Frontier Communications (NASDAQ:FTR) Shares Down 7.3%

Frontier Communications Corp (NASDAQ:FTR)’s share price fell 7.3% during mid-day trading on Thursday . The stock traded as low as $1.00 and last traded at $1.01, 1,986,213 shares traded hands during trading. A decline of 42% from the average session volume of 3,416,098 shares. The stock had previously closed at $1.09.

Several research firms recently issued reports on FTR. Guggenheim set a $1.00 price target on shares of Frontier Communications and gave the stock a “sell” rating in a research note on Wednesday, August 7th. ValuEngine raised shares of Frontier Communications from a “sell” rating to a “hold” rating in a research note on Thursday, August 1st. Cowen set a $2.00 price target on shares of Frontier Communications and gave the stock a “hold” rating in a research note on Wednesday, August 7th. Citigroup lifted their price target on shares of Frontier Communications from $1.00 to $1.50 and gave the stock a “positive” rating in a research note on Thursday, June 20th. They noted that the move was a valuation call. Finally, Royal Bank of Canada set a $1.00 price target on shares of Frontier Communications and gave the stock a “hold” rating in a research note on Wednesday, August 7th. Four analysts have rated the stock with a sell rating, six have assigned a hold rating and one has assigned a buy rating to the stock. Frontier Communications currently has a consensus rating of “Hold” and an average target price of $2.25.

The stock has a market cap of $106.43 million, a PE ratio of -0.75 and a beta of 1.54. The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 10.77. The company’s 50 day moving average is $0.90 and its 200-day moving average is $1.74.

Frontier Communications (NASDAQ:FTR) last announced its quarterly earnings data on Tuesday, August 6th. The utilities provider reported $0.98 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.28) by $1.26. The company had revenue of $2.07 billion during the quarter, compared to analyst estimates of $2.07 billion. Frontier Communications had a negative net margin of 71.86% and a positive return on equity of 21.42%. The firm’s revenue for the quarter was down 4.4% compared to the same quarter last year. During the same period last year, the business earned ($0.92) EPS. As a group, analysts forecast that Frontier Communications Corp will post -0.07 EPS for the current year.

A number of hedge funds have recently made changes to their positions in the business. Comerica Bank boosted its stake in Frontier Communications by 5.3% during the 1st quarter. Comerica Bank now owns 124,891 shares of the utilities provider’s stock valued at $310,000 after purchasing an additional 6,293 shares during the period. Royce & Associates LP raised its position in shares of Frontier Communications by 40.6% during the 1st quarter. Royce & Associates LP now owns 26,468 shares of the utilities provider’s stock worth $53,000 after buying an additional 7,640 shares in the last quarter. Swiss National Bank raised its position in shares of Frontier Communications by 5.4% during the 2nd quarter. Swiss National Bank now owns 197,213 shares of the utilities provider’s stock worth $345,000 after buying an additional 10,100 shares in the last quarter. United Services Automobile Association raised its position in shares of Frontier Communications by 29.1% during the 2nd quarter. United Services Automobile Association now owns 62,774 shares of the utilities provider’s stock worth $110,000 after buying an additional 14,131 shares in the last quarter. Finally, World Asset Management Inc raised its position in shares of Frontier Communications by 35.3% during the 2nd quarter. World Asset Management Inc now owns 66,627 shares of the utilities provider’s stock worth $117,000 after buying an additional 17,386 shares in the last quarter. 71.78% of the stock is owned by institutional investors.

Frontier Communications Company Profile (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 Ethernet and traditional circuit-based services; software defined wide area network, managed Wi-Fi and cloud IT solutions, voice and Unified Communications as a Service (UCaaS), and Voice over Internet Protocol (VoIP) services, as well as hardware and network solutions and services to small and medium business, and large enterprises.

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