Arizona State Retirement System lifted its holdings in Frontier Communications Corp (NASDAQ:FTR) by 31.6% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 153,492 shares of the utilities provider’s stock after purchasing an additional 36,844 shares during the quarter. Arizona State Retirement System owned 0.15% of Frontier Communications worth $996,000 as of its most recent filing with the SEC.

Several other large investors have also added to or reduced their stakes in FTR. BlackRock Inc. boosted its stake in Frontier Communications by 11.5% during the second quarter. BlackRock Inc. now owns 12,264,796 shares of the utilities provider’s stock valued at $65,739,000 after buying an additional 1,263,245 shares in the last quarter. BlueMountain Capital Management LLC boosted its stake in Frontier Communications by 1,781.9% during the second quarter. BlueMountain Capital Management LLC now owns 1,323,436 shares of the utilities provider’s stock valued at $7,094,000 after buying an additional 1,253,112 shares in the last quarter. Davidson Kempner Capital Management LP bought a new position in Frontier Communications during the second quarter valued at about $5,330,000. Millennium Management LLC boosted its stake in Frontier Communications by 527.5% during the second quarter. Millennium Management LLC now owns 823,836 shares of the utilities provider’s stock valued at $4,416,000 after buying an additional 692,537 shares in the last quarter. Finally, KBC Group NV boosted its stake in Frontier Communications by 8,427.1% during the second quarter. KBC Group NV now owns 609,429 shares of the utilities provider’s stock valued at $3,266,000 after buying an additional 602,282 shares in the last quarter. 62.54% of the stock is owned by institutional investors.

Shares of Frontier Communications stock opened at $3.75 on Friday. The stock has a market capitalization of $416.92 million, a P/E ratio of -0.99 and a beta of 0.83. The company has a debt-to-equity ratio of 8.44, a current ratio of 0.49 and a quick ratio of 0.49. Frontier Communications Corp has a 1 year low of $3.52 and a 1 year high of $11.64.

Frontier Communications (NASDAQ:FTR) last posted its quarterly earnings results on Tuesday, November 6th. The utilities provider reported ($0.07) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.20) by $0.13. Frontier Communications had a negative return on equity of 2.35% and a negative net margin of 16.69%. The company had revenue of $2.13 billion during the quarter, compared to the consensus estimate of $2.12 billion. During the same period last year, the business earned ($0.94) EPS. The business’s quarterly revenue was down 5.6% on a year-over-year basis. On average, research analysts forecast that Frontier Communications Corp will post -1.69 earnings per share for the current year.

Several research analysts recently weighed in on FTR shares. BidaskClub cut Frontier Communications from a “hold” rating to a “sell” rating in a research note on Saturday, October 27th. 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. Guggenheim reaffirmed a “sell” rating and set a $4.20 target price on shares of Frontier Communications in a research note on Wednesday, August 1st. ValuEngine raised Frontier Communications from a “strong sell” rating to a “sell” rating in a research note on Tuesday, October 2nd. Finally, UBS Group cut Frontier Communications from a “neutral” rating to a “sell” rating and decreased their target price for the company from $6.00 to $3.00 in a research note on Wednesday, November 7th. Six equities research analysts have rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $6.16.

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Frontier Communications Company Profile

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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Institutional Ownership by Quarter for Frontier Communications (NASDAQ:FTR)

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