Shares of Frontier Communications Corp (NASDAQ:FTR) dropped 7.8% on Friday . The stock traded as low as $0.62 and last traded at $0.64, approximately 3,626,696 shares traded hands during trading. An increase of 122% from the average daily volume of 1,635,631 shares. The stock had previously closed at $0.69.

Separately, Zacks Investment Research downgraded Frontier Communications from a “buy” rating to a “hold” rating and set a $0.85 price target for the company. in a research note on Friday, November 15th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and one has given a buy rating to the stock. Frontier Communications currently has an average rating of “Hold” and an average target price of $1.48.

The firm has a 50 day simple moving average of $0.70 and a 200 day simple moving average of $0.95. The firm has a market cap of $69.97 million, a P/E ratio of -0.48 and a beta of 1.57.

Frontier Communications (NASDAQ:FTR) last issued its earnings results on Tuesday, November 5th. The utilities provider reported ($0.15) EPS for the quarter, topping the consensus estimate of ($0.47) by $0.32. Frontier Communications had a negative return on equity of 5.15% and a negative net margin of 72.00%. The business had revenue of $2 billion during the quarter, compared to the consensus estimate of $2.02 billion. During the same quarter last year, the company earned ($4.11) EPS. The firm’s revenue was down 3.4% compared to the same quarter last year. On average, equities analysts predict that Frontier Communications Corp will post -0.08 EPS for the current fiscal year.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. BlackRock Inc. boosted its stake in Frontier Communications by 4.2% in the 2nd quarter. BlackRock Inc. now owns 16,705,266 shares of the utilities provider’s stock worth $29,234,000 after purchasing an additional 673,480 shares during the period. Morgan Stanley raised its holdings in shares of Frontier Communications by 147.0% in the 2nd quarter. Morgan Stanley now owns 4,273,345 shares of the utilities provider’s stock valued at $7,479,000 after acquiring an additional 2,543,420 shares in the last quarter. State Street Corp raised its holdings in shares of Frontier Communications by 4.6% in the 3rd quarter. State Street Corp now owns 3,766,723 shares of the utilities provider’s stock valued at $3,266,000 after acquiring an additional 166,644 shares in the last quarter. Invesco Ltd. raised its holdings in shares of Frontier Communications by 288.4% in the 2nd quarter. Invesco Ltd. now owns 3,623,984 shares of the utilities provider’s stock valued at $6,342,000 after acquiring an additional 2,690,886 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Frontier Communications by 33.9% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 2,933,234 shares of the utilities provider’s stock valued at $5,134,000 after acquiring an additional 741,960 shares in the last quarter. Institutional investors and hedge funds own 69.01% of the company’s stock.

Frontier Communications Company Profile (NASDAQ:FTR)

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 Ethernet and traditional circuit-based services; software defined wide area network, managed Wi-Fi and cloud IT solutions, voice and Unified Communications as a Service (UCaaS), and Voice over Internet Protocol (VoIP) services, as well as hardware and network solutions and services to small and medium business, and large enterprises.

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