Frontier Communications Corporation (FTR) Stake Lessened by Great West Life Assurance Co. Can
Great West Life Assurance Co. Can reduced its stake in shares of Frontier Communications Corporation (NASDAQ:FTR) by 94.9% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 60,028 shares of the utilities provider’s stock after selling 1,111,232 shares during the quarter. Great West Life Assurance Co. Can owned approximately 0.08% of Frontier Communications worth $737,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently modified their holdings of the company. Aviva PLC lifted its stake in Frontier Communications by 0.5% in the second quarter. Aviva PLC now owns 736,919 shares of the utilities provider’s stock worth $855,000 after acquiring an additional 3,410 shares during the period. Arizona State Retirement System lifted its stake in Frontier Communications by 1.4% in the second quarter. Arizona State Retirement System now owns 494,600 shares of the utilities provider’s stock worth $574,000 after acquiring an additional 6,600 shares during the period. FNY Partners Fund LP raised its holdings in Frontier Communications by 900.0% in the second quarter. FNY Partners Fund LP now owns 10,000 shares of the utilities provider’s stock worth $174,000 after purchasing an additional 9,000 shares in the last quarter. Quantbot Technologies LP bought a new position in Frontier Communications in the third quarter worth about $124,000. Finally, Comerica Bank raised its holdings in Frontier Communications by 1.3% in the second quarter. Comerica Bank now owns 940,739 shares of the utilities provider’s stock worth $997,000 after purchasing an additional 12,067 shares in the last quarter. 62.89% of the stock is owned by hedge funds and other institutional investors.
Frontier Communications Corporation (NASDAQ FTR) opened at $6.98 on Monday. Frontier Communications Corporation has a fifty-two week low of $6.08 and a fifty-two week 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. The stock has a market cap of $537.62, a PE ratio of -0.51 and a beta of 0.52.
Frontier Communications (NASDAQ:FTR) last posted its quarterly earnings data on Tuesday, October 31st. The utilities provider reported ($0.94) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.95) by $0.01. Frontier Communications had a negative net margin of 9.17% and a negative return on equity of 1.97%. The firm had revenue of $2.25 billion for the quarter, compared to the consensus estimate of $2.25 billion. During the same quarter in the prior year, the company posted ($0.64) earnings per share. The company’s revenue for the quarter was down 10.8% compared to the same quarter last year. sell-side analysts forecast that Frontier Communications Corporation will post -4.17 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 15th will be issued a $0.60 dividend. The ex-dividend date of this dividend is Thursday, December 14th. This represents a $2.40 annualized dividend and a yield of 34.38%. Frontier Communications’s dividend payout ratio (DPR) is presently -17.45%.
A number of equities analysts have commented on the stock. BidaskClub downgraded shares of Frontier Communications from a “hold” rating to a “sell” rating in a report on Saturday, September 16th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $8.00 target price (down from $16.00) on shares of Frontier Communications in a report on Monday, November 20th. Gabelli downgraded shares of Frontier Communications from a “buy” rating to a “hold” rating in a report on Thursday, November 9th. UBS Group reduced their target price on shares of Frontier Communications from $15.00 to $13.00 and set a “neutral” rating for the company in a report on Wednesday, November 1st. Finally, Bank of America downgraded shares of Frontier Communications from a “neutral” rating to an “underperform” rating and set a $4.00 target price for the company. in a report on Friday, November 10th. Six 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 stock. The company currently has a consensus rating of “Hold” and an average target price of $9.30.
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About Frontier Communications
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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