Frontier Communications Corp. (FTR) Short Interest Up 5.7% in September
Frontier Communications Corp. (NASDAQ:FTR) was the target of a significant increase in short interest in the month of September. As of September 15th, there was short interest totalling 224,607,059 shares, an increase of 5.7% from the August 31st total of 212,482,331 shares. Based on an average daily volume of 21,112,545 shares, the days-to-cover ratio is currently 10.6 days. Currently, 19.3% of the shares of the stock are short sold.
FTR has been the topic of several research analyst reports. Morgan Stanley downgraded shares of Frontier Communications Corp. from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $6.00 to $5.40 in a report on Monday, July 18th. Zacks Investment Research downgraded shares of Frontier Communications Corp. from a “buy” rating to a “hold” rating in a report on Friday, July 29th. Jefferies Group reissued a “buy” rating and issued a $6.00 target price on shares of Frontier Communications Corp. in a report on Tuesday, August 2nd. Raymond James Financial Inc. lowered their target price on shares of Frontier Communications Corp. from $6.00 to $5.50 and set an “outperform” rating on the stock in a report on Tuesday, August 2nd. Finally, Macquarie initiated coverage on shares of Frontier Communications Corp. in a report on Monday, July 11th. They issued an “underperform” rating and a $4.65 target price on the stock. One research analyst has rated the stock with a sell rating, five have issued a hold rating and nine have given a buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $5.95.
Large investors have recently modified their holdings of the company. Norges Bank bought a new stake in Frontier Communications Corp. during the fourth quarter worth about $49,367,000. Hexavest Inc. bought a new stake in Frontier Communications Corp. during the second quarter worth about $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 in the last quarter. 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 in the last quarter. 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 in the last quarter. 65.93% of the stock is currently owned by institutional investors and hedge funds.
Shares of Frontier Communications Corp. (NASDAQ:FTR) opened at 4.10 on Wednesday. The stock has a 50 day moving average of $4.49 and a 200 day moving average of $5.00. Frontier Communications Corp. has a 52 week low of $3.81 and a 52 week high of $5.85. The stock’s market cap is $4.81 billion.
Frontier Communications Corp. (NASDAQ:FTR) last issued its quarterly earnings data on Monday, August 1st. The company reported ($0.07) EPS for the quarter, missing analysts’ consensus estimates of ($0.03) by $0.04. The firm had revenue of $2.61 billion for the quarter, compared to analyst estimates of $2.75 billion. Frontier Communications Corp. had a positive return on equity of 2.52% and a negative net margin of 4.85%. Frontier Communications Corp.’s revenue for the quarter was up 90.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.03 EPS. On average, analysts expect that Frontier Communications Corp. will post ($0.08) earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 30th. Stockholders of record on Thursday, September 15th were paid a dividend of $0.105 per share. The ex-dividend date was Tuesday, September 13th. This represents a $0.42 dividend on an annualized basis and a dividend yield of 10.27%. Frontier Communications Corp.’s payout ratio is -85.71%.
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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