Frontier Communications Corporation (FTR) Stake Boosted by World Asset Management Inc
World Asset Management Inc raised its stake in Frontier Communications Corporation (NASDAQ:FTR) by 14.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 104,176 shares of the utilities provider’s stock after buying an additional 13,158 shares during the period. World Asset Management Inc owned approximately 0.13% of Frontier Communications Corporation worth $121,000 at the end of the most recent reporting period.
Other large investors have also modified their holdings of the company. BlackRock Inc. increased its stake in shares of Frontier Communications Corporation by 4,683.4% in the first quarter. BlackRock Inc. now owns 116,003,627 shares of the utilities provider’s stock valued at $248,246,000 after buying an additional 113,578,500 shares during the last quarter. Morgan Stanley increased its stake in shares of Frontier Communications Corporation by 133.9% in the first quarter. Morgan Stanley now owns 10,376,683 shares of the utilities provider’s stock valued at $22,207,000 after buying an additional 5,941,074 shares during the last quarter. First Trust Advisors LP increased its stake in shares of Frontier Communications Corporation by 37.4% in the first quarter. First Trust Advisors LP now owns 21,219,375 shares of the utilities provider’s stock valued at $45,409,000 after buying an additional 5,774,938 shares during the last quarter. Gotham Asset Management LLC acquired a new stake in shares of Frontier Communications Corporation during the first quarter valued at $9,600,000. Finally, Pennant Capital Management LLC acquired a new stake in shares of Frontier Communications Corporation during the first quarter valued at $8,974,000.
Shares of Frontier Communications Corporation (NASDAQ FTR) opened at 12.72 on Tuesday. Frontier Communications Corporation has a 12 month low of $12.65 and a 12 month high of $72.15. The company’s market cap is $998.72 million. The firm’s 50-day moving average price is $15.02 and its 200 day moving average price is $26.37.
Frontier Communications Corporation (NASDAQ:FTR) last issued its earnings results on Tuesday, August 1st. The utilities provider reported ($1.10) EPS for the quarter, missing analysts’ consensus estimates of ($1.07) by $0.03. The firm had revenue of $2.30 billion for the quarter, compared to analyst estimates of $2.31 billion. Frontier Communications Corporation had a negative return on equity of 1.28% and a negative net margin of 9.35%. The business’s revenue for the quarter was down 11.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.29) EPS. Equities research analysts anticipate that Frontier Communications Corporation will post ($3.93) earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be paid a dividend of $0.60 per share. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 18.87%. This is an increase from Frontier Communications Corporation’s previous quarterly dividend of $0.04. Frontier Communications Corporation’s payout ratio is presently -16.65%.
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Several equities research analysts have recently weighed in on FTR shares. Citigroup Inc. upgraded Frontier Communications Corporation from a “sell” rating to a “neutral” rating and set a $1.75 price target on the stock in a report on Wednesday, May 3rd. Deutsche Bank AG restated a “hold” rating and set a $2.00 price objective (down from $3.00) on shares of Frontier Communications Corporation in a report on Wednesday, May 3rd. UBS AG restated a “buy” rating on shares of Frontier Communications Corporation in a report on Thursday, May 4th. Jefferies Group LLC restated a “buy” rating and set a $4.00 price objective (up from $3.50) on shares of Frontier Communications Corporation in a report on Friday, April 28th. Finally, Zacks Investment Research upgraded Frontier Communications Corporation from a “hold” rating to a “buy” rating in a report on Friday, July 14th. Three equities research analysts have rated the stock with a sell rating, twelve have given a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. Frontier Communications Corporation presently has an average rating of “Hold” and an average target price of $6.11.
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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