Frontier Communications Corporation (FTR) Bonds Rise 1.3% During Trading
An issue of Frontier Communications Corporation (NASDAQ:FTR) debt rose 1.3% as a percentage of its face value during trading on Thursday. The high-yield issue of debt has a 7.125% coupon and is set to mature on March 15, 2019. The debt is now trading at $96.78 and was trading at $98.75 last week. Price changes in a company’s debt in credit markets often predict parallel changes in its stock price.
Several analysts have issued reports on FTR shares. Jefferies Group LLC reaffirmed a “buy” rating and issued a $25.00 price objective (down previously from $30.00) on shares of Frontier Communications Corporation in a research report on Wednesday, August 2nd. Vetr downgraded shares of Frontier Communications Corporation from a “strong-buy” rating to a “buy” rating and set a $13.35 price objective for the company. in a research report on Tuesday, October 31st. Morgan Stanley lowered their price objective on shares of Frontier Communications Corporation to $16.00 and set an “equal weight” rating for the company in a research report on Wednesday, August 23rd. BidaskClub raised shares of Frontier Communications Corporation from a “sell” rating to a “hold” rating in a research report on Thursday, September 7th. Finally, Royal Bank Of Canada reaffirmed a “hold” rating and issued a $16.00 price objective on shares of Frontier Communications Corporation in a research report on Sunday, September 17th. Five equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and two have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $10.04.
Frontier Communications Corporation (FTR) remained flat at $$6.66 during trading on Thursday. 3,330,223 shares of the company traded hands, compared to its average volume of 2,834,973. The company has a debt-to-equity ratio of 5.16, a quick ratio of 0.70 and a current ratio of 0.70. Frontier Communications Corporation has a fifty-two week low of $6.25 and a fifty-two week high of $57.30.
Frontier Communications Corporation (NASDAQ:FTR) last announced its quarterly earnings data on Tuesday, October 31st. The utilities provider reported ($0.94) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.95) by $0.01. Frontier Communications Corporation had a negative return on equity of 1.97% and a negative net margin of 9.17%. The firm had revenue of $2.25 billion for the quarter, compared to analysts’ expectations of $2.25 billion. During the same period last year, the business posted ($0.64) earnings per share. The firm’s revenue for the quarter was down 10.8% on a year-over-year basis. sell-side analysts anticipate that Frontier Communications Corporation will post -4.11 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 15th will be paid a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 36.04%. The ex-dividend date is Thursday, December 14th. Frontier Communications Corporation’s dividend payout ratio (DPR) is presently -17.45%.
A number of institutional investors and hedge funds have recently made changes to their positions in FTR. First Trust Advisors LP lifted its stake in Frontier Communications Corporation by 101.4% during the second quarter. First Trust Advisors LP now owns 42,741,996 shares of the utilities provider’s stock worth $49,581,000 after purchasing an additional 21,522,621 shares during the last quarter. Gotham Asset Management LLC lifted its stake in Frontier Communications Corporation by 340.9% during the second quarter. Gotham Asset Management LLC now owns 19,776,306 shares of the utilities provider’s stock worth $22,941,000 after purchasing an additional 15,290,477 shares during the last quarter. Vanguard Group Inc. lifted its stake in Frontier Communications Corporation by 9.9% during the second quarter. Vanguard Group Inc. now owns 116,799,968 shares of the utilities provider’s stock worth $135,488,000 after purchasing an additional 10,474,703 shares during the last quarter. Coatue Management LLC bought a new position in Frontier Communications Corporation during the second quarter worth $8,223,000. Finally, Quantitative Investment Management LLC lifted its stake in Frontier Communications Corporation by 549.6% during the second quarter. Quantitative Investment Management LLC now owns 8,279,600 shares of the utilities provider’s stock worth $9,604,000 after purchasing an additional 7,005,100 shares during the last quarter.
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About Frontier Communications Corporation
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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