Frontier Communications Corp (NASDAQ:FTR) was the target of a large increase in short interest in September. As of September 28th, there was short interest totalling 33,572,138 shares, an increase of 8.1% from the September 14th total of 31,046,086 shares. Based on an average daily trading volume, of 3,830,794 shares, the short-interest ratio is currently 8.8 days. Currently, 32.3% of the shares of the stock are sold short.
Frontier Communications stock opened at $5.37 on Friday. The company has a debt-to-equity ratio of 6.75, a quick ratio of 0.47 and a current ratio of 0.47. Frontier Communications has a 1 year low of $4.52 and a 1 year high of $12.19. The stock has a market cap of $686.71 million, a price-to-earnings ratio of -1.42 and a beta of 0.57.
Frontier Communications (NASDAQ:FTR) last released its earnings results on Tuesday, July 31st. The utilities provider reported ($0.80) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.83) by $0.03. Frontier Communications had a negative net margin of 12.06% and a negative return on equity of 2.48%. The company had revenue of $2.16 billion for the quarter, compared to the consensus estimate of $2.16 billion. During the same period in the prior year, the company posted ($1.10) EPS. The company’s revenue was down 6.2% compared to the same quarter last year. On average, analysts forecast that Frontier Communications will post -1.64 earnings per share for the current year.
A number of institutional investors have recently added to or reduced their stakes in FTR. BlackRock Inc. lifted its position in Frontier Communications by 11.5% during the 2nd quarter. BlackRock Inc. now owns 12,264,796 shares of the utilities provider’s stock valued at $65,739,000 after purchasing an additional 1,263,245 shares during the period. BlueMountain Capital Management LLC increased its stake in shares of Frontier Communications by 1,781.9% in the 2nd quarter. BlueMountain Capital Management LLC now owns 1,323,436 shares of the utilities provider’s stock valued at $7,094,000 after acquiring an additional 1,253,112 shares during the last quarter. Davidson Kempner Capital Management LP bought a new stake in shares of Frontier Communications in the 2nd quarter valued at about $5,330,000. Millennium Management LLC increased its stake in shares of Frontier Communications by 527.5% in the 2nd quarter. Millennium Management LLC now owns 823,836 shares of the utilities provider’s stock valued at $4,416,000 after acquiring an additional 692,537 shares during the last quarter. Finally, KBC Group NV increased its stake in shares of Frontier Communications by 8,427.1% in the 2nd quarter. KBC Group NV now owns 609,429 shares of the utilities provider’s stock valued at $3,266,000 after acquiring an additional 602,282 shares during the last quarter. Institutional investors own 62.74% of the company’s stock.
Several research analysts recently issued reports on the stock. Zacks Investment Research upgraded shares of Frontier Communications from a “hold” rating to a “buy” rating and set a $5.50 price target on the stock in a research report on Tuesday, July 3rd. Guggenheim reiterated a “sell” rating and set a $4.20 price target on shares of Frontier Communications in a research report on Wednesday, August 1st. BidaskClub downgraded shares of Frontier Communications from a “hold” rating to a “sell” rating in a research report on Friday, July 13th. Royal Bank of Canada reiterated a “hold” rating and set a $6.00 price target on shares of Frontier Communications in a research report on Friday, August 3rd. Finally, ValuEngine upgraded shares of Frontier Communications from a “strong sell” rating to a “sell” rating in a research report on Tuesday, October 2nd. Six investment analysts have rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $7.20.
About Frontier Communications
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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