Meridian Investment Counsel Inc. boosted its holdings in shares of Frontier Communications Corp (NASDAQ:FTR) by 35.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 92,745 shares of the utilities provider’s stock after acquiring an additional 24,271 shares during the period. Meridian Investment Counsel Inc. owned about 0.09% of Frontier Communications worth $162,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also made changes to their positions in FTR. Cetera Advisors LLC acquired a new position in Frontier Communications during the first quarter worth about $35,000. Marathon Trading Investment Management LLC acquired a new position in Frontier Communications during the first quarter worth about $51,000. BNP Paribas Arbitrage SA raised its position in Frontier Communications by 453.1% during the first quarter. BNP Paribas Arbitrage SA now owns 25,475 shares of the utilities provider’s stock worth $51,000 after acquiring an additional 20,869 shares during the last quarter. Royce & Associates LP raised its position in Frontier Communications by 40.6% during the first quarter. Royce & Associates LP now owns 26,468 shares of the utilities provider’s stock worth $53,000 after acquiring an additional 7,640 shares during the last quarter. Finally, World Asset Management Inc raised its position in Frontier Communications by 35.3% during the second quarter. World Asset Management Inc now owns 66,627 shares of the utilities provider’s stock worth $117,000 after acquiring an additional 17,386 shares during the last quarter. Institutional investors own 73.39% of the company’s stock.
FTR has been the subject of a number of research reports. Guggenheim set a $1.00 target price on shares of Frontier Communications and gave the stock a “sell” rating in a research report on Wednesday, August 7th. Citigroup boosted their price objective on shares of Frontier Communications from $1.00 to $1.50 and gave the company a “positive” rating in a research report on Thursday, June 20th. They noted that the move was a valuation call. Royal Bank of Canada set a $1.00 price objective on shares of Frontier Communications and gave the company a “hold” rating in a research report on Wednesday, August 7th. Cowen set a $2.00 price objective on shares of Frontier Communications and gave the company a “hold” rating in a research report on Wednesday, August 7th. Finally, ValuEngine raised shares of Frontier Communications from a “sell” rating to a “hold” rating in a research report on Thursday, August 1st. Four research analysts have rated the stock with a sell rating, six have assigned a hold rating and one has assigned a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $2.25.
Frontier Communications (NASDAQ:FTR) last posted its quarterly earnings data on Tuesday, August 6th. The utilities provider reported $0.98 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.28) by $1.26. Frontier Communications had a negative net margin of 71.86% and a positive return on equity of 21.42%. The business had revenue of $2.07 billion during the quarter, compared to analyst estimates of $2.07 billion. During the same quarter in the previous year, the business posted ($0.92) earnings per share. The company’s revenue was down 4.4% on a year-over-year basis. As a group, equities analysts forecast that Frontier Communications Corp will post -0.18 EPS for the current year.
Frontier Communications Profile
Frontier Communications Corporation provides communications services to consumer, commercial, and wholesale customers in the United States. It offers broadband, video, voice, and other services and products through a combination of fiber and copper-based networks to consumer customers. The company also provides Ethernet and traditional circuit-based services; software defined wide area network, managed Wi-Fi and cloud IT solutions, voice and Unified Communications as a Service (UCaaS), and Voice over Internet Protocol (VoIP) services, as well as hardware and network solutions and services to small and medium business, and large enterprises.
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