Zayo Group (NYSE:ZAYO) Sees Unusually-High Trading Volume

Zayo Group Holdings Inc (NYSE:ZAYO) saw an uptick in trading volume on Wednesday . 12,883,900 shares changed hands during trading, an increase of 174% from the previous session’s volume of 4,693,627 shares.The stock last traded at $33.87 and had previously closed at $33.79.

A number of brokerages have issued reports on ZAYO. Citigroup lowered shares of Zayo Group from a “buy” rating to a “neutral” rating and cut their price target for the company from $38.00 to $35.00 in a research note on Thursday, May 16th. ValuEngine downgraded shares of Zayo Group from a “buy” rating to a “hold” rating in a research note on Wednesday, August 28th. Cowen lowered shares of Zayo Group from an “outperform” rating to a “market perform” rating and dropped their price objective for the company from $37.00 to $35.00 in a report on Wednesday, May 15th. SunTrust Banks lowered shares of Zayo Group from a “buy” rating to a “hold” rating in a report on Monday, May 20th. Finally, Raymond James downgraded Zayo Group from an “outperform” rating to a “market perform” rating and set a $32.74 target price on the stock. in a research report on Wednesday, May 22nd. Thirteen research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $33.85.

The firm’s 50 day simple moving average is $33.75 and its 200 day simple moving average is $31.70. The firm has a market capitalization of $7.99 billion, a price-to-earnings ratio of 54.63, a PEG ratio of 9.07 and a beta of 0.77. The company has a debt-to-equity ratio of 4.48, a quick ratio of 0.75 and a current ratio of 0.75.

Zayo Group (NYSE:ZAYO) last released its quarterly earnings data on Wednesday, August 21st. The technology company reported $0.26 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.15 by $0.11. Zayo Group had a net margin of 5.82% and a return on equity of 11.27%. The firm had revenue of $650.60 million for the quarter, compared to analyst estimates of $642.86 million. During the same quarter in the prior year, the business earned $0.18 earnings per share. The business’s quarterly revenue was down 1.0% compared to the same quarter last year. As a group, sell-side analysts forecast that Zayo Group Holdings Inc will post 0.75 earnings per share for the current year.

In other Zayo Group news, CEO Daniel Caruso sold 432,200 shares of the business’s stock in a transaction that occurred on Thursday, June 13th. The stock was sold at an average price of $32.65, for a total value of $14,111,330.00. Following the completion of the transaction, the chief executive officer now directly owns 380,547 shares of the company’s stock, valued at $12,424,859.55. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Sandra Mays sold 3,395 shares of the business’s stock in a transaction that occurred on Tuesday, July 2nd. The shares were sold at an average price of $33.05, for a total value of $112,204.75. Following the completion of the transaction, the insider now directly owns 55,764 shares of the company’s stock, valued at $1,843,000.20. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 466,955 shares of company stock worth $15,265,681. 4.50% of the stock is owned by corporate insiders.

Several hedge funds and other institutional investors have recently modified their holdings of ZAYO. Pentwater Capital Management LP boosted its stake in shares of Zayo Group by 944.9% during the 2nd quarter. Pentwater Capital Management LP now owns 8,150,000 shares of the technology company’s stock worth $268,217,000 after acquiring an additional 7,370,000 shares in the last quarter. TIG Advisors LLC acquired a new position in Zayo Group in the 2nd quarter worth about $143,237,000. Alpine Associates Management Inc. acquired a new position in Zayo Group in the 2nd quarter worth about $141,703,000. Omni Partners LLP purchased a new position in Zayo Group during the second quarter worth approximately $101,066,000. Finally, Farallon Capital Management LLC purchased a new position in Zayo Group during the second quarter worth approximately $92,806,000. 88.24% of the stock is currently owned by institutional investors and hedge funds.

Zayo Group Company Profile (NYSE:ZAYO)

Zayo Group Holdings, Inc, through its subsidiaries, provides bandwidth infrastructure solutions for the communications industry in the United States, Canada, and Europe. The company operates in six segments: Fiber Solutions, Transport, Enterprise Networks, Zayo Colocation (zColo), Allstream, and Other.

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