Prudential Financial Inc. raised its position in shares of Frontier Communications Corp. (NASDAQ:FTR) by 49.8% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 2,675,940 shares of the company’s stock after buying an additional 889,774 shares during the period. Prudential Financial Inc. owned about 0.23% of Frontier Communications Corp. worth $13,219,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in FTR. Private Advisor Group LLC boosted its position in Frontier Communications Corp. by 39.3% in the second quarter. Private Advisor Group LLC now owns 111,398 shares of the company’s stock worth $544,000 after buying an additional 31,453 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Frontier Communications Corp. by 13.7% in the second quarter. Dimensional Fund Advisors LP now owns 29,978,633 shares of the company’s stock worth $148,084,000 after buying an additional 3,606,058 shares during the last quarter. Teacher Retirement System of Texas raised its stake in shares of Frontier Communications Corp. by 24.7% in the second quarter. Teacher Retirement System of Texas now owns 7,458,059 shares of the company’s stock worth $36,843,000 after buying an additional 1,477,442 shares during the last quarter. Eaton Vance Management raised its stake in shares of Frontier Communications Corp. by 3.8% in the second quarter. Eaton Vance Management now owns 141,996 shares of the company’s stock worth $701,000 after buying an additional 5,235 shares during the last quarter. Finally, UBS Asset Management Americas Inc. raised its stake in shares of Frontier Communications Corp. by 0.8% in the second quarter. UBS Asset Management Americas Inc. now owns 3,084,049 shares of the company’s stock worth $15,235,000 after buying an additional 25,604 shares during the last quarter. 65.93% of the stock is owned by institutional investors and hedge funds.
Shares of Frontier Communications Corp. (NASDAQ:FTR) opened at 4.16 on Friday. Frontier Communications Corp. has a 1-year low of $3.81 and a 1-year high of $5.85. The firm has a 50-day moving average price of $4.53 and a 200 day moving average price of $5.02. The company’s market cap is $4.88 billion.
Frontier Communications Corp. (NASDAQ:FTR) last posted its earnings results on Monday, August 1st. The company reported ($0.07) EPS for the quarter, missing the consensus estimate of ($0.03) by $0.04. The firm earned $2.61 billion during the quarter, compared to the consensus estimate of $2.75 billion. Frontier Communications Corp. had a negative net margin of 4.85% and a positive return on equity of 2.52%. Frontier Communications Corp.’s revenue for the quarter was up 90.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.03 earnings per share. On average, equities analysts anticipate that Frontier Communications Corp. will post ($0.08) earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 30th. Shareholders of record on Thursday, September 15th were given a $0.105 dividend. The ex-dividend date was Tuesday, September 13th. This represents a $0.42 annualized dividend and a yield of 10.10%. Frontier Communications Corp.’s dividend payout ratio is presently -85.71%.
A number of analysts recently commented on FTR shares. Citigroup Inc. lowered their price objective on Frontier Communications Corp. from $4.00 to $3.50 and set a “sell” rating for the company in a research report on Friday, September 16th. Macquarie started coverage on Frontier Communications Corp. in a research report on Monday, July 11th. They issued an “underperform” rating and a $4.65 price objective for the company. Wells Fargo & Co. reiterated an “outperform” rating and issued a $8.75 price objective on shares of Frontier Communications Corp. in a research report on Monday, September 19th. Zacks Investment Research upgraded Frontier Communications Corp. from a “hold” rating to a “buy” rating and set a $5.50 price objective for the company in a research report on Friday, July 8th. Finally, Morgan Stanley lowered Frontier Communications Corp. from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $6.00 to $5.40 in a research report on Monday, July 18th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and nine have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus 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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