Bank of New York Mellon Corp Lowers Holdings in Sprint Corp (S)

Bank of New York Mellon Corp lessened its position in shares of Sprint Corp (NYSE:S) by 4.9% in the second quarter, HoldingsChannel reports. The firm owned 3,647,963 shares of the cell phone carrier’s stock after selling 189,766 shares during the period. Bank of New York Mellon Corp’s holdings in Sprint were worth $19,844,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Financial Counselors Inc. bought a new position in shares of Sprint in the 2nd quarter valued at about $100,000. Tower Research Capital LLC TRC grew its holdings in shares of Sprint by 1,223.7% in the 2nd quarter. Tower Research Capital LLC TRC now owns 19,855 shares of the cell phone carrier’s stock valued at $108,000 after acquiring an additional 18,355 shares in the last quarter. Levin Capital Strategies L.P. bought a new position in shares of Sprint in the 2nd quarter valued at about $136,000. Caption Management LLC grew its holdings in shares of Sprint by 294.4% in the 2nd quarter. Caption Management LLC now owns 28,000 shares of the cell phone carrier’s stock valued at $153,000 after acquiring an additional 20,900 shares in the last quarter. Finally, OLD Mutual Customised Solutions Proprietary Ltd. bought a new position in shares of Sprint in the 2nd quarter valued at about $220,000. Hedge funds and other institutional investors own 12.74% of the company’s stock.

Shares of NYSE:S opened at $6.28 on Friday. Sprint Corp has a 52-week low of $4.81 and a 52-week high of $6.62. The stock has a market capitalization of $25.30 billion, a P/E ratio of 89.71, a PEG ratio of 6.26 and a beta of 0.80. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.12 and a quick ratio of 1.05.

Sprint (NYSE:S) last issued its earnings results on Wednesday, October 31st. The cell phone carrier reported $0.05 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.01) by $0.06. Sprint had a net margin of 23.12% and a return on equity of 1.36%. The business had revenue of $8.43 billion during the quarter, compared to the consensus estimate of $7.95 billion. During the same period last year, the business posted ($0.01) EPS. Sprint’s revenue was up 6.4% on a year-over-year basis. On average, sell-side analysts expect that Sprint Corp will post 0.05 EPS for the current year.

Several equities analysts have recently weighed in on S shares. Zacks Investment Research upgraded Sprint from a “hold” rating to a “buy” rating and set a $7.00 price objective for the company in a report on Tuesday, November 27th. ValuEngine upgraded Sprint from a “sell” rating to a “hold” rating in a report on Tuesday, August 7th. Two investment analysts have rated the stock with a sell rating, eleven have given a hold rating and four have issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $5.65.

In other Sprint news, insider Jorge Enrique Gracia sold 129,652 shares of the firm’s stock in a transaction that occurred on Wednesday, November 7th. The shares were sold at an average price of $6.38, for a total transaction of $827,179.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Ronald D. Fisher sold 327,525 shares of the firm’s stock in a transaction that occurred on Monday, November 19th. The stock was sold at an average price of $6.20, for a total transaction of $2,030,655.00. Following the sale, the director now owns 2,419,275 shares of the company’s stock, valued at $14,999,505. The disclosure for this sale can be found here. Company insiders own 0.39% of the company’s stock.

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Sprint Company Profile

Sprint Corporation, together with its subsidiaries, provides various wireless and wireline communications products and services to consumers, businesses, government subscribers, and resellers in the United States, Puerto Rico, and the United States Virgin Islands. It operates in two segments, Wireless and Wireline.

Read More: What Factors Can Affect Return on Equity?

Want to see what other hedge funds are holding S? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Sprint Corp (NYSE:S).

Institutional Ownership by Quarter for Sprint (NYSE:S)

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