Geode Capital Management LLC Reduces Holdings in Frontier Communications (FTR)

Geode Capital Management LLC lessened its stake in Frontier Communications (NASDAQ:FTR) by 3.2% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 687,080 shares of the utilities provider’s stock after selling 22,664 shares during the quarter. Geode Capital Management LLC owned 0.88% of Frontier Communications worth $4,644,000 at the end of the most recent reporting period.

Other institutional investors also recently added to or reduced their stakes in the company. Capital Analysts LLC bought a new stake in Frontier Communications in the fourth quarter worth approximately $869,000. Steward Partners Investment Advisory LLC bought a new stake in Frontier Communications in the third quarter worth approximately $176,000. State of Alaska Department of Revenue bought a new stake in Frontier Communications in the fourth quarter worth approximately $105,000. Edgestream Partners L.P. bought a new stake in Frontier Communications in the fourth quarter worth approximately $117,000. Finally, Crossmark Global Holdings Inc. grew its position in Frontier Communications by 92.3% in the fourth quarter. Crossmark Global Holdings Inc. now owns 23,758 shares of the utilities provider’s stock worth $161,000 after acquiring an additional 11,402 shares in the last quarter. Hedge funds and other institutional investors own 70.99% of the company’s stock.

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NASDAQ FTR opened at $8.96 on Thursday. The company has a quick ratio of 0.53, a current ratio of 0.53 and a debt-to-equity ratio of 7.46. The firm has a market cap of $671.18, a P/E ratio of -2.36 and a beta of 0.66. Frontier Communications has a 1 year low of $6.08 and a 1 year high of $29.85.

Frontier Communications (NASDAQ:FTR) last posted its quarterly earnings data on Tuesday, February 27th. The utilities provider reported ($0.59) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($1.12) by $0.53. The business had revenue of $2.22 billion during the quarter, compared to the consensus estimate of $2.21 billion. Frontier Communications had a negative net margin of 19.76% and a negative return on equity of 3.95%. Frontier Communications’s quarterly revenue was down 8.0% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.12) EPS. equities research analysts expect that Frontier Communications will post -2.36 earnings per share for the current year.

Several analysts have commented on FTR shares. Zacks Investment Research raised shares of Frontier Communications from a “hold” rating to a “buy” rating and set a $8.25 target price for the company in a research report on Tuesday, January 9th. Vetr raised shares of Frontier Communications from a “buy” rating to a “strong-buy” rating and set a $9.22 target price for the company in a research report on Tuesday, January 23rd. Morgan Stanley decreased their target price on shares of Frontier Communications from $16.00 to $10.00 and set an “equal weight” rating for the company in a research report on Monday, March 19th. BidaskClub raised shares of Frontier Communications from a “hold” rating to a “buy” rating in a research report on Wednesday, February 28th. Finally, Jefferies Group downgraded shares of Frontier Communications from a “buy” rating to a “hold” rating in a research report on Wednesday, February 28th. Six equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $9.87.

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About Frontier Communications

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 broadband, Ethernet, traditional circuit-based, and voice services; and software defined wide area network, multiprotocol label switching, and time division multiplexing data transport and optical transport services to small, medium, and large enterprises, as well as advanced hardware and network solutions and services, and customer premise equipment.

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

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