Frontier Communications Corp. (FTR) Price Target Cut to $3.50
Frontier Communications Corp. (NASDAQ:FTR) had its target price dropped by research analysts at Citigroup Inc. from $4.00 to $3.50 in a research report issued on Friday. The brokerage currently has a “sell” rating on the stock. Citigroup Inc.’s price objective would indicate a potential downside of 18.60% from the stock’s current price.
A number of other brokerages also recently weighed in on FTR. Morgan Stanley downgraded Frontier Communications Corp. from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $6.00 to $5.40 in a report on Monday, July 18th. Zacks Investment Research downgraded Frontier Communications Corp. from a “buy” rating to a “hold” rating in a report on Friday, July 29th. Jefferies Group reiterated a “buy” rating and set a $6.00 price target on shares of Frontier Communications Corp. in a report on Tuesday, August 2nd. Raymond James Financial Inc. decreased their price target on Frontier Communications Corp. from $6.00 to $5.50 and set an “outperform” rating for the company in a report on Tuesday, August 2nd. Finally, Macquarie began coverage on Frontier Communications Corp. in a research note on Monday, July 11th. They issued an “underperform” rating and a $4.65 target price for the company. One analyst has rated the stock with a sell rating, five have issued a hold rating and nine have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $5.70.
Frontier Communications Corp. (NASDAQ:FTR) opened at 4.30 on Friday. The firm’s 50-day moving average price is $4.69 and its 200-day moving average price is $5.09. The firm’s market cap is $5.04 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 for the quarter, missing the Zacks’ 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 business had revenue of $2.61 billion for the quarter, compared to analyst estimates of $2.75 billion. During the same quarter in the previous year, the business posted $0.03 earnings per share. The business’s revenue was up 90.6% on a year-over-year basis. On average, equities research analysts expect that Frontier Communications Corp. will post ($0.08) EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Thursday, September 15th will be given a dividend of $0.105 per share. The ex-dividend date is Tuesday, September 13th. This represents a $0.42 annualized dividend and a dividend yield of 9.77%. Frontier Communications Corp.’s dividend payout ratio is currently -85.71%.
Institutional investors have recently bought and sold shares of the company. Norges Bank purchased a new position in Frontier Communications Corp. during the fourth quarter valued at approximately $49,367,000. Hexavest Inc. bought a new stake in Frontier Communications Corp. during the second quarter worth approximately $34,473,000. Vanguard Group Inc. boosted its stake in Frontier Communications Corp. by 4.2% in the second quarter. Vanguard Group Inc. now owns 113,217,359 shares of the company’s stock worth $559,294,000 after buying an additional 4,580,840 shares during the period. Dimensional Fund Advisors LP boosted its stake in Frontier Communications Corp. by 13.7% in the second quarter. Dimensional Fund Advisors LP now owns 29,978,633 shares of the company’s stock worth $148,084,000 after buying an additional 3,606,058 shares during the period. Finally, FMR LLC boosted its stake in Frontier Communications Corp. by 11.9% in the second quarter. FMR LLC now owns 33,237,126 shares of the company’s stock worth $164,192,000 after buying an additional 3,526,930 shares during the period. 65.99% of the stock is currently owned by hedge funds and other institutional investors.
Frontier Communications Corp. Company Profile
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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