Federated Investors Inc. PA Lowers Position in Frontier Communications Corp (FTR)
Federated Investors Inc. PA lessened its stake in Frontier Communications Corp (NASDAQ:FTR) by 8.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 816,329 shares of the utilities provider’s stock after selling 74,683 shares during the quarter. Federated Investors Inc. PA’s holdings in Frontier Communications were worth $4,376,000 at the end of the most recent quarter.
Other large investors also recently bought and sold shares of the company. Nomura Asset Management Co. Ltd. bought a new stake in shares of Frontier Communications in the 1st quarter worth approximately $114,000. Xact Kapitalforvaltning AB bought a new stake in shares of Frontier Communications in the 1st quarter worth approximately $119,000. IFP Advisors Inc raised its holdings in shares of Frontier Communications by 843.6% in the 1st quarter. IFP Advisors Inc now owns 17,022 shares of the utilities provider’s stock worth $126,000 after purchasing an additional 15,218 shares during the period. Stevens Capital Management LP bought a new stake in shares of Frontier Communications in the 2nd quarter worth approximately $106,000. Finally, Midas Management Corp bought a new stake in shares of Frontier Communications in the 2nd quarter worth approximately $136,000. 62.77% of the stock is currently owned by institutional investors.
Shares of FTR stock opened at $5.52 on Wednesday. The company has a current ratio of 0.47, a quick ratio of 0.47 and a debt-to-equity ratio of 6.75. Frontier Communications Corp has a 1 year low of $4.52 and a 1 year high of $14.24. The firm has a market cap of $571.37 million, a price-to-earnings ratio of -1.46 and a beta of 0.61.
A number of equities research analysts recently commented on the stock. BidaskClub raised shares of Frontier Communications from a “sell” rating to a “hold” rating in a report on Saturday. Royal Bank of Canada reaffirmed a “hold” rating and issued a $6.00 price target on shares of Frontier Communications in a report on Friday, August 3rd. Zacks Investment Research cut shares of Frontier Communications from a “buy” rating to a “hold” rating in a report on Thursday, August 2nd. Guggenheim reaffirmed a “sell” rating and issued a $4.20 price target on shares of Frontier Communications in a report on Wednesday, August 1st. Finally, Cowen set a $6.00 target price on shares of Frontier Communications and gave the company a “hold” rating in a report on Tuesday, July 31st. Five investment analysts have rated the stock with a sell rating, ten have issued a hold rating and one has given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $7.80.
About Frontier Communications
Frontier Communications Corporation provides communications services to consumer, commercial, and wholesale customers in the United States. It offers broadband, video, voice, and other services and products through a combination of fiber and copper based networks to consumer customers. The company also provides broadband, Ethernet, traditional circuit-based, and voice services; and software defined wide area network, multiprotocol label switching, and time division multiplexing data transport and optical transport services to small, medium, and large enterprises, as well as advanced hardware and network solutions and services, and customer premise equipment.
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