Bank of America Corporation cut shares of Frontier Communications Corporation (NASDAQ:FTR) from a neutral rating to an underperform rating in a research report report published on Friday, Marketbeat.com reports. Bank of America Corporation currently has $4.00 price target on the utilities provider’s stock.
Several other research firms have also recently issued reports on FTR. Royal Bank Of Canada reissued a hold rating and issued a $16.00 target price on shares of Frontier Communications Corporation in a research note on Sunday, September 17th. BidaskClub lowered shares of Frontier Communications Corporation from a sell rating to a strong sell rating in a report on Wednesday, October 18th. Zacks Investment Research lowered shares of Frontier Communications Corporation from a hold rating to a sell rating in a report on Tuesday, October 3rd. UBS AG restated a neutral rating and issued a $15.00 price objective (down from $26.25) on shares of Frontier Communications Corporation in a report on Tuesday, August 8th. Finally, Jefferies Group LLC restated a buy rating and issued a $25.00 price objective (down from $30.00) on shares of Frontier Communications Corporation in a report on Wednesday, August 2nd. Five equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and two have given a buy rating to the company’s stock. Frontier Communications Corporation has an average rating of Hold and a consensus target price of $10.04.
Frontier Communications Corporation (NASDAQ FTR) traded up $0.19 during midday trading on Friday, hitting $6.96. The company had a trading volume of 3,416,600 shares, compared to its average volume of 2,825,809. 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 Corporation has a 12 month low of $6.72 and a 12 month high of $57.30.
Frontier Communications Corporation (NASDAQ:FTR) last posted its earnings results on Tuesday, October 31st. The utilities provider reported ($0.94) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.95) by $0.01. The company had revenue of $2.25 billion for the quarter, compared to analysts’ expectations of $2.25 billion. Frontier Communications Corporation had a negative return on equity of 1.97% and a negative net margin of 9.17%. Frontier Communications Corporation’s quarterly revenue was down 10.8% on a year-over-year basis. During the same period last year, the firm earned ($0.64) earnings per share. analysts anticipate that Frontier Communications Corporation will post -4.11 EPS for the current fiscal year.
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The firm also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 15th will be issued a dividend of $0.60 per share. The ex-dividend date is Thursday, December 14th. This represents a $2.40 annualized dividend and a dividend yield of 34.48%. Frontier Communications Corporation’s payout ratio is -17.38%.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Fiera Capital Corp purchased a new position in Frontier Communications Corporation in the 2nd quarter worth approximately $905,000. Tudor Investment Corp ET AL raised its holdings in Frontier Communications Corporation by 259.9% in the 1st quarter. Tudor Investment Corp ET AL now owns 142,872 shares of the utilities provider’s stock worth $306,000 after acquiring an additional 103,170 shares during the last quarter. Raymond James Financial Services Advisors Inc. raised its holdings in Frontier Communications Corporation 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 acquiring an additional 132,156 shares during the last quarter. Vanguard Group Inc. raised its holdings in Frontier Communications Corporation by 9.9% in 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 during the last quarter. Finally, Northern Trust Corp raised its holdings in Frontier Communications Corporation by 43.8% in 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 during the last quarter.
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).
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