Shares of Frontier Communications Corp (NASDAQ:FTR) dropped 12.5% during mid-day trading on Thursday . The company traded as low as $5.85 and last traded at $5.90. Approximately 5,319,546 shares changed hands during mid-day trading, an increase of 60% from the average daily volume of 3,326,789 shares. The stock had previously closed at $6.74.
A number of equities analysts have recently commented on the company. BidaskClub upgraded Frontier Communications from a “hold” rating to a “buy” rating in a report on Thursday, September 20th. Zacks Investment Research upgraded Frontier Communications from a “hold” rating to a “buy” rating and set a $5.50 price objective on the stock in a report on Tuesday, July 3rd. Cowen set a $6.00 price objective on Frontier Communications and gave the stock a “hold” rating in a report on Tuesday, July 31st. Royal Bank of Canada restated a “hold” rating and issued a $6.00 price objective on shares of Frontier Communications in a report on Friday, August 3rd. Finally, ValuEngine upgraded Frontier Communications from a “strong sell” rating to a “sell” rating in a report on Tuesday, October 2nd. Six equities research analysts have rated the stock with a sell rating, nine have given a hold rating and one has given a buy rating to the stock. Frontier Communications currently has an average rating of “Hold” and a consensus target price of $7.20.
The firm has a market cap of $686.71 million, a P/E ratio of -1.42 and a beta of 0.57. The company has a debt-to-equity ratio of 6.75, a current ratio of 0.47 and a quick ratio of 0.47.
Frontier Communications (NASDAQ:FTR) last announced its earnings results on Tuesday, July 31st. The utilities provider reported ($0.80) 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 the consensus estimate of $2.16 billion. Frontier Communications had a negative return on equity of 2.48% and a negative net margin of 12.06%. The company’s revenue was down 6.2% on a year-over-year basis. During the same period last year, the business posted ($1.10) EPS. Analysts expect that Frontier Communications Corp will post -1.64 EPS for the current year.
Large investors have recently made changes to their positions in the stock. Principal Financial Group Inc. increased its holdings in Frontier Communications by 2.2% during the 1st quarter. Principal Financial Group Inc. now owns 612,090 shares of the utilities provider’s stock worth $4,541,000 after purchasing an additional 13,460 shares during the last quarter. California State Teachers Retirement System increased its holdings in Frontier Communications by 5.5% during the 1st quarter. California State Teachers Retirement System now owns 160,765 shares of the utilities provider’s stock worth $1,193,000 after purchasing an additional 8,365 shares during the last quarter. Royal Bank of Canada increased its holdings in Frontier Communications by 38.3% during the 1st quarter. Royal Bank of Canada now owns 32,309 shares of the utilities provider’s stock worth $239,000 after purchasing an additional 8,942 shares during the last quarter. BlackRock Inc. increased its holdings in Frontier Communications by 11.5% during the 2nd quarter. BlackRock Inc. now owns 12,264,796 shares of the utilities provider’s stock worth $65,739,000 after purchasing an additional 1,263,245 shares during the last quarter. Finally, Captrust Financial Advisors purchased a new stake in Frontier Communications during the 2nd quarter worth approximately $153,000. Institutional investors and hedge funds own 62.74% of the company’s stock.
About Frontier Communications (NASDAQ:FTR)
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.
Read More: Return on Equity (ROE)
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