Three Bays Capital Lp adds Sprint Corp (S) to its portfolio

Sprint Corp (S) : Three Bays Capital Lp added new position in Sprint Corp during the most recent quarter end. The investment management firm now holds 2,000,000 shares of Sprint Corp which is valued at $12,180,000 , the company said in a statement filed on Aug 15, 2016 with the SEC.Sprint Corp makes up approximately 1.15% of Three Bays Capital Lp’s portfolio.

Other Hedge Funds, Including , Wellington Management Group Llp boosted its stake in S in the latest quarter, The investment management firm added 8,300 additional shares and now holds a total of 88,536 shares of Sprint Corp which is valued at $539,184. Group One Trading added S to its portfolio by purchasing 116,846 company shares during the most recent quarter which is valued at $711,592. Sprint Corp makes up approx 0.06% of Group One Trading’s portfolio.State Of Wisconsin Investment Board reduced its stake in S by selling 379,900 shares or 41.45% in the most recent quarter. The Hedge Fund company now holds 536,584 shares of S which is valued at $3,267,797. Sprint Corp makes up approx 0.01% of State Of Wisconsin Investment Board’s portfolio. Pioneer Investment Management Inc sold out all of its stake in S during the most recent quarter. The investment firm sold 20,541 shares of S which is valued $125,095.Reilly Financial Advisors reduced its stake in S by selling 99 shares or 4.13% in the most recent quarter. The Hedge Fund company now holds 2,300 shares of S which is valued at $14,007.

Sprint Corp opened for trading at $6.18 and hit $6.25 on the upside on Thursday, eventually ending the session at $6.2, with a gain of 0.32% or 0.02 points. The heightened volatility saw the trading volume jump to 1,33,96,932 shares. Company has a market cap of $24,666 M.

On the company’s financial health, Sprint Corp reported $-0.08 EPS for the quarter, based on the information available during the earnings call on Jul 25, 2016. Analyst had a consensus estimate of $-0.08. The company had revenue of $8012.00 million for the quarter, compared to analysts expectations of $7987.04 million. The company’s revenue was down -.2 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $-0.01 EPS.

Many Wall Street Analysts have commented on Sprint Corp. Sprint Corp was Downgraded by Buckingham Research to ” Underperform” on Aug 25, 2016. Company shares were Reiterated by RBC Capital Mkts on Jul 26, 2016 to “Sector Perform”, Firm has raised the Price Target to $ 6 from a previous price target of $5 .Sprint Corp was Upgraded by Pacific Crest to ” Sector Weight” on Jul 26, 2016.

Sprint Corporation is a holding company. The Company along with its subsidiaries is a wireless communications company offering a range of wireless and wireline communications products and services. The Company operates in two segments: Wireless and Wireline. Its services are provided through its ownership of wireless networks an all-digital global wireline network and a Tier 1 Internet backbone. It offers wireless and wireline services to subscribers in all 50 states Puerto Rico and the United States Virgin Islands under the Sprint corporate brand which includes its retail brands of Sprint Boost Mobile Virgin Mobile and Assurance Wireless. It markets its postpaid services under the Sprint brand. It markets its prepaid services under the Sprint Boost Mobile Virgin Mobile and Assurance Wireless brands. In addition it sells accessories such as carrying cases hands-free devices and and it sells devices and accessories to agents and other third-party distributors for resale.

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