Short Interest in Frontier Communications Corp (FTR) Rises By 8.5%

Frontier Communications Corp (NASDAQ:FTR) saw a significant increase in short interest in October. As of October 31st, there was short interest totalling 36,569,560 shares, an increase of 8.5% from the October 15th total of 33,704,254 shares. Approximately 35.2% of the company’s stock are sold short. Based on an average trading volume of 3,033,227 shares, the short-interest ratio is currently 12.1 days.

Frontier Communications stock opened at $3.87 on Friday. Frontier Communications has a fifty-two week low of $3.81 and a fifty-two week high of $11.64. The stock has a market cap of $556.56 million, a P/E ratio of -1.02 and a beta of 0.83. The company has a debt-to-equity ratio of 6.75, a quick ratio of 0.47 and a current ratio of 0.47.

Frontier Communications (NASDAQ:FTR) last released its quarterly earnings results on Tuesday, November 6th. The utilities provider reported ($0.07) earnings per share for the quarter, topping the consensus estimate of ($0.20) by $0.13. Frontier Communications had a negative net margin of 16.69% and a negative return on equity of 2.25%. The business had revenue of $2.13 billion for the quarter, compared to analysts’ expectations of $2.12 billion. During the same period in the previous year, the company earned ($0.94) earnings per share. The firm’s revenue for the quarter was down 5.6% compared to the same quarter last year. As a group, research analysts anticipate that Frontier Communications will post -1.73 earnings per share for the current year.

Institutional investors have recently added to or reduced their stakes in the stock. Canada Pension Plan Investment Board boosted its stake in Frontier Communications by 1,042.6% in the third quarter. Canada Pension Plan Investment Board now owns 848,243 shares of the utilities provider’s stock valued at $5,505,000 after acquiring an additional 774,008 shares during the last quarter. FMR LLC boosted its stake in Frontier Communications by 11.4% in the third quarter. FMR LLC now owns 921,912 shares of the utilities provider’s stock valued at $5,983,000 after acquiring an additional 94,667 shares during the last quarter. American International Group Inc. boosted its stake in Frontier Communications by 34.6% in the third quarter. American International Group Inc. now owns 82,112 shares of the utilities provider’s stock valued at $533,000 after acquiring an additional 21,095 shares during the last quarter. BlackRock Inc. boosted its stake in Frontier Communications by 32.8% in the third quarter. BlackRock Inc. now owns 16,286,094 shares of the utilities provider’s stock valued at $105,696,000 after acquiring an additional 4,021,298 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in Frontier Communications by 30.6% in the third quarter. Bank of New York Mellon Corp now owns 1,572,919 shares of the utilities provider’s stock valued at $10,208,000 after acquiring an additional 368,710 shares during the last quarter. Institutional investors and hedge funds own 62.57% of the company’s stock.

FTR has been the subject of several recent research reports. Zacks Investment Research downgraded shares of Frontier Communications from a “buy” rating to a “hold” rating in a research report on Thursday, August 2nd. ValuEngine upgraded shares of Frontier Communications from a “strong sell” rating to a “sell” rating in a report on Tuesday, October 2nd. BidaskClub upgraded shares of Frontier Communications from a “hold” rating to a “buy” rating in a report on Thursday, September 20th. Guggenheim restated a “sell” rating and set a $4.20 price target on shares of Frontier Communications in a report on Wednesday, August 1st. Finally, Cowen set a $6.00 price target on shares of Frontier Communications and gave the stock a “hold” rating in a report on Tuesday, July 31st. Seven equities research analysts have rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $5.94.

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Frontier Communications Company Profile

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 broadband, Ethernet, traditional circuit-based, and voice services; and software defined wide area network, multiprotocol label switching, and time division multiplexing data transport and optical transport services to small, medium, and large enterprises, as well as advanced hardware and network solutions and services, and customer premise equipment.

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