Frontier Communications (FTR) Bonds Drop 3.3% During Trading

An issue of Frontier Communications Corp (NASDAQ:FTR) bonds fell 3.3% as a percentage of their face value during trading on Thursday. The debt issue has a 10.5% coupon and is set to mature on September 15, 2022. The bonds in the issue are now trading at $78.50 and were trading at $82.88 one week ago. Price moves in a company’s bonds in credit markets often predict parallel moves in its share price.

FTR has been the topic of a number of analyst reports. BidaskClub raised Frontier Communications from a “hold” rating to a “buy” rating in a research report on Tuesday, December 12th. Vetr cut Frontier Communications from a “strong-buy” rating to a “buy” rating and set a $13.35 price objective on the stock. in a research report on Tuesday, October 31st. Zacks Investment Research raised Frontier Communications from a “hold” rating to a “buy” rating and set a $8.25 price objective on the stock in a research report on Tuesday, January 9th. Cowen reaffirmed a “hold” rating and set a $14.00 price objective on shares of Frontier Communications in a research report on Thursday, October 19th. Finally, Gabelli cut Frontier Communications from a “buy” rating to a “hold” rating in a research report on Thursday, November 9th. Six equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and two have assigned a buy rating to the company’s stock. Frontier Communications currently has a consensus rating of “Hold” and an average target price of $9.49.

Frontier Communications Corp (FTR) traded down $0.52 during midday trading on Thursday, reaching $7.15. The company had a trading volume of 2,594,590 shares, compared to its average volume of 2,710,000. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 5.16. Frontier Communications Corp has a one year low of $6.08 and a one year high of $51.30. The stock has a market cap of $560.97, a PE ratio of -0.52 and a beta of 0.67.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Raymond James Financial Services Advisors Inc. lifted its holdings in Frontier Communications by 53.0% in the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 381,695 shares of the utilities provider’s stock worth $443,000 after purchasing an additional 132,156 shares in the last quarter. Vanguard Group Inc. raised its holdings 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 acquiring an additional 10,474,703 shares in the last quarter. Northern Trust Corp raised its holdings in shares of Frontier Communications by 43.8% during the 2nd quarter. Northern Trust Corp now owns 17,209,093 shares of the utilities provider’s stock worth $19,963,000 after acquiring an additional 5,238,840 shares in the last quarter. State Street Corp raised its holdings 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 acquiring an additional 6,445,036 shares in the last quarter. Finally, Lord Abbett & CO. LLC raised its holdings in shares of Frontier Communications by 0.7% during the 2nd quarter. Lord Abbett & CO. LLC now owns 2,755,300 shares of the utilities provider’s stock worth $3,196,000 after acquiring an additional 20,500 shares in the last quarter. 62.94% of the stock is currently owned by institutional investors.

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Frontier Communications Company 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).

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