Frontier Communications Corporation (NASDAQ:FTR) saw a large growth in short interest during the month of November. As of November 15th, there was short interest totalling 32,717,300 shares, a growth of 23.0% from the October 31st total of 26,593,369 shares. Currently, 42.0% of the shares of the company are short sold. Based on an average daily volume of 6,358,836 shares, the short-interest ratio is currently 5.1 days.
Shares of Frontier Communications (NASDAQ FTR) traded down $0.32 on Wednesday, reaching $8.78. 3,120,163 shares of the company’s stock were exchanged, compared to its average volume of 2,947,293. Frontier Communications has a one year low of $6.08 and a one year high of $57.30. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 5.16.
Frontier Communications (NASDAQ:FTR) last issued its quarterly earnings results on Tuesday, October 31st. The utilities provider reported ($0.94) EPS for the quarter, topping analysts’ consensus estimates of ($0.95) by $0.01. The business had revenue of $2.25 billion during the quarter, compared to the consensus estimate of $2.25 billion. Frontier Communications had a negative net margin of 9.17% and a negative return on equity of 1.97%. The company’s quarterly revenue was down 10.8% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.64) earnings per share. research analysts anticipate that Frontier Communications will post -4.17 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 15th will be issued a dividend of $0.60 per share. The ex-dividend date is Thursday, December 14th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 27.33%. Frontier Communications’s dividend payout ratio (DPR) is presently -17.38%.
FTR has been the topic of several research reports. Vetr downgraded shares of Frontier Communications from a “strong-buy” rating to a “buy” rating and set a $13.35 price objective on the stock. in a research report on Tuesday, October 31st. Morgan Stanley reduced their target price on shares of Frontier Communications to $16.00 and set an “equal weight” rating for the company in a research note on Wednesday, August 23rd. Cowen restated a “hold” rating and issued a $14.00 target price on shares of Frontier Communications in a research note on Thursday, October 19th. Deutsche Bank reduced their target price on shares of Frontier Communications from $17.00 to $15.00 and set a “hold” rating for the company in a research note on Tuesday, October 10th. Finally, BidaskClub upgraded shares of Frontier Communications from a “sell” rating to a “hold” rating in a research note on Thursday, September 7th. Five research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and two have issued a buy rating to the company’s stock. Frontier Communications has a consensus rating of “Hold” and a consensus price target of $9.46.
Institutional investors have recently added to or reduced their stakes in the stock. Fiera Capital Corp purchased a new stake in Frontier Communications in the second quarter valued at approximately $905,000. Raymond James Financial Services Advisors Inc. grew its holdings in Frontier Communications by 53.0% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 381,695 shares of the utilities provider’s stock valued at $443,000 after purchasing an additional 132,156 shares during the period. Vanguard Group Inc. grew its holdings in Frontier Communications by 9.9% in the second quarter. Vanguard Group Inc. now owns 116,799,968 shares of the utilities provider’s stock valued at $135,488,000 after purchasing an additional 10,474,703 shares during the period. Northern Trust Corp grew its holdings in Frontier Communications by 43.8% in the second quarter. Northern Trust Corp now owns 17,209,093 shares of the utilities provider’s stock valued at $19,963,000 after purchasing an additional 5,238,840 shares during the period. Finally, State Street Corp grew its holdings in Frontier Communications by 14.9% in the second quarter. State Street Corp now owns 49,574,081 shares of the utilities provider’s stock valued at $57,507,000 after purchasing an additional 6,445,036 shares during the period. Hedge funds and other institutional investors own 67.64% of the company’s stock.
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About Frontier Communications
Frontier Communications Corporation (Frontier) is a provider of communications services in the United States. The Company offers a portfolio of communications services for residential and business customers. Its products and services include data and Internet services, video services, voice services, access services and customer premise equipment (CPE).
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