Wagner Bowman Management Corp Acquires 13 Shares of Frontier Communications Corp. (FTR)
Wagner Bowman Management Corp increased its position in Frontier Communications Corp. (NASDAQ:FTR) by 0.1% during the second quarter, Holdings Channel reports. The institutional investor owned 23,562 shares of the company’s stock after buying an additional 13 shares during the period. Wagner Bowman Management Corp’s holdings in Frontier Communications Corp. were worth $116,000 as of its most recent filing with the SEC.
A number of other institutional investors also recently added to or reduced their stakes in the company. Geode Capital Management LLC raised its stake in Frontier Communications Corp. by 3.2% in the first quarter. Geode Capital Management LLC now owns 10,176,364 shares of the company’s stock valued at $56,777,000 after buying an additional 316,788 shares in the last quarter. Nuveen Asset Management LLC raised its stake in Frontier Communications Corp. by 11.3% in the first quarter. Nuveen Asset Management LLC now owns 4,616,749 shares of the company’s stock valued at $25,807,000 after buying an additional 466,872 shares in the last quarter. Raymond James Trust N.A. raised 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 valued at $663,000 after buying an additional 7,459 shares in the last quarter. Norges Bank purchased a new stake in Frontier Communications Corp. during the fourth quarter valued at about $49,367,000. Finally, NN Investment Partners Holdings N.V. raised its stake in Frontier Communications Corp. by 85.2% in the second quarter. NN Investment Partners Holdings N.V. now owns 925,330 shares of the company’s stock valued at $4,571,000 after buying an additional 425,682 shares in the last quarter. Hedge funds and other institutional investors own 65.96% of the company’s stock.
Shares of Frontier Communications Corp. (NASDAQ:FTR) traded up 4.84% during midday trading on Thursday, reaching $4.33. The company had a trading volume of 44,037,402 shares. The company’s 50-day moving average is $4.63 and its 200-day moving average is $5.07. Frontier Communications Corp. has a 52-week low of $3.81 and a 52-week high of $5.85. The firm’s market cap is $5.08 billion.
Frontier Communications Corp. (NASDAQ:FTR) last issued its quarterly earnings data on Monday, August 1st. The company reported ($0.07) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate 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 business earned $2.61 billion during the quarter, compared to the consensus estimate of $2.75 billion. During the same quarter in the previous year, the firm posted $0.03 EPS. The company’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) EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Thursday, September 15th will be given a $0.105 dividend. The ex-dividend date is Tuesday, September 13th. This represents a $0.42 annualized dividend and a yield of 9.70%. Frontier Communications Corp.’s payout ratio is -85.71%.
Several research analysts have recently issued reports on FTR shares. Zacks Investment Research cut Frontier Communications Corp. from a “buy” rating to a “hold” rating in a research note on Monday, July 11th. 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 research note on Tuesday, August 2nd. Jefferies Group reissued a “buy” rating and issued a $6.00 price target on shares of Frontier Communications Corp. in a research note on Tuesday, August 2nd. Macquarie raised Frontier Communications Corp. from an “underperform” rating to a “neutral” rating in a research note on Tuesday, September 6th. Finally, Morgan Stanley cut 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 research note on Monday, July 18th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $5.95.
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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