a “market perform” rating and issued a $6.50 target price on shares of Sprint Corp in a research note on Tuesday, August 8th. Vetr downgraded shares of Sprint Corp from a “strong-buy” rating to a “buy” rating and set a $7.10 target price on the stock. in a research note on Thursday, November 2nd. KeyCorp downgraded shares of Sprint Corp from a “sector weight” rating to an “underweight” rating and set a $5.50 target price on the stock. in a research note on Monday. Macquarie reaffirmed a “hold” rating and issued a $6.50 target price on shares of Sprint Corp in a research note on Tuesday. Finally, Barclays PLC reaffirmed a “neutral” rating and issued a $8.00 target price on shares of Sprint Corp in a research note on Wednesday, August 9th. Eight equities 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. The stock has a consensus rating of “Hold” and an average price target of $9.65.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Commerce Bank purchased a new stake in shares of Sprint Corp during the 3rd quarter valued at about $100,000. Cambridge Investment Research Advisors Inc. increased its position in shares of Sprint Corp by 54.5% during the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 33,946 shares of the cell phone carrier’s stock valued at $264,000 after purchasing an additional 11,970 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of Sprint Corp by 1.5% during the 3rd quarter. Bank of New York Mellon Corp now owns 3,595,501 shares of the cell phone carrier’s stock valued at $27,973,000 after purchasing an additional 54,865 shares during the last quarter. Toronto Dominion Bank increased its position in shares of Sprint Corp by 244.0% during the 3rd quarter. Toronto Dominion Bank now owns 33,715 shares of the cell phone carrier’s stock valued at $262,000 after purchasing an additional 23,915 shares during the last quarter. Finally, CIBC Asset Management Inc increased its position in shares of Sprint Corp by 7.7% during the 3rd quarter. CIBC Asset Management Inc now owns 157,686 shares of the cell phone carrier’s stock valued at $1,227,000 after purchasing an additional 11,270 shares during the last quarter. 13.87% of the stock is owned by hedge funds and other institutional investors.

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 Corp (NYSE:S) last released its earnings results on Wednesday, October 25th. The cell phone carrier reported ($0.01) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.02) by $0.01. The company had revenue of $7.93 billion during the quarter, compared to analyst estimates of $8.05 billion. Sprint Corp had a negative net margin of 0.61% and a negative return on equity of 1.01%. The firm’s quarterly revenue was down 3.9% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.04) EPS. analysts expect that Sprint Corp will post -0.02 EPS for the current year.

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About Sprint Corp

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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