Frontier Communications Corp. (FTR) Upgraded to Hold at Zacks Investment Research
Frontier Communications Corp. (NASDAQ:FTR) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Friday.
According to Zacks, “Frontier Communications is nicely positioned to gain from continued growth of high-speed data and voice network. Frontier Communications is also leaving no stone unturned to derive benefits from the growing Business Service Segment, especially, the SMB segment. Also, as a part of its marketing initiatives, Frontier launched its first retail outlet in southern California which will enhance their presence in the region. However, Frontier Communications remains significantly challenged by slow economic recovery in its service territories and competes with the loss of legacy fixed telephony business to wireless and other offerings. The company expects to continue experiencing decline in wireless backhaul revenues due to customer migration to Ethernet solutions at lower price points.”
Several other equities research analysts have also issued reports on the stock. Bank of America Corp. set a $8.00 price target on shares of Frontier Communications Corp. and gave the stock a “buy” rating in a research note on Monday. Jefferies Group decreased their price target on shares of Frontier Communications Corp. from $6.00 to $5.00 and set a “buy” rating for the company in a research note on Tuesday. Wells Fargo & Co. reaffirmed an “outperform” rating and issued a $8.75 price objective on shares of Frontier Communications Corp. in a report on Monday, September 19th. Citigroup Inc. cut their price objective on shares of Frontier Communications Corp. from $4.00 to $3.50 and set a “sell” rating for the company in a report on Friday, September 16th. Finally, Macquarie raised shares of Frontier Communications Corp. from an “underperform” rating to a “neutral” rating in a report on Tuesday, September 6th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $5.79.
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Frontier Communications Corp. (NASDAQ:FTR) opened at 4.00 on Friday. The firm has a 50-day moving average price of $4.36 and a 200 day moving average price of $4.94. The firm’s market cap is $4.69 billion. Frontier Communications Corp. has a 12-month low of $3.81 and a 12-month 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 (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 had revenue of $2.61 billion for the quarter, compared to analysts’ expectations of $2.75 billion. During the same quarter in the previous year, the business earned $0.03 EPS. The company’s revenue for the quarter was up 90.6% on a year-over-year basis. Equities research analysts forecast that Frontier Communications Corp. will post ($0.08) EPS for the current year.
The firm 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 yield of 10.53%. The ex-dividend date of this dividend was Tuesday, September 13th. Frontier Communications Corp.’s payout ratio is presently -85.71%.
A number of institutional investors have recently modified their holdings of FTR. Northwestern Mutual Investment Management Company LLC raised its stake in Frontier Communications Corp. by 0.3% in the second quarter. Northwestern Mutual Investment Management Company LLC now owns 44,753 shares of the company’s stock valued at $221,000 after buying an additional 150 shares during the last quarter. Valley National Advisers Inc. raised its stake in Frontier Communications Corp. by 1.1% in the second quarter. Valley National Advisers Inc. now owns 30,576 shares of the company’s stock valued at $151,000 after buying an additional 343 shares during the last quarter. Rothschild Investment Corp IL raised its stake in Frontier Communications Corp. by 0.5% in the second quarter. Rothschild Investment Corp IL now owns 105,902 shares of the company’s stock valued at $523,000 after buying an additional 557 shares during the last quarter. HL Financial Services LLC raised its stake in Frontier Communications Corp. by 2.2% in the second quarter. HL Financial Services LLC now owns 32,817 shares of the company’s stock valued at $162,000 after buying an additional 715 shares during the last quarter. Finally, BB&T Corp raised its stake in Frontier Communications Corp. by 1.7% in the second quarter. BB&T Corp now owns 43,243 shares of the company’s stock valued at $214,000 after buying an additional 736 shares during the last quarter. Institutional investors own 65.93% of the company’s stock.
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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