An issue of Windstream Holdings Inc (NYSE:WIN) bonds fell 4% against their face value during trading on Wednesday after Deutsche Bank AG lowered their price target on the stock from $7.00 to $3.00. The high-yield issue of debt has a 7.75% coupon and will mature on October 15, 2020. The bonds in the issue are now trading at $88.00 and were trading at $96.75 last week. Price changes in a company’s bonds in credit markets often predict parallel changes in its share price.
Other analysts have also issued research reports about the stock. Raymond James Financial, Inc. raised shares of Windstream Holdings from an “underperform” rating to an “outperform” rating and set a $5.25 target price on the stock in a report on Wednesday, May 17th. Citigroup Inc. decreased their target price on shares of Windstream Holdings from $5.25 to $4.00 and set a “neutral” rating on the stock in a report on Thursday, July 13th. Bank of America Corporation cut shares of Windstream Holdings from a “buy” rating to an “underperform” rating and cut their price target for the stock from $8.00 to $3.00 in a research note on Friday, August 4th. Zacks Investment Research cut shares of Windstream Holdings from a “hold” rating to a “strong sell” rating in a research note on Wednesday, August 2nd. Finally, Morgan Stanley reissued an “equal weight” rating and issued a $5.00 price target (down previously from $9.00) on shares of Windstream Holdings in a research note on Wednesday, June 14th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have assigned a buy rating to the stock. Windstream Holdings currently has a consensus rating of “Hold” and an average target price of $4.89.
In related news, Director Alan L. Wells acquired 68,000 shares of the firm’s stock in a transaction on Tuesday, August 8th. The stock was acquired at an average cost of $2.10 per share, for a total transaction of $142,800.00. Following the acquisition, the director now owns 157,971 shares of the company’s stock, valued at $331,739.10. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Anthony W. Thomas acquired 25,381 shares of the firm’s stock in a transaction on Thursday, August 17th. The stock was bought at an average price of $1.97 per share, with a total value of $50,000.57. Following the completion of the acquisition, the director now directly owns 637,006 shares in the company, valued at approximately $1,254,901.82. The disclosure for this purchase can be found here. Insiders have acquired a total of 95,381 shares of company stock valued at $196,901 in the last three months.
Hedge funds and other institutional investors have recently modified their holdings of the company. Lapides Asset Management LLC raised its position in shares of Windstream Holdings by 45.5% in the second quarter. Lapides Asset Management LLC now owns 26,232 shares of the company’s stock valued at $102,000 after buying an additional 8,200 shares during the last quarter. Fox Run Management L.L.C. acquired a new position in shares of Windstream Holdings during the first quarter valued at about $105,000. Los Angeles Capital Management & Equity Research Inc. acquired a new position in shares of Windstream Holdings during the first quarter valued at about $114,000. Cubist Systematic Strategies LLC raised its position in shares of Windstream Holdings by 175.5% in the second quarter. Cubist Systematic Strategies LLC now owns 29,780 shares of the company’s stock valued at $116,000 after buying an additional 18,969 shares during the last quarter. Finally, Stevens Capital Management LP acquired a new position in shares of Windstream Holdings during the first quarter valued at about $117,000.
The stock has a 50-day moving average of $3.23 and a 200 day moving average of $5.04. The firm’s market capitalization is $377.84 million.
Windstream Holdings (NYSE:WIN) last released its quarterly earnings results on Thursday, August 3rd. The company reported ($0.37) EPS for the quarter, topping the consensus estimate of ($0.45) by $0.08. The firm had revenue of $1.49 billion for the quarter, compared to analyst estimates of $1.50 billion. The company’s quarterly revenue was up 9.7% on a year-over-year basis. During the same period last year, the firm earned $0.01 EPS. Equities research analysts anticipate that Windstream Holdings Inc will post ($1.98) earnings per share for the current year.
Windstream Holdings declared that its board has approved a stock repurchase program on Thursday, August 3rd that permits the company to buyback $90.00 million in outstanding shares. This buyback authorization permits the company to buy up to 19.9% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.
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About Windstream Holdings
Windstream Holdings, Inc provides network communications and technology solutions in the United States. Its ILEC Consumer and Small Business segment offers consumer services, including high-speed Internet access; Internet security services; online backup services; basic local telephone services and long-distance services, as well as call waiting, caller identification, call forwarding, and other services; and video services, as well as owns and operates cable television franchises, and sells and leases equipment to support its consumer high-speed Internet and voice services.
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