Teachers Retirement System of The State of Kentucky Sells 201,694 Shares of Frontier Communications Corporation (FTR)

Teachers Retirement System of The State of Kentucky cut its stake in Frontier Communications Corporation (NASDAQ:FTR) by 93.3% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 14,406 shares of the utilities provider’s stock after selling 201,694 shares during the quarter. Teachers Retirement System of The State of Kentucky’s holdings in Frontier Communications were worth $170,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Vanguard Group Inc. increased its position in shares of Frontier Communications by 9.9% during the 2nd quarter. Vanguard Group Inc. now owns 116,799,968 shares of the utilities provider’s stock worth $135,488,000 after purchasing an additional 10,474,703 shares during the last quarter. State Street Corp increased its position in shares of Frontier Communications by 14.9% during the 2nd quarter. State Street Corp now owns 49,574,081 shares of the utilities provider’s stock worth $57,507,000 after purchasing an additional 6,445,036 shares during the last quarter. First Trust Advisors LP increased its position in shares of Frontier Communications by 101.4% during the 2nd quarter. First Trust Advisors LP now owns 42,741,996 shares of the utilities provider’s stock worth $49,581,000 after purchasing an additional 21,522,621 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of Frontier Communications by 7.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 25,636,186 shares of the utilities provider’s stock worth $29,738,000 after purchasing an additional 1,757,905 shares during the last quarter. Finally, Gotham Asset Management LLC increased its position in shares of Frontier Communications by 340.9% during the 2nd quarter. Gotham Asset Management LLC now owns 19,776,306 shares of the utilities provider’s stock worth $22,941,000 after purchasing an additional 15,290,477 shares during the last quarter. 67.64% of the stock is owned by institutional investors and hedge funds.

Frontier Communications Corporation (FTR) opened at $8.55 on Monday. Frontier Communications Corporation has a twelve month low of $6.08 and a twelve month high of $57.30. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 5.16.

Frontier Communications (NASDAQ:FTR) last announced its earnings results on Tuesday, October 31st. The utilities provider reported ($0.94) EPS for the quarter, beating analysts’ consensus estimates of ($0.95) by $0.01. Frontier Communications had a negative return on equity of 1.97% and a negative net margin of 9.17%. The company had revenue of $2.25 billion during the quarter, compared to analysts’ expectations of $2.25 billion. During the same period last year, the business posted ($0.64) EPS. Frontier Communications’s revenue for the quarter was down 10.8% on a year-over-year basis. research analysts anticipate that Frontier Communications Corporation will post -4.17 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 15th will be issued a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 28.07%. The ex-dividend date is Thursday, December 14th. Frontier Communications’s dividend payout ratio (DPR) is -17.38%.

A number of brokerages recently issued reports on FTR. Royal Bank Of Canada reissued a “sector perform” rating and set a $16.00 price objective on shares of Frontier Communications in a research report on Tuesday, August 8th. Hilliard Lyons downgraded Frontier Communications from a “neutral” rating to an “underperform” rating in a research report on Wednesday, August 9th. UBS reissued a “neutral” rating and set a $15.00 price objective (down from $26.25) on shares of Frontier Communications in a research report on Tuesday, August 8th. BidaskClub raised Frontier Communications from a “sell” rating to a “hold” rating in a research report on Thursday, September 7th. Finally, ValuEngine downgraded Frontier Communications from a “sell” rating to a “strong sell” rating in a research report on Friday, September 1st. Five equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and two have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $9.46.

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Frontier Communications 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).

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

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