Short Interest in Frontier Communications Corp. (FTR) Expands By 1.6%

Frontier Communications Corp. (NASDAQ:FTR) was the target of a large growth in short interest during the month of September. As of September 30th, there was short interest totalling 228,277,367 shares, a growth of 1.6% from the September 15th total of 224,607,059 shares. Approximately 19.6% of the company’s shares are short sold. Based on an average daily volume of 25,879,006 shares, the short-interest ratio is presently 8.8 days.

FTR has been the subject of several research reports. Citigroup Inc. decreased their target price 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 initiated coverage on Frontier Communications Corp. in a research report on Monday, July 11th. They issued an “underperform” rating and a $4.65 target price for the company. Zacks Investment Research lowered Frontier Communications Corp. from a “buy” rating to a “hold” rating in a research report on Friday, July 29th. Wells Fargo & Co. reissued an “outperform” rating and issued a $8.75 target price on shares of Frontier Communications Corp. in a research report on Monday, September 19th. Finally, Bank of America Corp. set a $8.00 target price on Frontier Communications Corp. and gave the stock a “buy” rating in a research report on Monday, October 10th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and nine have assigned a buy rating to the company. Frontier Communications Corp. has a consensus rating of “Buy” and a consensus price target of $5.79.

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Geode Capital Management LLC raised its position in shares of Frontier Communications Corp. by 3.2% in the first quarter. Geode Capital Management LLC now owns 10,176,364 shares of the company’s stock valued at $56,777,000 after buying an additional 316,788 shares during the period. Nuveen Asset Management LLC raised its position in shares of Frontier Communications Corp. by 11.3% in the first quarter. Nuveen Asset Management LLC now owns 4,616,749 shares of the company’s stock valued at $25,807,000 after buying an additional 466,872 shares during the period. Alps Advisors Inc. raised its position in shares of Frontier Communications Corp. by 26.7% in the second quarter. Alps Advisors Inc. now owns 5,145,649 shares of the company’s stock valued at $25,420,000 after buying an additional 1,085,591 shares during the period. Private Advisor Group LLC raised its position in shares of Frontier Communications Corp. by 39.3% in the second quarter. Private Advisor Group LLC now owns 111,398 shares of the company’s stock valued at $544,000 after buying an additional 31,453 shares during the period. Finally, NN Investment Partners Holdings N.V. raised its position in shares of Frontier Communications Corp. by 85.2% in the second quarter. NN Investment Partners Holdings N.V. now owns 925,330 shares of the company’s stock valued at $4,571,000 after buying an additional 425,682 shares during the period. Institutional investors and hedge funds own 65.93% of the company’s stock.

Shares of Frontier Communications Corp. (NASDAQ:FTR) opened at 3.94 on Friday. The company has a 50 day moving average price of $4.34 and a 200 day moving average price of $4.93. Frontier Communications Corp. has a 1-year low of $3.81 and a 1-year high of $5.85. The stock’s market cap is $4.62 billion.

Frontier Communications Corp. (NASDAQ:FTR) last announced its earnings results on Monday, August 1st. The company reported ($0.07) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ 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 business had revenue of $2.61 billion for the quarter, compared to analysts’ expectations of $2.75 billion. During the same quarter last year, the firm earned $0.03 EPS. The firm’s quarterly revenue was up 90.6% on a year-over-year basis. On average, equities analysts anticipate that Frontier Communications Corp. will post ($0.08) EPS for the current year.

The firm also recently announced 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. The ex-dividend date was Tuesday, September 13th. This represents a $0.42 annualized dividend and a dividend yield of 10.66%. Frontier Communications Corp.’s dividend payout ratio (DPR) is presently -85.71%.

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.

5 Day Chart for NASDAQ:FTR

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