Concert Wealth Management Inc. boosted its stake in Frontier Communications Corp. (NASDAQ:FTR) by 28.4% during the second quarter, according to its most recent 13F filing with the SEC. The fund owned 226,819 shares of the company’s stock after buying an additional 50,161 shares during the period. Concert Wealth Management Inc.’s holdings in Frontier Communications Corp. were worth $1,118,000 as of its most recent filing with the SEC.
A number of other hedge funds have also recently bought and sold shares of FTR. OMERS ADMINISTRATION Corp bought a new position in shares of Frontier Communications Corp. during the first quarter worth approximately $658,000. Aviva PLC raised its position in Frontier Communications Corp. by 1.3% in the first quarter. Aviva PLC now owns 588,314 shares of the company’s stock valued at $3,289,000 after buying an additional 7,616 shares in the last quarter. Picton Mahoney Asset Management acquired a new position in Frontier Communications Corp. during the first quarter valued at approximately $2,098,000. A.R. Schmeidler & Co. Inc. raised its position in Frontier Communications Corp. by 0.3% in the first quarter. A.R. Schmeidler & Co. Inc. now owns 295,769 shares of the company’s stock valued at $1,653,000 after buying an additional 899 shares in the last quarter. Finally, M&T Bank Corp raised its position in Frontier Communications Corp. by 33.8% in the first quarter. M&T Bank Corp now owns 94,733 shares of the company’s stock valued at $530,000 after buying an additional 23,927 shares in the last quarter. Institutional investors and hedge funds own 65.93% of the company’s stock.
Frontier Communications Corp. (NASDAQ:FTR) traded down 1.89% during mid-day trading on Monday, reaching $4.15. 11,142,569 shares of the company’s stock were exchanged. Frontier Communications Corp. has a one year low of $3.81 and a one year high of $5.85. The company’s 50-day moving average is $4.43 and its 200 day moving average is $4.98. The firm’s market capitalization is $4.87 billion.
Frontier Communications Corp. (NASDAQ:FTR) last posted its quarterly earnings data on Monday, August 1st. The company reported ($0.07) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.03) by $0.04. Frontier Communications Corp. had a negative net margin of 4.85% and a positive return on equity of 2.52%. The firm had revenue of $2.61 billion for the quarter, compared to the consensus estimate of $2.75 billion. During the same quarter last year, the firm earned $0.03 EPS. The company’s revenue was up 90.6% on a year-over-year basis. Equities analysts predict that Frontier Communications Corp. will post ($0.08) earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 30th. Shareholders of record on Thursday, September 15th were given a dividend of $0.105 per share. This represents a $0.42 dividend on an annualized basis and a yield of 10.07%. The ex-dividend date was Tuesday, September 13th. Frontier Communications Corp.’s dividend payout ratio (DPR) is -85.71%.
A number of brokerages have issued reports on FTR. Morgan Stanley lowered shares of Frontier Communications Corp. from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $6.00 to $5.40 in a report on Monday, July 18th. Zacks Investment Research lowered shares of Frontier Communications Corp. from a “buy” rating to a “hold” rating in a report on Friday, July 29th. Jefferies Group reissued a “buy” rating and issued a $6.00 price target on shares of Frontier Communications Corp. in a report on Tuesday, August 2nd. Raymond James Financial Inc. cut their price target on shares of Frontier Communications Corp. from $6.00 to $5.50 and set an “outperform” rating on the stock in a report on Tuesday, August 2nd. Finally, Macquarie began coverage on shares of Frontier Communications Corp. in a report on Monday, July 11th. They issued an “underperform” rating and a $4.65 price target on the stock. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have assigned a buy rating to the company. Frontier Communications Corp. has an average rating of “Buy” and an average price target of $5.95.
About Frontier Communications Corp.
Frontier Communications Corporation (Frontier) offers a range of voice, data, and video services and products. The Company offers a portfolio of communications services for residential and business customers in each of its markets. The Company’s product portfolio includes Internet access, broadband-enabled services, video services and voice services.
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