Principal Financial Group Inc. lowered its position in shares of Frontier Communications Corporation (NASDAQ:FTR) by 93.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 323,811 shares of the utilities provider’s stock after selling 4,616,512 shares during the period. Principal Financial Group Inc. owned approximately 0.41% of Frontier Communications worth $3,818,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors and hedge funds have also recently made changes to their positions in FTR. Shelton Capital Management bought a new stake in shares of Frontier Communications during the second quarter valued at approximately $111,000. GSA Capital Partners LLP bought a new stake in shares of Frontier Communications during the second quarter valued at approximately $113,000. World Asset Management Inc increased its position in shares of Frontier Communications by 14.5% during the second quarter. World Asset Management Inc now owns 104,176 shares of the utilities provider’s stock valued at $121,000 after acquiring an additional 13,158 shares in the last quarter. MML Investors Services LLC increased its position in shares of Frontier Communications by 204.3% during the second quarter. MML Investors Services LLC now owns 118,366 shares of the utilities provider’s stock valued at $137,000 after acquiring an additional 79,473 shares in the last quarter. Finally, Crossmark Global Holdings Inc. bought a new stake in shares of Frontier Communications during the third quarter valued at approximately $146,000. 67.62% of the stock is owned by institutional investors.
Shares of Frontier Communications Corporation (NASDAQ FTR) opened at $9.75 on Monday. Frontier Communications Corporation has a 1 year low of $6.08 and a 1 year high of $57.30. The company has a debt-to-equity ratio of 5.16, a quick ratio of 0.70 and a current ratio of 0.70.
Frontier Communications (NASDAQ:FTR) last issued its quarterly earnings data on Tuesday, October 31st. The utilities provider reported ($0.94) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.95) by $0.01. Frontier Communications had a negative net margin of 9.17% and a negative return on equity of 1.97%. The firm had revenue of $2.25 billion during the quarter, compared to the consensus estimate of $2.25 billion. During the same quarter in the previous year, the firm posted ($0.64) EPS. The company’s revenue for the quarter was down 10.8% compared to the same quarter last year. sell-side analysts forecast that Frontier Communications Corporation will post -4.17 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 15th will be given a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 24.62%. The ex-dividend date is Thursday, December 14th. Frontier Communications’s payout ratio is -17.38%.
A number of equities research analysts have commented on FTR shares. Zacks Investment Research raised shares of Frontier Communications from a “sell” rating to a “hold” rating in a research report on Tuesday, October 24th. BidaskClub raised shares of Frontier Communications from a “sell” rating to a “hold” rating in a research report on Thursday, September 7th. ValuEngine downgraded shares of Frontier Communications from a “sell” rating to a “strong sell” rating in a research report on Friday, September 1st. Wells Fargo & Company reaffirmed a “market perform” rating and issued a $9.00 target price (down previously from $14.50) on shares of Frontier Communications in a research report on Thursday, November 2nd. Finally, Bank of America downgraded shares of Frontier Communications from a “neutral” rating to an “underperform” rating and set a $4.00 target price for the company. in a research report on Friday, November 10th. Five analysts have rated the stock with a sell rating, eleven have assigned a hold rating and two have assigned a buy rating to the company. Frontier Communications currently has an average rating of “Hold” and a consensus target price of $9.46.
Frontier Communications Company Profile
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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