Municipal Employees Retirement System of Michigan lowered its holdings in Frontier Communications Corporation (NASDAQ:FTR) by 94.6% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 23,751 shares of the utilities provider’s stock after selling 419,219 shares during the quarter. Municipal Employees Retirement System of Michigan’s holdings in Frontier Communications were worth $280,000 at the end of the most recent reporting period.
Several other large investors have also bought and sold shares of the company. Shelton Capital Management purchased a new position in shares of Frontier Communications in the 2nd quarter worth approximately $111,000. GSA Capital Partners LLP purchased a new position in shares of Frontier Communications in the 2nd quarter worth approximately $113,000. World Asset Management Inc grew its position in shares of Frontier Communications by 14.5% in the 2nd quarter. World Asset Management Inc now owns 104,176 shares of the utilities provider’s stock worth $121,000 after buying an additional 13,158 shares during the last quarter. MML Investors Services LLC grew its position in shares of Frontier Communications by 204.3% in the 2nd quarter. MML Investors Services LLC now owns 118,366 shares of the utilities provider’s stock worth $137,000 after buying an additional 79,473 shares during the last quarter. Finally, Crossmark Global Holdings Inc. purchased a new position in shares of Frontier Communications in the 3rd quarter worth approximately $146,000. Institutional investors and hedge funds own 67.62% of the company’s stock.
A number of research analysts have recently issued reports on the stock. BidaskClub raised shares of Frontier Communications from a “sell” rating to a “hold” rating in a research report on Thursday, November 9th. Deutsche Bank cut their price objective on shares of Frontier Communications from $17.00 to $15.00 and set a “hold” rating on the stock in a research report on Tuesday, October 10th. Cowen reaffirmed a “hold” rating and issued a $14.00 price objective on shares of Frontier Communications in a research report on Thursday, October 19th. Zacks Investment Research raised shares of Frontier Communications from a “sell” rating to a “hold” rating in a research report on Tuesday, October 24th. Finally, Bank of America downgraded shares of Frontier Communications from a “neutral” rating to an “underperform” rating and set a $4.00 price objective on the stock. in a research report on Friday, November 10th. Five equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and two have given a buy rating to the company’s stock. Frontier Communications presently has an average rating of “Hold” and an average target price of $9.46.
Shares of Frontier Communications Corporation (FTR) opened at $10.06 on Tuesday. Frontier Communications Corporation has a 12-month low of $6.08 and a 12-month high of $57.30. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 5.16.
Frontier Communications (NASDAQ:FTR) last released its earnings results on Tuesday, October 31st. The utilities provider reported ($0.94) earnings per share for the quarter, topping the consensus estimate of ($0.95) by $0.01. The company had revenue of $2.25 billion for the quarter, compared to the consensus estimate of $2.25 billion. Frontier Communications had a negative net margin of 9.17% and a negative return on equity of 1.97%. Frontier Communications’s revenue was down 10.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.64) EPS. analysts expect that Frontier Communications Corporation will post -4.17 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 15th will be given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 23.86%. The ex-dividend date of this dividend is Thursday, December 14th. Frontier Communications’s dividend payout ratio is presently -17.45%.
Frontier Communications Profile
Frontier Communications Corporation (Frontier) is a provider of communications services in the United States. The Company offers a portfolio of communications services for residential and business customers. Its products and services include data and Internet services, video services, voice services, access services and customer premise equipment (CPE).
Want to see what other hedge funds are holding FTR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Frontier Communications Corporation (NASDAQ:FTR).
Receive News & Ratings for Frontier Communications Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Frontier Communications Corporation and related companies with MarketBeat.com's FREE daily email newsletter.