Quantitative Investment Management LLC boosted its position in Frontier Communications Corp (NASDAQ:FTR) by 19.4% during the first quarter, Holdings Channel reports. The firm owned 1,274,500 shares of the utilities provider’s stock after buying an additional 207,400 shares during the period. Quantitative Investment Management LLC’s holdings in Frontier Communications Corp were worth $2,727,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. First Trust Advisors LP raised its position in 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 acquired a new position in Frontier Communications Corp during the fourth quarter valued at approximately $17,074,000. Bank of New York Mellon Corp raised its position in 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. acquired a new position in Frontier Communications Corp during the fourth quarter valued at approximately $13,503,000. Finally, Guggenheim Capital LLC raised its position in 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. Institutional investors own 67.26% of the company’s stock.
Shares of Frontier Communications Corp (NASDAQ:FTR) traded up 12.31% during midday trading on Friday, reaching $1.46. 50,741,067 shares of the company were exchanged. The company’s 50-day moving average price is $1.78 and its 200 day moving average price is $2.87. Frontier Communications Corp has a 52-week low of $1.18 and a 52-week high of $5.30. The stock’s market capitalization is $1.72 billion.
Frontier Communications Corp (NASDAQ:FTR) last posted its earnings results on Tuesday, May 2nd. The utilities provider reported ($0.08) EPS for the quarter, missing the consensus estimate of ($0.05) by $0.03. Frontier Communications Corp had a positive return on equity of 2.05% and a negative net margin of 5.01%. The firm had revenue of $2.36 billion during the quarter, compared to the consensus estimate of $2.34 billion. On average, equities analysts predict that Frontier Communications Corp will post ($0.25) earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, June 30th. Shareholders of record on Thursday, June 15th will be given a $0.04 dividend. This represents a $0.16 annualized dividend and a yield of 12.31%. The ex-dividend date is Tuesday, June 13th. Frontier Communications Corp’s dividend payout ratio (DPR) is -77.78%.
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Several research firms recently commented on FTR. Royal Bank of Canada reissued a “hold” rating and issued a $3.50 target price on shares of Frontier Communications Corp in a report on Tuesday, February 28th. Jefferies Group LLC dropped their target price on Frontier Communications Corp from $5.00 to $4.00 and set a “buy” rating on the stock in a report on Tuesday, February 28th. Morgan Stanley lowered Frontier Communications Corp from an “overweight” rating to a “neutral” rating in a report on Tuesday, February 28th. JPMorgan Chase & Co. lowered Frontier Communications Corp from an “overweight” rating to a “neutral” rating and dropped their target price for the company from $2.96 to $2.51 in a report on Tuesday, February 28th. Finally, TheStreet lowered Frontier Communications Corp from a “c-” rating to a “d+” rating in a 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 assigned a strong buy rating to the company’s stock. Frontier Communications Corp has a consensus rating of “Hold” and an average price target of $3.46.
Frontier Communications Corp Company Profile
Frontier Communications Corporation (Frontier) is a provider of communications services in the United States. The Company offers a portfolio of communications services for residential and business customers. Its products and services include data and Internet services, video services, voice services, access services and customer premise equipment (CPE).
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