Frontier Communications Corp. (FTR) Short Interest Up 1.6% in September
Frontier Communications Corp. (NASDAQ:FTR) was the target of a large increase in short interest in the month of September. As of September 30th, there was short interest totalling 228,277,367 shares, an increase of 1.6% from the September 15th total of 224,607,059 shares. Currently, 19.6% of the company’s stock are short sold. Based on an average daily volume of 25,879,006 shares, the days-to-cover ratio is presently 8.8 days.
FTR has been the topic of several recent analyst reports. Zacks Investment Research cut Frontier Communications Corp. from a “buy” rating to a “hold” rating in a research note on Friday, July 29th. Macquarie upgraded Frontier Communications Corp. from an “underperform” rating to a “neutral” rating in a research note on Tuesday, September 6th. Wells Fargo & Co. restated an “outperform” rating and set a $8.75 price objective on shares of Frontier Communications Corp. in a research note on Monday, September 19th. Jefferies Group restated a “buy” rating and set a $6.00 price objective on shares of Frontier Communications Corp. in a research note on Tuesday, August 2nd. Finally, Bank of America Corp. set a $8.00 price objective on Frontier Communications Corp. and gave the company a “buy” rating in a research note on Monday. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $5.79.
A number of large investors have recently modified their holdings of FTR. State Street Corp boosted its stake in Frontier Communications Corp. by 1.2% in the first quarter. State Street Corp now owns 46,635,440 shares of the company’s stock worth $260,696,000 after buying an additional 548,405 shares in the last quarter. OMERS ADMINISTRATION Corp bought a new stake in Frontier Communications Corp. during the first quarter worth approximately $658,000. Aviva PLC boosted its stake in Frontier Communications Corp. by 1.3% in the first quarter. Aviva PLC now owns 588,314 shares of the company’s stock worth $3,289,000 after buying an additional 7,616 shares in the last quarter. Picton Mahoney Asset Management bought a new stake in Frontier Communications Corp. during the first quarter worth approximately $2,098,000. Finally, M&T Bank Corp boosted its stake in Frontier Communications Corp. by 33.8% in the first quarter. M&T Bank Corp now owns 94,733 shares of the company’s stock worth $530,000 after buying an additional 23,927 shares in the last quarter. 65.93% of the stock is currently owned by institutional investors.
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Shares of Frontier Communications Corp. (NASDAQ:FTR) opened at 4.02 on Thursday. The company’s market capitalization is $4.72 billion. The company has a 50-day moving average price of $4.38 and a 200-day moving average price of $4.95. Frontier Communications Corp. has a 52 week low of $3.81 and a 52 week high of $5.85.
Frontier Communications Corp. (NASDAQ:FTR) last issued its quarterly earnings results on Monday, August 1st. The company reported ($0.07) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.03) by $0.04. The firm earned $2.61 billion during the quarter, compared to analysts’ expectations of $2.75 billion. Frontier Communications Corp. had a positive return on equity of 2.52% and a negative net margin of 4.85%. Frontier Communications Corp.’s revenue for the quarter was up 90.6% on a year-over-year basis. During the same period in the previous year, the company earned $0.03 earnings per share. Analysts predict that Frontier Communications Corp. will post ($0.08) earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, September 30th. Investors of record on Thursday, September 15th were paid a $0.105 dividend. The ex-dividend date of this dividend was Tuesday, September 13th. This represents a $0.42 annualized dividend and a yield of 10.45%. Frontier Communications Corp.’s payout ratio is -85.71%.
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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