Todays Report: The New Jersey Better Educational Savings Trust Boosts Position in Frontier Communications Corp. (FTR)

The New Jersey Better Educational Savings Trust Boosts Position in Frontier Communications Corp. (FTR)

New Jersey Better Educational Savings Trust boosted its stake in shares of Frontier Communications Corp. (NASDAQ:FTR) by 11.1% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 100,000 shares of the company’s stock after buying an additional 10,000 shares during the period. New Jersey Better Educational Savings Trust’s holdings in Frontier Communications Corp. were worth $494,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the stock. Bayesian Capital Management LP purchased a new stake in shares of Frontier Communications Corp. during the first quarter valued at approximately $117,000. Murphy Capital Management Inc. bought a new position in Frontier Communications Corp. during the second quarter valued at $106,000. NEXT Financial Group Inc raised its position in Frontier Communications Corp. by 23.2% in the second quarter. NEXT Financial Group Inc now owns 22,450 shares of the company’s stock valued at $110,000 after buying an additional 4,233 shares in the last quarter. Private Bank & Trust Co. bought a new position in Frontier Communications Corp. during the second quarter valued at $116,000. Finally, Conning Inc. raised its position in Frontier Communications Corp. by 5.9% in the second quarter. Conning Inc. now owns 26,468 shares of the company’s stock valued at $131,000 after buying an additional 1,480 shares in the last quarter. Institutional investors and hedge funds own 65.90% of the company’s stock.

Shares of Frontier Communications Corp. (NASDAQ:FTR) traded down 3.36% during mid-day trading on Friday, reaching $4.03. 20,753,528 shares of the company’s stock were exchanged. Frontier Communications Corp. has a 52-week low of $3.81 and a 52-week high of $5.85. The stock’s 50-day moving average is $4.19 and its 200-day moving average is $4.84. The stock’s market cap is $4.73 billion.

Frontier Communications Corp. (NASDAQ:FTR) last announced its quarterly earnings results on Monday, August 1st. The company reported ($0.07) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.03) by $0.04. Frontier Communications Corp. had a negative net margin of 4.85% and a positive return on equity of 2.52%. The company earned $2.61 billion during the quarter, compared to the consensus estimate of $2.75 billion. During the same period in the previous year, the firm posted $0.03 EPS. The business’s quarterly revenue was up 90.6% compared to the same quarter last year. On average, equities analysts expect that Frontier Communications Corp. will post ($0.08) EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Friday, September 30th. Shareholders of record on Thursday, September 15th were paid a $0.105 dividend. This represents a $0.42 dividend on an annualized basis and a yield of 10.42%. The ex-dividend date was Tuesday, September 13th. Frontier Communications Corp.’s payout ratio is currently -85.71%.

Several research analysts have weighed in on the stock. Morgan Stanley lowered shares of Frontier Communications Corp. from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $6.00 to $5.40 in a research note on Monday, July 18th. Zacks Investment Research lowered shares of Frontier Communications Corp. from a “buy” rating to a “hold” rating in a research note on Friday, July 29th. Jefferies Group reiterated a “buy” rating and issued a $6.00 price objective on shares of Frontier Communications Corp. in a research note on Tuesday, August 2nd. Raymond James Financial Inc. dropped their price objective on shares of Frontier Communications Corp. from $6.00 to $5.50 and set an “outperform” rating on the stock in a research note on Tuesday, August 2nd. Finally, Macquarie assumed coverage on shares of Frontier Communications Corp. in a research note on Monday, July 11th. They issued an “underperform” rating and a $4.65 price objective on the stock. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $5.70.

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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