Prudential Financial Inc. cut its holdings in Frontier Communications Corporation (NASDAQ:FTR) by 93.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 52,648 shares of the utilities provider’s stock after selling 730,197 shares during the period. Prudential Financial Inc. owned about 0.07% of Frontier Communications worth $621,000 at the end of the most recent quarter.
Several other hedge funds have also added to or reduced their stakes in the company. Aviva PLC grew its holdings in shares of Frontier Communications by 0.5% in the second quarter. Aviva PLC now owns 736,919 shares of the utilities provider’s stock valued at $855,000 after acquiring an additional 3,410 shares in the last quarter. Arizona State Retirement System grew its holdings in shares of Frontier Communications by 1.4% in the second quarter. Arizona State Retirement System now owns 494,600 shares of the utilities provider’s stock valued at $574,000 after acquiring an additional 6,600 shares in the last quarter. Texas Permanent School Fund grew its holdings in shares of Frontier Communications by 0.8% in the second quarter. Texas Permanent School Fund now owns 856,469 shares of the utilities provider’s stock valued at $994,000 after acquiring an additional 7,154 shares in the last quarter. FNY Partners Fund LP grew its holdings in shares of Frontier Communications by 900.0% in the second quarter. FNY Partners Fund LP now owns 10,000 shares of the utilities provider’s stock valued at $174,000 after acquiring an additional 9,000 shares in the last quarter. Finally, Louisiana State Employees Retirement System lifted its stake in Frontier Communications by 3.3% in the second quarter. Louisiana State Employees Retirement System now owns 306,000 shares of the utilities provider’s stock valued at $355,000 after purchasing an additional 9,800 shares during the last quarter. 67.62% of the stock is owned by institutional investors.
Several equities analysts recently commented on FTR shares. Royal Bank Of Canada reiterated a “sector perform” rating and issued a $8.00 price objective (down previously from $16.00) on shares of Frontier Communications in a research note on Monday, November 20th. BidaskClub downgraded Frontier Communications from a “sell” rating to a “strong sell” rating in a research note on Wednesday, October 18th. Zacks Investment Research downgraded Frontier Communications from a “hold” rating to a “sell” rating in a research note on Tuesday, October 3rd. Wells Fargo & Company reiterated a “market perform” rating and issued a $9.00 price objective (down previously from $14.50) on shares of Frontier Communications in a research note on Thursday, November 2nd. Finally, Vetr downgraded Frontier Communications from a “strong-buy” rating to a “buy” rating and set a $13.35 price objective on the stock. in a research note on Tuesday, October 31st. Five equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and two have given a buy rating to the company. Frontier Communications has an average rating of “Hold” and an average target price of $9.46.
Shares of Frontier Communications Corporation (NASDAQ:FTR) opened at $9.75 on Monday. Frontier Communications Corporation has a 12-month low of $6.08 and a 12-month high of $57.30. 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 (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 consensus estimate of ($0.95) by $0.01. The firm had revenue of $2.25 billion for the quarter, compared to the consensus estimate of $2.25 billion. Frontier Communications had a negative return on equity of 1.97% and a negative net margin of 9.17%. The business’s quarterly revenue was down 10.8% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.64) earnings per share. sell-side analysts predict that Frontier Communications Corporation will post -4.17 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 15th will be given a $0.60 dividend. The ex-dividend date of this dividend is Thursday, December 14th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 24.62%. Frontier Communications’s dividend payout ratio (DPR) is presently -17.38%.
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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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