Short Interest in Frontier Communications Corp. (FTR) Expands By 1.6%
Frontier Communications Corp. (NASDAQ:FTR) was the target of a significant growth in short interest in the month of September. As of September 30th, there was short interest totalling 228,277,367 shares, a growth of 1.6% from the September 15th total of 224,607,059 shares. Currently, 19.6% of the company’s shares are sold short. Based on an average daily volume of 25,879,006 shares, the short-interest ratio is currently 8.8 days.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FTR. Hexavest Inc. acquired a new position in Frontier Communications Corp. during the second quarter worth approximately $34,473,000. Vanguard Group Inc. raised its position 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 during the last quarter. Dimensional Fund Advisors LP raised its position 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 during the last quarter. FMR LLC raised its position 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 during the last quarter. Finally, Janus Capital Management LLC raised its position in Frontier Communications Corp. by 933.0% in the second quarter. Janus Capital Management LLC now owns 3,720,243 shares of the company’s stock worth $18,378,000 after buying an additional 3,360,094 shares during the last quarter. 65.93% of the stock is owned by institutional investors and hedge funds.
Shares of Frontier Communications Corp. (NASDAQ:FTR) opened at 3.94 on Friday. The company’s market capitalization is $4.62 billion. Frontier Communications Corp. has a one year low of $3.81 and a one year high of $5.85. The company’s 50-day moving average price is $4.34 and its 200-day moving average price is $4.93.
Frontier Communications Corp. (NASDAQ:FTR) last released its quarterly earnings results on Monday, August 1st. The company reported ($0.07) EPS for the quarter, missing analysts’ consensus estimates of ($0.03) by $0.04. The business had revenue of $2.61 billion for the quarter, compared to the consensus estimate of $2.75 billion. Frontier Communications Corp. had a negative net margin of 4.85% and a positive return on equity of 2.52%. The company’s revenue for the quarter was up 90.6% on a year-over-year basis. During the same period in the previous year, the company earned $0.03 EPS. On average, equities research analysts predict that Frontier Communications Corp. will post ($0.08) earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 30th. Shareholders of record on Thursday, September 15th were given a dividend of $0.105 per share. This represents a $0.42 dividend on an annualized basis and a yield of 10.66%. The ex-dividend date was Tuesday, September 13th. Frontier Communications Corp.’s payout ratio is -85.71%.
Several equities research analysts recently commented on FTR shares. Zacks Investment Research raised Frontier Communications Corp. from a “hold” rating to a “buy” rating and set a $5.50 target price for the company in a research note on Friday, July 8th. Macquarie started coverage on Frontier Communications Corp. in a research note on Monday, July 11th. They issued an “underperform” rating and a $4.65 price objective for the company. Morgan Stanley cut Frontier Communications Corp. from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $6.00 to $5.40 in a research note on Monday, July 18th. Jefferies Group reissued a “buy” rating and issued a $6.00 price objective on shares of Frontier Communications Corp. in a research note on Tuesday, August 2nd. Finally, Raymond James Financial Inc. reduced their price objective 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. One research analyst has rated the stock with a sell rating, four have issued a hold rating and nine have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $5.79.
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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