TD Asset Management Inc. Raises Stake in Frontier Communications Corp. (FTR)
TD Asset Management Inc. raised its position in Frontier Communications Corp. (NASDAQ:FTR) by 800.6% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 9,116,449 shares of the company’s stock after buying an additional 8,104,223 shares during the period. TD Asset Management Inc. owned about 0.78% of Frontier Communications Corp. worth $37,924,000 as of its most recent filing with the SEC.
Several other hedge funds have also bought and sold shares of the company. Alps Advisors Inc. increased its stake in Frontier Communications Corp. by 31.7% in the third quarter. Alps Advisors Inc. now owns 6,778,400 shares of the company’s stock worth $28,198,000 after buying an additional 1,632,751 shares during the period. Miracle Mile Advisors LLC acquired a new stake in Frontier Communications Corp. during the third quarter worth $291,000. State Treasurer State of Michigan increased its stake in Frontier Communications Corp. by 0.5% in the third quarter. State Treasurer State of Michigan now owns 409,371 shares of the company’s stock worth $1,703,000 after buying an additional 1,900 shares during the period. TradeLink Capital LLC increased its stake in Frontier Communications Corp. by 35.6% in the third quarter. TradeLink Capital LLC now owns 46,352 shares of the company’s stock worth $193,000 after buying an additional 12,174 shares during the period. Finally, Deroy & Devereaux Private Investment Counsel Inc. increased its stake in Frontier Communications Corp. by 37.3% in the third quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 2,790,359 shares of the company’s stock worth $11,608,000 after buying an additional 757,496 shares during the period. Hedge funds and other institutional investors own 66.46% of the company’s stock.
Frontier Communications Corp. (NASDAQ:FTR) traded up 1.63% during mid-day trading on Monday, hitting $3.75. 11,331,561 shares of the stock were exchanged. Frontier Communications Corp. has a 52-week low of $3.10 and a 52-week high of $5.85. The firm’s market cap is $4.40 billion. The company has a 50 day moving average price of $3.71 and a 200 day moving average price of $4.56.
Frontier Communications Corp. (NASDAQ:FTR) last issued its quarterly earnings results on Tuesday, November 1st. The company reported ($0.04) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.04). Frontier Communications Corp. had a negative net margin of 5.01% and a positive return on equity of 2.05%. The company earned $2.52 billion during the quarter, compared to the consensus estimate of $2.57 billion. During the same quarter in the previous year, the firm earned $0.03 earnings per share. The firm’s quarterly revenue was up 77.2% on a year-over-year basis. On average, analysts anticipate that Frontier Communications Corp. will post ($0.10) EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 30th. Investors of record on Thursday, December 15th will be paid 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 11.21%. Frontier Communications Corp.’s dividend payout ratio is currently -77.78%.
FTR has been the topic of several analyst reports. Gabelli reiterated a “buy” rating on shares of Frontier Communications Corp. in a report on Tuesday, November 8th. Hilliard Lyons restated a “neutral” rating on shares of Frontier Communications Corp. in a research note on Thursday, November 3rd. Deutsche Bank AG downgraded shares of Frontier Communications Corp. from a “buy” rating to a “hold” rating and dropped their target price for the stock from $5.00 to $4.00 in a research note on Wednesday, November 2nd. Wells Fargo & Co. downgraded shares of Frontier Communications Corp. from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 2nd. Finally, Zacks Investment Research upgraded shares of Frontier Communications Corp. from a “hold” rating to a “buy” rating and set a $4.50 target price on the stock in a research note on Monday, October 24th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and nine have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $5.54.
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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