Bank of America Corp. Reiterates $8.00 Price Target for Frontier Communications Corp. (FTR)
Frontier Communications Corp. (NASDAQ:FTR) has been assigned a $8.00 target price by research analysts at Bank of America Corp. in a research note issued on Monday. The brokerage presently has a a “buy” rating on the stock. Bank of America Corp.’s price target would suggest a potential upside of 92.77% from the stock’s current price.
Several other research analysts have also issued reports on FTR. Jefferies Group reduced their price target on Frontier Communications Corp. from $6.00 to $5.00 and set a “buy” rating on the stock in a research report on Tuesday. Zacks Investment Research lowered Frontier Communications Corp. from a “buy” rating to a “hold” rating in a research report on Monday, July 11th. Raymond James Financial Inc. reduced their price target on Frontier Communications Corp. from $6.00 to $5.50 and set an “outperform” rating on the stock in a research report on Tuesday, August 2nd. Macquarie upgraded Frontier Communications Corp. from an “underperform” rating to a “neutral” rating in a research report on Tuesday, September 6th. Finally, Morgan Stanley lowered Frontier Communications Corp. from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $6.00 to $5.40 in a research report on Monday, July 18th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and nine have given a buy rating to the company’s stock. Frontier Communications Corp. presently has an average rating of “Buy” and a consensus target price of $5.79.
Shares of Frontier Communications Corp. (NASDAQ:FTR) traded down 0.24% on Monday, reaching $4.14. The company’s stock had a trading volume of 11,523,426 shares. The stock’s market cap is $4.86 billion. Frontier Communications Corp. has a 1-year low of $3.81 and a 1-year high of $5.85. The company’s 50 day moving average is $4.41 and its 200-day moving average is $4.96.
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Frontier Communications Corp. (NASDAQ:FTR) last posted its quarterly earnings results on Monday, August 1st. The company reported ($0.07) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.03) by $0.04. Frontier Communications Corp. had a positive return on equity of 2.52% and a negative net margin of 4.85%. The company earned $2.61 billion during the quarter, compared to the consensus estimate of $2.75 billion. During the same quarter in the prior year, the business earned $0.03 earnings per share. The firm’s revenue for the quarter was up 90.6% on a year-over-year basis. On average, equities analysts predict that Frontier Communications Corp. will post ($0.08) earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, September 30th. Investors of record on Thursday, September 15th were given a $0.105 dividend. This represents a $0.42 dividend on an annualized basis and a dividend yield of 10.12%. The ex-dividend date was Tuesday, September 13th. Frontier Communications Corp.’s dividend payout ratio is currently -85.71%.
Several hedge funds have recently added to or reduced their stakes in FTR. Hexavest Inc. bought a new stake in Frontier Communications Corp. during the second quarter worth about $34,473,000. Vanguard Group Inc. increased its stake in Frontier Communications Corp. by 4.2% in the second quarter. Vanguard Group Inc. now owns 113,217,359 shares of the company’s stock worth $559,294,000 after buying an additional 4,580,840 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Frontier Communications Corp. by 13.7% in the second quarter. Dimensional Fund Advisors LP now owns 29,978,633 shares of the company’s stock worth $148,084,000 after buying an additional 3,606,058 shares in the last quarter. FMR LLC increased its stake in Frontier Communications Corp. by 11.9% in the second quarter. FMR LLC now owns 33,237,126 shares of the company’s stock worth $164,192,000 after buying an additional 3,526,930 shares in the last quarter. Finally, Janus Capital Management LLC increased its stake in Frontier Communications Corp. by 933.0% in the second quarter. Janus Capital Management LLC now owns 3,720,243 shares of the company’s stock worth $18,378,000 after buying an additional 3,360,094 shares in the last quarter. 65.93% of the stock is currently owned by institutional investors and hedge funds.
About Frontier Communications Corp.
Frontier Communications Corporation (Frontier) offers a range of voice, data, and video services and products. The Company offers a portfolio of communications services for residential and business customers in each of its markets. The Company’s product portfolio includes Internet access, broadband-enabled services, video services and voice services.
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