Frontier Communications (FTR) Shares Down 7.4%

Frontier Communications Corp (NASDAQ:FTR) traded down 7.4% during mid-day trading on Wednesday . The company traded as low as $2.52 and last traded at $2.61. 4,886,729 shares traded hands during trading, an increase of 41% from the average session volume of 3,465,021 shares. The stock had previously closed at $2.82.

A number of equities research analysts have recently issued reports on the company. BidaskClub upgraded Frontier Communications from a “hold” rating to a “buy” rating in a research note on Thursday, September 20th. ValuEngine upgraded Frontier Communications from a “strong sell” rating to a “sell” rating in a research note on Tuesday, October 2nd. UBS Group cut Frontier Communications from a “neutral” rating to a “sell” rating and dropped their price target for the company from $6.00 to $3.00 in a research note on Wednesday, November 7th. Morgan Stanley dropped their price target on Frontier Communications from $10.00 to $5.00 and set an “equal weight” rating on the stock in a research note on Monday, November 19th. Finally, Royal Bank of Canada set a $5.00 price target on Frontier Communications and gave the company a “hold” rating in a research note on Monday, November 19th. Seven investment analysts have rated the stock with a sell rating, four have issued a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $4.72.

The company has a quick ratio of 0.49, a current ratio of 0.49 and a debt-to-equity ratio of 8.44. The firm has a market cap of $275.48 million, a P/E ratio of -0.66 and a beta of 1.11.

Frontier Communications (NASDAQ:FTR) last issued its quarterly earnings data on Tuesday, November 6th. The utilities provider reported ($0.07) EPS for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.13. Frontier Communications had a negative return on equity of 2.35% and a negative net margin of 16.69%. The firm had revenue of $2.13 billion for the quarter, compared to analyst estimates of $2.12 billion. During the same period in the prior year, the firm posted ($0.94) EPS. The company’s revenue for the quarter was down 5.6% on a year-over-year basis. As a group, equities research analysts predict that Frontier Communications Corp will post -1.47 EPS for the current year.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. LPL Financial LLC acquired a new stake in Frontier Communications in the third quarter valued at about $103,000. Caxton Associates LP acquired a new stake in Frontier Communications in the third quarter valued at about $121,000. Glen Harbor Capital Management LLC boosted its stake in Frontier Communications by 78.2% in the second quarter. Glen Harbor Capital Management LLC now owns 23,086 shares of the utilities provider’s stock valued at $124,000 after buying an additional 10,132 shares in the last quarter. Russell Investments Group Ltd. boosted its stake in Frontier Communications by 2,495.5% in the second quarter. Russell Investments Group Ltd. now owns 32,755 shares of the utilities provider’s stock valued at $173,000 after buying an additional 31,493 shares in the last quarter. Finally, State of Alaska Department of Revenue boosted its stake in Frontier Communications by 32.2% in the third quarter. State of Alaska Department of Revenue now owns 34,641 shares of the utilities provider’s stock valued at $224,000 after buying an additional 8,441 shares in the last quarter. 71.60% of the stock is currently owned by institutional investors.

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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.

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