Short Interest in Frontier Communications Corp. (FTR) Rises By 12.3%
Frontier Communications Corp. (NASDAQ:FTR) was the recipient of a large increase in short interest during the month of August. As of August 31st, there was short interest totalling 212,482,331 shares, an increase of 12.3% from the August 15th total of 189,263,099 shares. Based on an average daily volume of 14,992,200 shares, the days-to-cover ratio is presently 14.2 days. Currently, 18.3% of the company’s stock are short sold.
Frontier Communications Corp. (NASDAQ:FTR) opened at 4.21 on Wednesday. Frontier Communications Corp. has a 52 week low of $3.81 and a 52 week high of $5.85. The company’s 50 day moving average price is $4.67 and its 200-day moving average price is $5.08. The company’s market capitalization is $4.94 billion.
Frontier Communications Corp. (NASDAQ:FTR) last issued its quarterly earnings data on Monday, August 1st. The company reported ($0.07) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.03) by $0.04. Frontier Communications Corp. had a negative net margin of 4.85% and a positive return on equity of 2.52%. The company had revenue of $2.61 billion for the quarter, compared to the consensus estimate of $2.75 billion. During the same period in the previous year, the business earned $0.03 EPS. Frontier Communications Corp.’s revenue for the quarter was up 90.6% compared to the same quarter last year. Equities research analysts expect that Frontier Communications Corp. will post ($0.09) earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Thursday, September 15th will be given a dividend of $0.105 per share. This represents a $0.42 dividend on an annualized basis and a yield of 9.98%. The ex-dividend date of this dividend is Tuesday, September 13th. Frontier Communications Corp.’s payout ratio is currently -85.71%.
Several equities analysts have recently issued reports on the company. Morgan Stanley lowered Frontier Communications Corp. from an “overweight” rating to an “equal weight” rating and lowered their price target for the stock from $6.00 to $5.40 in a research report on Monday, July 18th. Zacks Investment Research lowered Frontier Communications Corp. from a “buy” rating to a “hold” rating in a research report on Friday, July 29th. Jefferies Group reaffirmed a “buy” rating and issued a $6.00 price target on shares of Frontier Communications Corp. in a research report on Tuesday, August 2nd. Raymond James Financial Inc. decreased their target price on Frontier Communications Corp. from $6.00 to $5.50 and set an “outperform” rating for the company in a research report on Tuesday, August 2nd. Finally, Macquarie initiated coverage on Frontier Communications Corp. in a research report on Monday, July 11th. They issued an “underperform” rating and a $4.65 target price for the company. One equities research 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 currently has an average rating of “Buy” and a consensus target price of $5.95.
A number of large investors have recently modified their holdings of FTR. Nisa Investment Advisors L.L.C. bought a new stake in shares of Frontier Communications Corp. during the first quarter worth $684,000. Buffington Mohr McNeal acquired a new stake in Frontier Communications Corp. during the first quarter worth approximately $363,000. Aperio Group LLC boosted its stake in Frontier Communications Corp. by 3.0% in the first quarter. Aperio Group LLC now owns 534,317 shares of the company’s stock worth $2,987,000 after buying an additional 15,630 shares during the period. Commonwealth Equity Services Inc boosted its stake in Frontier Communications Corp. by 7.5% in the first quarter. Commonwealth Equity Services Inc now owns 306,400 shares of the company’s stock worth $1,713,000 after buying an additional 21,266 shares during the period. Finally, Raymond James Trust N.A. boosted its stake in Frontier Communications Corp. by 6.7% in the first quarter. Raymond James Trust N.A. now owns 118,804 shares of the company’s stock worth $663,000 after buying an additional 7,459 shares during the period. 65.99% of the stock is currently owned by institutional investors.
About Frontier Communications Corp.
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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