Texas Permanent School Fund increased its stake in shares of Frontier Communications Corporation (NASDAQ:FTR) by 0.8% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 856,469 shares of the utilities provider’s stock after buying an additional 7,154 shares during the period. Texas Permanent School Fund owned approximately 1.09% of Frontier Communications Corporation worth $994,000 at the end of the most recent quarter.
Other large investors also recently modified their holdings of the company. BlackRock Inc. boosted its stake in Frontier Communications Corporation by 4,683.4% in the first quarter. BlackRock Inc. now owns 116,003,627 shares of the utilities provider’s stock valued at $248,246,000 after buying an additional 113,578,500 shares during the period. Morgan Stanley boosted its stake in Frontier Communications Corporation by 133.9% in the first quarter. Morgan Stanley now owns 10,376,683 shares of the utilities provider’s stock valued at $22,207,000 after buying an additional 5,941,074 shares during the period. First Trust Advisors LP boosted its stake in Frontier Communications Corporation by 37.4% in the first quarter. First Trust Advisors LP now owns 21,219,375 shares of the utilities provider’s stock valued at $45,409,000 after buying an additional 5,774,938 shares during the period. Gotham Asset Management LLC acquired a new stake in Frontier Communications Corporation during the first quarter valued at $9,600,000. Finally, Pennant Capital Management LLC acquired a new stake in Frontier Communications Corporation during the first quarter valued at $8,974,000.
Frontier Communications Corporation (FTR) opened at 13.56 on Monday. Frontier Communications Corporation has a 52-week low of $13.13 and a 52-week high of $72.15. The company’s 50-day moving average price is $15.15 and its 200-day moving average price is $27.01. The company’s market cap is $1.06 billion.
Frontier Communications Corporation (NASDAQ:FTR) last released its earnings results on Tuesday, August 1st. The utilities provider reported ($1.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.07) by $0.03. Frontier Communications Corporation had a negative net margin of 9.35% and a negative return on equity of 1.28%. The firm had revenue of $2.30 billion during the quarter, compared to analyst estimates of $2.31 billion. During the same period in the previous year, the company earned ($0.29) earnings per share. Frontier Communications Corporation’s revenue was down 11.7% on a year-over-year basis. Equities research analysts expect that Frontier Communications Corporation will post ($3.93) EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be given a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 17.70%. This is an increase from Frontier Communications Corporation’s previous quarterly dividend of $0.04. The ex-dividend date is Thursday, September 14th. Frontier Communications Corporation’s dividend payout ratio is presently -16.65%.
Several equities research analysts have weighed in on FTR shares. UBS AG reiterated a “buy” rating on shares of Frontier Communications Corporation in a report on Thursday, May 4th. BidaskClub upgraded Frontier Communications Corporation from a “strong sell” rating to a “sell” rating in a report on Tuesday, June 20th. Citigroup Inc. upgraded Frontier Communications Corporation from a “sell” rating to a “neutral” rating and set a $1.75 price objective for the company in a report on Wednesday, May 3rd. Morgan Stanley dropped their price objective on Frontier Communications Corporation from $2.30 to $1.50 and set an “equal weight” rating for the company in a report on Wednesday, June 14th. Finally, Jefferies Group LLC reiterated a “buy” rating and issued a $25.00 price objective (down previously from $30.00) on shares of Frontier Communications Corporation in a report on Wednesday, August 2nd. Three equities research analysts have rated the stock with a sell rating, twelve have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $6.11.
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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