Frontier Communications Corp. (fka FTRCQ)

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Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Frontier Communications Corp (NASDAQ:FTR) by 17.2% during the first quarter, Holdings Channel reports. The fund owned 1,447,413 shares of the utilities provider’s stock after buying an additional 212,616 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank owned 0.12% of Frontier Communications Corp worth $3,097,000 as of its most recent SEC filing.
Several other institutional investors have also added to or reduced their stakes in the stock. First Trust Advisors LP increased its stake in shares of Frontier Communications Corp by 37.4% in the first quarter. First Trust Advisors LP now owns 21,219,375 shares of the utilities provider’s stock valued at $45,409,000 after buying an additional 5,774,938 shares during the period. Norges Bank purchased a new stake in shares of Frontier Communications Corp during the fourth quarter valued at $17,074,000. Bank of New York Mellon Corp increased its stake in shares of Frontier Communications Corp by 20.8% in the first quarter. Bank of New York Mellon Corp now owns 23,878,281 shares of the utilities provider’s stock valued at $51,099,000 after buying an additional 4,110,957 shares during the period. Russell Investments Group Ltd. purchased a new stake in shares of Frontier Communications Corp during the fourth quarter valued at $13,503,000. Finally, Guggenheim Capital LLC increased its stake in shares of Frontier Communications Corp by 41.3% in the fourth quarter. Guggenheim Capital LLC now owns 12,999,789 shares of the utilities provider’s stock valued at $43,939,000 after buying an additional 3,800,031 shares during the period. Hedge funds and other institutional investors own 67.26% of the company’s stock.
Shares of Frontier Communications Corp (NASDAQ:FTR) traded down 7.69% during midday trading on Wednesday, hitting $1.32. 78,197,501 shares of the stock were exchanged. Frontier Communications Corp has a 12 month low of $1.29 and a 12 month high of $5.53. The stock’s market cap is $1.56 billion. The firm’s 50-day moving average is $1.96 and its 200-day moving average is $3.02.
Frontier Communications Corp (NASDAQ:FTR) last released its quarterly earnings data on Tuesday, May 2nd. The utilities provider reported ($0.08) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.05) by $0.03. The business had revenue of $2.36 billion during the quarter, compared to analyst estimates of $2.34 billion. Frontier Communications Corp had a positive return on equity of 2.05% and a negative net margin of 5.01%. Equities research analysts predict that Frontier Communications Corp will post ($0.26) earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 30th. Stockholders of record on Thursday, June 15th will be paid a $0.04 dividend. The ex-dividend date of this dividend is Tuesday, June 13th. This represents a $0.16 dividend on an annualized basis and a dividend yield of 12.40%. Frontier Communications Corp’s payout ratio is currently -77.78%.
Several brokerages recently weighed in on FTR. Jefferies Group LLC reissued a “buy” rating and set a $5.00 price target on shares of Frontier Communications Corp in a research report on Friday, February 17th. Royal Bank of Canada reissued a “hold” rating and set a $3.50 price target on shares of Frontier Communications Corp in a research report on Tuesday, February 28th. Morgan Stanley downgraded shares of Frontier Communications Corp from an “overweight” rating to a “neutral” rating in a research report on Tuesday, February 28th. JPMorgan Chase & Co. downgraded shares of Frontier Communications Corp from an “overweight” rating to a “neutral” rating and reduced their price target for the company from $2.96 to $2.51 in a research report on Tuesday, February 28th. Finally, TheStreet downgraded shares of Frontier Communications Corp from a “c-” rating to a “d+” rating in a research report on Monday, February 27th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. Frontier Communications Corp currently has an average rating of “Hold” and a consensus target price of $3.46.


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