JPMorgan Chase & Co. lowered its position in Frontier Communications Corporation (NASDAQ:FTR) by 61.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,327,315 shares of the company’s stock after selling 2,123,170 shares during the period. JPMorgan Chase & Co. owned about 0.11% of Frontier Communications Corporation worth $5,521,000 at the end of the most recent quarter.
Other hedge funds have also made changes to their positions in the company. TD Asset Management Inc. increased its stake in Frontier Communications Corporation by 800.6% in the third quarter. TD Asset Management Inc. now owns 9,116,449 shares of the company’s stock valued at $37,924,000 after buying an additional 8,104,223 shares during the last quarter. CI Investments Inc. increased its stake in Frontier Communications Corporation by 2.0% in the second quarter. CI Investments Inc. now owns 25,798,955 shares of the company’s stock valued at $127,447,000 after buying an additional 505,300 shares during the last quarter. Strs Ohio increased its stake in Frontier Communications Corporation by 55.9% in the third quarter. Strs Ohio now owns 2,650,000 shares of the company’s stock valued at $11,024,000 after buying an additional 950,000 shares during the last quarter. AGF Investments Inc. increased its stake in Frontier Communications Corporation by 45.3% in the third quarter. AGF Investments Inc. now owns 1,765,978 shares of the company’s stock valued at $7,342,000 after buying an additional 550,761 shares during the last quarter. Finally, Alps Advisors Inc. increased its stake in Frontier Communications Corporation 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 last quarter. 66.27% of the stock is owned by institutional investors.
Frontier Communications Corporation (NASDAQ:FTR) traded down 0.964% during midday trading on Wednesday, hitting $3.595. The company had a trading volume of 6,582,147 shares. The company’s 50 day moving average is $3.53 and its 200 day moving average is $4.23. Frontier Communications Corporation has a 12-month low of $3.10 and a 12-month high of $5.85. The stock’s market cap is $4.22 billion.
Frontier Communications Corporation (NASDAQ:FTR) last issued its quarterly earnings results on Tuesday, November 1st. The company reported ($0.04) EPS for the quarter, hitting the consensus estimate of ($0.04). Frontier Communications Corporation had a negative net margin of 5.01% and a positive return on equity of 2.05%. The business had revenue of $2.52 billion for the quarter, compared to analysts’ expectations of $2.57 billion. During the same quarter last year, the company posted $0.03 earnings per share. The company’s quarterly revenue was up 77.2% compared to the same quarter last year. On average, equities analysts anticipate that Frontier Communications Corporation will post ($0.10) EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, December 30th. Shareholders of record on Thursday, December 15th were issued a $0.105 dividend. The ex-dividend date of this dividend was Tuesday, December 13th. This represents a $0.42 dividend on an annualized basis and a yield of 11.57%. Frontier Communications Corporation’s dividend payout ratio is currently -77.78%.
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Several equities analysts recently issued reports on the company. Citigroup Inc. dropped their price target on Frontier Communications Corporation from $4.00 to $3.50 and set a “sell” rating on the stock in a research report on Friday, September 16th. Wells Fargo & Company restated an “outperform” rating and issued a $8.75 price target on shares of Frontier Communications Corporation in a research report on Monday, September 19th. Bank of America Corporation set a $8.00 price target on Frontier Communications Corporation and gave the company a “buy” rating in a research report on Monday, October 10th. Jefferies Group dropped their price target on Frontier Communications Corporation from $6.00 to $5.00 and set a “buy” rating on the stock in a research report on Tuesday, October 11th. Finally, Zacks Investment Research cut Frontier Communications Corporation from a “buy” rating to a “hold” rating in a research report on Friday, October 21st. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and seven have assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $5.29.
Frontier Communications Corporation 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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