Daiwa Securities Group Inc. continued to hold its stake in shares of Frontier Communications Corp. (NASDAQ:FTR) during the second quarter, according to its most recent filing with the SEC. The fund owned 27,763 shares of the company’s stock at the end of the second quarter. Daiwa Securities Group Inc.’s holdings in Frontier Communications Corp. were worth $137,000 at the end of the most recent quarter.
Several other hedge funds have also recently modified their holdings of the company. OMERS ADMINISTRATION Corp bought a new stake in Frontier Communications Corp. during the first quarter valued at $658,000. Aviva PLC raised its stake 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 during the last quarter. Picton Mahoney Asset Management bought a new stake in Frontier Communications Corp. during the first quarter valued at $2,098,000. A.R. Schmeidler & Co. Inc. raised its stake 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 during the last quarter. Finally, M&T Bank Corp raised its stake 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 during the last quarter. 65.93% of the stock is currently owned by institutional investors and hedge funds.
Frontier Communications Corp. (NASDAQ:FTR) traded up 6.02% during midday trading on Friday, reaching $4.23. The company’s stock had a trading volume of 73,382,215 shares. The firm’s market capitalization is $4.96 billion. Frontier Communications Corp. has a 1-year low of $3.81 and a 1-year high of $5.85. The stock’s 50-day moving average price is $4.43 and its 200 day moving average price is $4.98.
Frontier Communications Corp. (NASDAQ:FTR) last announced its quarterly earnings data on Monday, August 1st. The company reported ($0.07) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.03) by $0.04. The company had revenue of $2.61 billion for the quarter, compared to analyst estimates of $2.75 billion. Frontier Communications Corp. had a negative net margin of 4.85% and a positive return on equity of 2.52%. The firm’s quarterly revenue was up 90.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.03 EPS. Equities analysts anticipate that Frontier Communications Corp. will post ($0.08) EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 30th. Investors of record on Thursday, September 15th were paid a $0.105 dividend. The ex-dividend date of this dividend was Tuesday, September 13th. This represents a $0.42 dividend on an annualized basis and a yield of 9.93%. Frontier Communications Corp.’s payout ratio is currently -85.71%.
Several equities analysts have commented on the company. Morgan Stanley downgraded Frontier Communications Corp. from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $6.00 to $5.40 in a research report on Monday, July 18th. Zacks Investment Research downgraded Frontier Communications Corp. from a “buy” rating to a “hold” rating in a research report on Friday, July 29th. Jefferies Group reaffirmed a “buy” rating and issued a $6.00 price objective on shares of Frontier Communications Corp. in a research report on Tuesday, August 2nd. Raymond James Financial Inc. cut their price objective on Frontier Communications Corp. from $6.00 to $5.50 and set an “outperform” rating on the stock in a research report on Tuesday, August 2nd. Finally, Macquarie assumed coverage on Frontier Communications Corp. in a research report on Monday, July 11th. They issued an “underperform” rating and a $4.65 price objective on the stock. One analyst has rated the stock with a sell rating, five have given a hold rating and nine have given a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $5.95.
Frontier Communications Corp. Company Profile
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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