During the last trading session, Verizon Communication’s stock went up by 0.72% and was trading at a share price of $46.74. In the past seven days, the stock of the telecommunications company went up by 1.56%; additionally outperforming the S&P 500 estimates by 1.35%. In a month’s time, the company’s stock went up by 9.43% and outperformed the S&P 500’s estimate by an increase of 2.69%. On the trading session that took place on Friday, October 30, 2015, the shares of the telecommunication company rose by 1.03% due to which it entered as one of the gainers of the day. The trading commenced with a share price of $46.53 on Friday. On the higher end the share price was witnessed at $46.98 and on the lower end it was observed at $46.28; ultimately ending on $46.88. At the end of the session the shares were soaring at 14,753,237 shares. By the end of the trade, the shares were being traded at a price of $46.28. The one year high was witnessed at $51.73 and the one year low was observed at $38.06. The current market capital of the telecom company is at $190.75 billion. The earnings per share reported by the company were 2.51 and the price per earnings ratio is at 18.65. Insider trading was witnessed in the company. Verizon Communications disclosed to the Securities and Exchange Commission that there was insider buying and selling. The executive vice president of Verizon, Walden Marni unloaded 8,229 shares on August 7, 2015. The share price of the shares unloaded by the EVP is $46.26. The total transaction was worth $380,674 and was disclosed on a Form 4 Filing to the SEC. A number of analysts have commented on Verizon’s shares. Major brokerage firm Citigroup covers the shares of Verizon and has maintained a rating of Neutral on Verizon’s stock. The brokerage firm has decreased the price target to $49 per share from an initial share price of $51. This rating by Citigroup was issued on October 21, 2015. In other news, the company has also made an announcement that it will be laying off an undisclosed number of employees as well. The employees who will be laid off will be from the wireless division; employees from sales and stores will not be affected by this decision. By the end of the third quarter of the current fiscal year, Verizon had a total number of 177,900 employees. This lay off is happening because the company has decided to reduce the number of its regional offices. From 20 regional offices, its bringing it down to six; this change is taking because the company wants to reduce its costs. Verizon Stores landline contributes 27% to the company’s revenue. The company also invests in Verizon wireless and internet products; along with it the company also released a free mobile video service earlier in September.
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