Frontier Communications (FTR) Bonds Trading 1.6% Lower

An issue of Frontier Communications Corporation (NASDAQ:FTR) debt fell 1.6% against its face value during trading on Wednesday. The debt issue has a 6.25% coupon and will mature on September 15, 2021. The debt is now trading at $73.40 and was trading at $75.00 one week ago. Price moves in a company’s debt in credit markets often predict parallel moves in its stock price.

A number of equities analysts have weighed in on the company. BidaskClub upgraded Frontier Communications from a “hold” rating to a “buy” rating in a report on Tuesday. Deutsche Bank decreased their price target on Frontier Communications from $17.00 to $15.00 and set a “hold” rating for the company in a report on Tuesday, October 10th. Cowen restated a “hold” rating and issued a $14.00 price target on shares of Frontier Communications in a report on Thursday, October 19th. Zacks Investment Research upgraded Frontier Communications from a “sell” rating to a “hold” rating in a report on Tuesday, October 24th. Finally, Bank of America cut Frontier Communications from a “neutral” rating to an “underperform” rating and set a $4.00 price target for the company. in a report on Friday, November 10th. Five research analysts have rated the stock with a sell rating, ten have given a hold rating and three have assigned a buy rating to the company. Frontier Communications presently has a consensus rating of “Hold” and an average price target of $9.46.

Frontier Communications Corporation (NASDAQ FTR) opened at $10.20 on Thursday. Frontier Communications Corporation has a 52-week low of $6.08 and a 52-week high of $57.30. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 5.16.

Frontier Communications (NASDAQ:FTR) last announced its earnings results on Tuesday, October 31st. The utilities provider reported ($0.94) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.95) by $0.01. Frontier Communications had a negative return on equity of 1.97% and a negative net margin of 9.17%. The company had revenue of $2.25 billion for the quarter, compared to analyst estimates of $2.25 billion. During the same period in the prior year, the company posted ($0.64) EPS. Frontier Communications’s quarterly revenue was down 10.8% on a year-over-year basis. equities analysts anticipate that Frontier Communications Corporation will post -4.17 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 15th will be given a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 23.53%. The ex-dividend date of this dividend is Thursday, December 14th. Frontier Communications’s payout ratio is -17.38%.

Several institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. raised its position in shares of Frontier Communications by 9.9% in the 2nd 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 in the last quarter. State Street Corp raised its position in shares of Frontier Communications by 14.9% in the 2nd 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 in the last quarter. Bank of New York Mellon Corp raised its position in shares of Frontier Communications by 7.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 25,636,186 shares of the utilities provider’s stock valued at $29,738,000 after purchasing an additional 1,757,905 shares in the last quarter. Gotham Asset Management LLC raised its position in shares of Frontier Communications by 340.9% in the 2nd quarter. Gotham Asset Management LLC now owns 19,776,306 shares of the utilities provider’s stock valued at $22,941,000 after purchasing an additional 15,290,477 shares in the last quarter. Finally, Northern Trust Corp raised its position in shares of Frontier Communications by 43.8% in the 2nd 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 in the last quarter. 67.62% of the stock is currently owned by institutional investors.

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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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