Trade Report: The Frontier Communications Corp. (FTR) Position Increased by Westpac Banking Corp

The Frontier Communications Corp. (FTR) Position Increased by Westpac Banking Corp

Westpac Banking Corp raised its stake in shares of Frontier Communications Corp. (NASDAQ:FTR) by 39.1% during the second quarter, Holdings Channel reports. The institutional investor owned 53,771 shares of the company’s stock after buying an additional 15,104 shares during the period. Westpac Banking Corp’s holdings in Frontier Communications Corp. were worth $266,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Geode Capital Management LLC increased its position in Frontier Communications Corp. by 3.2% in the first quarter. Geode Capital Management LLC now owns 10,176,364 shares of the company’s stock worth $56,777,000 after buying an additional 316,788 shares during the period. Nuveen Asset Management LLC increased its position in Frontier Communications Corp. by 11.3% in the first quarter. Nuveen Asset Management LLC now owns 4,616,749 shares of the company’s stock worth $25,807,000 after buying an additional 466,872 shares during the period. Alps Advisors Inc. increased its position in Frontier Communications Corp. by 26.7% in the second quarter. Alps Advisors Inc. now owns 5,145,649 shares of the company’s stock worth $25,420,000 after buying an additional 1,085,591 shares during the period. Private Advisor Group LLC increased its position in Frontier Communications Corp. by 39.3% in the second quarter. Private Advisor Group LLC now owns 111,398 shares of the company’s stock worth $544,000 after buying an additional 31,453 shares during the period. Finally, NN Investment Partners Holdings N.V. increased its position in Frontier Communications Corp. by 85.2% in the second quarter. NN Investment Partners Holdings N.V. now owns 925,330 shares of the company’s stock worth $4,571,000 after buying an additional 425,682 shares during the period. Institutional investors and hedge funds own 65.93% of the company’s stock.

Frontier Communications Corp. (NASDAQ:FTR) opened at 4.23 on Friday. Frontier Communications Corp. has a 52-week low of $3.81 and a 52-week high of $5.85. The company has a 50-day moving average price of $4.43 and a 200 day moving average price of $4.98. The stock’s market cap is $4.96 billion.

Frontier Communications Corp. (NASDAQ:FTR) last posted its quarterly earnings results on Monday, August 1st. The company reported ($0.07) EPS for the quarter, missing the 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 business earned $2.61 billion during the quarter, compared to analysts’ expectations of $2.75 billion. During the same period in the previous year, the company posted $0.03 earnings per share. Frontier Communications Corp.’s revenue for the quarter was up 90.6% compared to the same quarter last year. On average, analysts expect that Frontier Communications Corp. will post ($0.08) earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Friday, September 30th. Shareholders of record on Thursday, September 15th were issued a $0.105 dividend. This represents a $0.42 annualized dividend and a yield of 9.93%. The ex-dividend date was Tuesday, September 13th. Frontier Communications Corp.’s payout ratio is -85.71%.

A number of equities analysts recently commented on FTR shares. Zacks Investment Research raised Frontier Communications Corp. from a “hold” rating to a “buy” rating and set a $5.50 target price on the stock in a report on Friday, July 8th. Macquarie started coverage on Frontier Communications Corp. in a report on Monday, July 11th. They issued an “underperform” rating and a $4.65 target price on the stock. Morgan Stanley cut Frontier Communications Corp. from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $6.00 to $5.40 in a report on Monday, July 18th. Jefferies Group reaffirmed a “buy” rating and issued a $6.00 target price on shares of Frontier Communications Corp. in a report on Tuesday, August 2nd. Finally, Raymond James Financial Inc. decreased their target price on Frontier Communications Corp. from $6.00 to $5.50 and set an “outperform” rating on the stock in a report on Tuesday, August 2nd. One investment analyst has rated the stock with a sell rating, five have given a hold rating and nine have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $5.95.

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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