Pt Asset Management Lowers stake in Sprint Corp (S)

Sprint Corp (S) : Pt Asset Management reduced its stake in Sprint Corp by 21.25% during the most recent quarter end. The investment management company now holds a total of 168,600 shares of Sprint Corp which is valued at $1,026,774 after selling 45,500 shares in Sprint Corp , the firm said in a disclosure report filed with the SEC on Aug 12, 2016.Sprint Corp makes up approximately 2.55% of Pt Asset Management’s portfolio.

Other Hedge Funds, Including , Commonwealth Equity Services Inc boosted its stake in S in the latest quarter, The investment management firm added 547 additional shares and now holds a total of 63,329 shares of Sprint Corp which is valued at $390,740.

Sprint Corp opened for trading at $6.17 and hit $6.26 on the upside on Monday, eventually ending the session at $6.23, with a gain of 1.47% or 0.09 points. The heightened volatility saw the trading volume jump to 1,11,44,066 shares. Company has a market cap of $24,785 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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