Cadence Capital Management LLC bought a new stake in Sprint Corp (NYSE:S) during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 24,404 shares of the cell phone carrier’s stock, valued at approximately $160,000.
Other hedge funds have also made changes to their positions in the company. ARP Americas LP lifted its position in Sprint by 6.5% during the third quarter. ARP Americas LP now owns 214,420 shares of the cell phone carrier’s stock worth $1,402,000 after buying an additional 13,101 shares during the period. First Trust Advisors LP lifted its position in Sprint by 30.4% during the third quarter. First Trust Advisors LP now owns 3,195,106 shares of the cell phone carrier’s stock worth $20,896,000 after buying an additional 744,070 shares during the period. Oakbrook Investments LLC purchased a new position in Sprint during the third quarter worth about $102,000. Aperio Group LLC lifted its position in Sprint by 8.4% during the third quarter. Aperio Group LLC now owns 491,655 shares of the cell phone carrier’s stock worth $3,215,000 after buying an additional 37,947 shares during the period. Finally, Nisa Investment Advisors LLC lifted its position in Sprint by 8.8% during the third quarter. Nisa Investment Advisors LLC now owns 297,338 shares of the cell phone carrier’s stock worth $1,945,000 after buying an additional 24,038 shares during the period. 13.05% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NYSE:S opened at $6.12 on Friday. The stock has a market cap of $24.38 billion, a price-to-earnings ratio of 87.43 and a beta of 0.80. The company has a quick ratio of 1.05, a current ratio of 1.12 and a debt-to-equity ratio of 1.24. Sprint Corp has a 12 month low of $4.81 and a 12 month high of $6.62.
In other news, insider John Saw sold 260,095 shares of the stock in a transaction dated Monday, August 20th. The stock was sold at an average price of $6.14, for a total value of $1,596,983.30. Following the completion of the sale, the insider now owns 1,333,982 shares in the company, valued at $8,190,649.48. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Jorge Enrique Gracia sold 129,652 shares of the stock in a transaction dated Wednesday, November 7th. The shares were sold at an average price of $6.38, for a total value of $827,179.76. The disclosure for this sale can be found here. Corporate insiders own 0.39% of the company’s stock.
S has been the topic of several recent analyst reports. Zacks Investment Research downgraded Sprint from a “buy” rating to a “hold” rating in a research report on Monday, October 8th. ValuEngine upgraded Sprint from a “sell” rating to a “hold” rating in a research report on Tuesday, August 7th. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating and three have given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $5.53.
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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.
Further Reading: Growth Stocks
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