Zayo Group Holdings Inc (NYSE:ZAYO) was the target of a large drop in short interest in the month of June. As of June 30th, there was short interest totalling 14,872,100 shares, a drop of 10.4% from the May 30th total of 16,606,200 shares. Based on an average daily trading volume, of 5,800,000 shares, the days-to-cover ratio is currently 2.6 days. Currently, 6.6% of the company’s stock are sold short.

Shares of Zayo Group stock opened at $33.48 on Friday. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 4.84. Zayo Group has a 1-year low of $20.27 and a 1-year high of $39.35. The firm’s fifty day simple moving average is $32.88. The company has a market cap of $7.88 billion, a P/E ratio of 54.89, a P/E/G ratio of 10.66 and a beta of 0.77.

Zayo Group (NYSE:ZAYO) last released its earnings results on Wednesday, May 8th. The technology company reported $0.15 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.17 by ($0.02). The company had revenue of $647.20 million for the quarter, compared to analyst estimates of $639.98 million. Zayo Group had a net margin of 5.06% and a return on equity of 9.56%. The firm’s quarterly revenue was down .3% on a year-over-year basis. During the same period in the previous year, the business posted $0.09 EPS. Equities research analysts predict that Zayo Group will post 0.5 earnings per share for the current year.

ZAYO has been the subject of several recent analyst reports. Craig Hallum lowered shares of Zayo Group from a “buy” rating to a “hold” rating in a report on Wednesday, May 8th. Royal Bank of Canada cut shares of Zayo Group from an “outperform” rating to a “sector perform” rating and increased their price target for the stock from $33.00 to $35.00 in a research report on Wednesday, May 8th. Wells Fargo & Co reiterated a “hold” rating and issued a $11.00 price target on shares of Coty in a research note on Wednesday, May 8th. Raymond James set a C$31.00 price objective on Russel Metals and gave the company an “outperform” rating in a report on Wednesday, May 22nd. Finally, William Blair restated an “outperform” rating on shares of Albireo Pharma in a research note on Thursday, May 9th. Thirteen analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $35.02.

In related news, Director Mary Catherine Morris sold 13,772 shares of the firm’s stock in a transaction on Thursday, June 6th. The shares were sold at an average price of $32.76, for a total transaction of $451,170.72. Following the completion of the sale, the director now directly owns 11,473 shares of the company’s stock, valued at approximately $375,855.48. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Daniel Caruso sold 655,585 shares of Zayo Group stock in a transaction on Thursday, June 6th. The stock was sold at an average price of $32.76, for a total transaction of $21,476,964.60. Following the sale, the chief executive officer now directly owns 380,547 shares in the company, valued at approximately $12,466,719.72. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,437,607 shares of company stock worth $47,051,887. Company insiders own 4.50% of the company’s stock.

Institutional investors have recently modified their holdings of the business. Norges Bank bought a new position in shares of Zayo Group in the fourth quarter valued at $36,183,000. Assenagon Asset Management S.A. grew its holdings in shares of Zayo Group by 1,446.3% in the 1st quarter. Assenagon Asset Management S.A. now owns 1,378,002 shares of the technology company’s stock worth $39,163,000 after acquiring an additional 1,288,884 shares during the last quarter. Millennium Management LLC raised its position in shares of Zayo Group by 78.2% during the fourth quarter. Millennium Management LLC now owns 2,154,017 shares of the technology company’s stock worth $49,198,000 after purchasing an additional 945,364 shares during the period. Jacobs Levy Equity Management Inc. raised its position in shares of Zayo Group by 177.2% during the first quarter. Jacobs Levy Equity Management Inc. now owns 805,734 shares of the technology company’s stock worth $22,899,000 after purchasing an additional 515,074 shares during the period. Finally, Amundi Pioneer Asset Management Inc. lifted its holdings in shares of Zayo Group by 46.1% during the fourth quarter. Amundi Pioneer Asset Management Inc. now owns 1,479,869 shares of the technology company’s stock valued at $33,800,000 after purchasing an additional 466,821 shares during the last quarter. Hedge funds and other institutional investors own 92.66% of the company’s stock.

About Zayo Group

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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