Sprint Corporation (S) Position Reduced by California Public Employees Retirement System

California Public Employees Retirement System cut its position in shares of Sprint Corporation (NYSE:S) by 0.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,613,500 shares of the cell phone carrier’s stock after selling 4,600 shares during the period. California Public Employees Retirement System’s holdings in Sprint Corporation were worth $14,005,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Dodge & Cox acquired a new stake in shares of Sprint Corporation during the fourth quarter valued at about $1,497,022,000. Norges Bank acquired a new stake in shares of Sprint Corporation during the fourth quarter valued at about $345,860,000. State Street Corp increased its stake in shares of Sprint Corporation by 5.0% in the fourth quarter. State Street Corp now owns 14,469,885 shares of the cell phone carrier’s stock valued at $121,827,000 after buying an additional 688,529 shares during the period. MIG Capital LLC acquired a new stake in shares of Sprint Corporation during the fourth quarter valued at about $58,039,000. Finally, Dimensional Fund Advisors LP increased its stake in shares of Sprint Corporation by 0.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 6,836,365 shares of the cell phone carrier’s stock valued at $57,596,000 after buying an additional 19,126 shares during the period. Institutional investors and hedge funds own 14.40% of the company’s stock.

Institutional Ownership by Quarter for Sprint Corporation (NYSE:S)

Shares of Sprint Corporation (NYSE:S) traded down 1.89% during midday trading on Tuesday, hitting $7.78. The company’s stock had a trading volume of 2,344,752 shares. Sprint Corporation has a 52-week low of $3.87 and a 52-week high of $9.65. The firm’s market cap is $31.05 billion. The stock’s 50 day moving average is $8.21 and its 200-day moving average is $8.54.

Sprint Corporation (NYSE:S) last released its earnings results on Wednesday, May 3rd. The cell phone carrier reported ($0.07) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.04) by $0.03. The firm had revenue of $8.54 billion during the quarter, compared to the consensus estimate of $7.94 billion. Sprint Corporation had a negative net margin of 3.62% and a negative return on equity of 5.90%. The firm’s revenue was up 5.8% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.14) EPS. Equities analysts predict that Sprint Corporation will post ($0.83) EPS for the current fiscal year.

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Several brokerages have issued reports on S. HSBC Holdings plc restated a “reduce” rating and issued a $7.20 price target on shares of Sprint Corporation in a report on Friday. BidaskClub downgraded Sprint Corporation from a “strong-buy” rating to a “buy” rating in a report on Thursday, June 15th. ValuEngine raised Sprint Corporation from a “sell” rating to a “hold” rating in a research report on Friday, June 2nd. TheStreet raised Sprint Corporation from a “d+” rating to a “c+” rating in a research report on Wednesday, May 3rd. Finally, Cowen and Company reduced their price objective on Sprint Corporation from $7.50 to $6.50 and set a “market perform” rating for the company in a research report on Thursday, May 4th. Seven equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating and four have assigned a buy rating to the stock. Sprint Corporation currently has an average rating of “Hold” and an average target price of $9.07.

In related news, VP Paul W. Schieber, Jr. sold 24,465 shares of the stock in a transaction on Wednesday, June 14th. The stock was sold at an average price of $8.22, for a total value of $201,102.30. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.18% of the stock is owned by corporate insiders.

About Sprint Corporation

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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