Frontier Communications Corp. (FTR) Given Consensus Rating of “Buy” by Brokerages
Frontier Communications Corp. (NASDAQ:FTR) has received an average rating of “Buy” from the sixteen ratings firms that are presently covering the company. One investment analyst has rated the stock with a sell recommendation, six have assigned a hold recommendation and nine have issued a buy recommendation on the company. The average 1-year price objective among brokerages that have covered the stock in the last year is $5.17.
FTR has been the topic of several research analyst reports. Morgan Stanley cut shares of Frontier Communications Corp. from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $6.00 to $5.40 in a report on Monday, July 18th. Zacks Investment Research cut shares of Frontier Communications Corp. from a “buy” rating to a “hold” rating in a report on Friday, July 29th. Jefferies Group reaffirmed a “buy” rating and set 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 raised shares of Frontier Communications Corp. from an “underperform” rating to a “neutral” rating in a report on Tuesday, September 6th.
Shares of Frontier Communications Corp. (NASDAQ:FTR) opened at 3.18 on Wednesday. The firm’s market capitalization is $3.73 billion. Frontier Communications Corp. has a 52-week low of $3.10 and a 52-week high of $5.85. The company’s 50-day moving average price is $3.91 and its 200-day moving average price is $4.69.
Frontier Communications Corp. (NASDAQ:FTR) last released its quarterly earnings results on Tuesday, November 1st. The company reported ($0.04) earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.04). The firm had revenue of $2.52 billion for the quarter, compared to analysts’ expectations of $2.57 billion. Frontier Communications Corp. had a negative net margin of 5.01% and a positive return on equity of 2.05%. The business’s revenue was up 77.2% on a year-over-year basis. During the same period in the prior year, the firm earned $0.03 EPS. On average, equities research analysts expect that Frontier Communications Corp. will post ($0.10) EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 30th. Shareholders of record on Thursday, December 15th will be given a $0.105 dividend. The ex-dividend date is Tuesday, December 13th. This represents a $0.42 dividend on an annualized basis and a yield of 13.21%. Frontier Communications Corp.’s dividend payout ratio is currently -77.78%.
Institutional investors have recently modified their holdings of the company. TD Asset Management Inc. raised its position in shares of Frontier Communications Corp. by 800.6% in the third quarter. TD Asset Management Inc. now owns 9,116,449 shares of the company’s stock worth $37,924,000 after buying an additional 8,104,223 shares during the period. Hexavest Inc. acquired a new position in shares of Frontier Communications Corp. during the second quarter worth approximately $34,473,000. Vanguard Group Inc. raised its position in shares of 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 period. Dimensional Fund Advisors LP raised its position in shares of 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 period. Finally, FMR LLC raised its position in shares of 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 period. Institutional investors own 66.66% of the company’s stock.
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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