Schwab Charles Investment Management Inc. Cuts Position in Frontier Communications Corporation (NASDAQ:FTR)

Schwab Charles Investment Management Inc. reduced its position in Frontier Communications Corporation (NASDAQ:FTR) by 32.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,477,938 shares of the utilities provider’s stock after selling 1,693,700 shares during the period. Schwab Charles Investment Management Inc. owned approximately 0.30% of Frontier Communications Corporation worth $7,443,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the company. Kentucky Retirement Systems Insurance Trust Fund bought a new position in shares of Frontier Communications Corporation during the fourth quarter worth $128,000. Thrivent Financial for Lutherans raised its position in shares of Frontier Communications Corporation by 6.6% in the fourth quarter. Thrivent Financial for Lutherans now owns 41,509 shares of the utilities provider’s stock worth $141,000 after buying an additional 2,570 shares during the last quarter. Searle & CO. bought a new position in shares of Frontier Communications Corporation during the fourth quarter worth $153,000. Cadence Capital Management LLC raised its position in shares of Frontier Communications Corporation by 6.1% in the first quarter. Cadence Capital Management LLC now owns 46,516 shares of the utilities provider’s stock worth $100,000 after buying an additional 2,661 shares during the last quarter. Finally, Sigma Planning Corp raised its position in shares of Frontier Communications Corporation by 0.8% in the first quarter. Sigma Planning Corp now owns 48,578 shares of the utilities provider’s stock worth $104,000 after buying an additional 362 shares during the last quarter.

Frontier Communications Corporation (FTR) opened at 13.56 on Friday. Frontier Communications Corporation has a 12 month low of $13.13 and a 12 month high of $72.00. The firm’s 50 day moving average is $15.15 and its 200-day moving average is $5.46. The firm’s market cap is $1.06 billion. Frontier Communications Corporation also saw some unusual options trading activity on Wednesday. Stock investors bought 14,869 put options on the stock. This is an increase of approximately 627% compared to the typical volume of 2,044 put options.

Frontier Communications Corporation (NASDAQ:FTR) last issued its quarterly earnings data on Tuesday, August 1st. The utilities provider reported ($1.10) EPS for the quarter, missing the consensus estimate of ($1.07) by $0.03. The firm had revenue of $2.30 billion for the quarter, compared to analysts’ expectations of $2.31 billion. Frontier Communications Corporation had a negative net margin of 9.35% and a negative return on equity of 1.28%. Frontier Communications Corporation’s revenue was down 11.7% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.29) EPS. On average, equities analysts forecast that Frontier Communications Corporation will post ($3.93) EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be paid a dividend of $0.60 per share. The ex-dividend date is Thursday, September 14th. This represents a $2.40 annualized dividend and a yield of 17.70%. This is a boost from Frontier Communications Corporation’s previous quarterly dividend of $0.04. Frontier Communications Corporation’s payout ratio is currently -16.65%.

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Several brokerages have commented on FTR. UBS AG cut shares of Frontier Communications Corporation from a “buy” rating to a “neutral” rating and cut their price target for the stock from $3.50 to $2.00 in a research report on Wednesday, May 3rd. Hilliard Lyons cut shares of Frontier Communications Corporation from a “neutral” rating to an “underperform” rating in a research report on Wednesday, August 9th. Royal Bank Of Canada reissued a “sector perform” rating and set a $16.00 price target on shares of Frontier Communications Corporation in a research report on Tuesday, August 8th. Cowen and Company reaffirmed a “market perform” rating on shares of Frontier Communications Corporation in a report on Wednesday, August 2nd. Finally, ValuEngine raised shares of Frontier Communications Corporation from a “sell” rating to a “hold” rating in a report on Tuesday, July 11th. Three equities research analysts have rated the stock with a sell rating, twelve have given a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $6.11.

About Frontier Communications Corporation

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).

Institutional Ownership by Quarter for Frontier Communications Corporation (NASDAQ:FTR)

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