Fiera Capital Corp Acquires New Position in Frontier Communications Corp (FTR)
Fiera Capital Corp acquired a new position in shares of Frontier Communications Corp (NASDAQ:FTR) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 209,728 shares of the utilities provider’s stock, valued at approximately $1,124,000. Fiera Capital Corp owned approximately 0.26% of Frontier Communications at the end of the most recent reporting period.
Other institutional investors also recently added to or reduced their stakes in the company. Nomura Asset Management Co. Ltd. acquired a new position in Frontier Communications during the first quarter worth $114,000. Xact Kapitalforvaltning AB acquired a new position in Frontier Communications during the first quarter worth $119,000. IFP Advisors Inc raised its stake in Frontier Communications by 843.6% during the first quarter. IFP Advisors Inc now owns 17,022 shares of the utilities provider’s stock worth $126,000 after acquiring an additional 15,218 shares in the last quarter. Midas Management Corp acquired a new position in Frontier Communications during the second quarter worth $136,000. Finally, Royal Bank of Canada raised its stake in Frontier Communications by 38.3% during the first quarter. Royal Bank of Canada now owns 32,309 shares of the utilities provider’s stock worth $239,000 after acquiring an additional 8,942 shares in the last quarter. Hedge funds and other institutional investors own 67.36% of the company’s stock.
FTR has been the subject of a number of research reports. Cowen set a $6.00 target price on Frontier Communications and gave the company a “hold” rating in a research note on Tuesday, July 31st. Barclays lowered their target price on Frontier Communications from $8.50 to $7.00 and set an “underweight” rating for the company in a research note on Thursday, May 31st. BidaskClub lowered Frontier Communications from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, May 9th. Guggenheim restated a “sell” rating and issued a $4.20 target price on shares of Frontier Communications in a research note on Wednesday, August 1st. Finally, Zacks Investment Research upgraded Frontier Communications from a “hold” rating to a “buy” rating and set a $5.50 target price for the company in a research note on Tuesday, July 3rd. Seven analysts have rated the stock with a sell rating, nine have issued a hold rating and one has issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $7.80.
Frontier Communications (NASDAQ:FTR) last posted its quarterly earnings results on Tuesday, July 31st. The utilities provider reported ($0.80) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.83) by $0.03. The business had revenue of $2.16 billion for the quarter, compared to analysts’ expectations of $2.16 billion. Frontier Communications had a negative return on equity of 2.48% and a negative net margin of 12.06%. The firm’s quarterly revenue was down 6.2% compared to the same quarter last year. During the same quarter last year, the business earned ($1.10) earnings per share. sell-side analysts predict that Frontier Communications Corp will post -1.64 EPS for the current year.
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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