Rhumbline Advisers Trims Stake in Frontier Communications Corporation (FTR)

Rhumbline Advisers lessened its holdings in shares of Frontier Communications Corporation (NASDAQ:FTR) by 93.2% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 162,483 shares of the utilities provider’s stock after selling 2,241,435 shares during the quarter. Rhumbline Advisers owned about 0.21% of Frontier Communications worth $1,916,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also modified their holdings of the company. Vanguard Group Inc. raised its holdings in Frontier Communications by 9.9% in the second quarter. Vanguard Group Inc. now owns 116,799,968 shares of the utilities provider’s stock valued at $135,488,000 after acquiring an additional 10,474,703 shares in the last quarter. State Street Corp raised its holdings in Frontier Communications by 14.9% in the second quarter. State Street Corp now owns 49,574,081 shares of the utilities provider’s stock valued at $57,507,000 after acquiring an additional 6,445,036 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in Frontier Communications by 7.4% in the second quarter. Bank of New York Mellon Corp now owns 25,636,186 shares of the utilities provider’s stock valued at $29,738,000 after acquiring an additional 1,757,905 shares in the last quarter. Gotham Asset Management LLC raised its holdings in Frontier Communications by 340.9% in the second quarter. Gotham Asset Management LLC now owns 19,776,306 shares of the utilities provider’s stock valued at $22,941,000 after acquiring an additional 15,290,477 shares in the last quarter. Finally, Northern Trust Corp raised its holdings in Frontier Communications by 43.8% in the second quarter. Northern Trust Corp now owns 17,209,093 shares of the utilities provider’s stock valued at $19,963,000 after acquiring an additional 5,238,840 shares in the last quarter. 67.62% of the stock is currently owned by institutional investors and hedge funds.

Frontier Communications Corporation (FTR) opened at $10.06 on Tuesday. The company has a debt-to-equity ratio of 5.16, a quick ratio of 0.70 and a current ratio of 0.70. Frontier Communications Corporation has a 1 year low of $6.08 and a 1 year high of $57.30.

Frontier Communications (NASDAQ:FTR) last announced its earnings results on Tuesday, October 31st. The utilities provider reported ($0.94) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.95) by $0.01. Frontier Communications had a negative net margin of 9.17% and a negative return on equity of 1.97%. The business had revenue of $2.25 billion for the quarter, compared to analyst estimates of $2.25 billion. During the same period last year, the firm posted ($0.64) earnings per share. The company’s revenue for the quarter was down 10.8% compared to the same quarter last year. sell-side analysts expect that Frontier Communications Corporation will post -4.17 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 15th will be given a $0.60 dividend. The ex-dividend date of this dividend is Thursday, December 14th. This represents a $2.40 dividend on an annualized basis and a yield of 23.86%. Frontier Communications’s dividend payout ratio (DPR) is -17.45%.

FTR has been the topic of a number of research analyst reports. BidaskClub raised shares of Frontier Communications from a “sell” rating to a “hold” rating in a report on Thursday, September 7th. 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 report on Tuesday, October 10th. Zacks Investment Research cut shares of Frontier Communications from a “hold” rating to a “sell” rating in a report on Tuesday, October 3rd. ValuEngine cut shares of Frontier Communications from a “sell” rating to a “strong sell” rating in a report on Friday, September 1st. Finally, J P Morgan Chase & Co cut shares of Frontier Communications from a “neutral” rating to an “underweight” rating and cut their price objective for the stock from $17.00 to $8.00 in a report on Wednesday, November 1st. Five analysts have rated the stock with a sell rating, eleven have given a hold rating and two have assigned a buy rating to the company. Frontier Communications currently has a consensus rating of “Hold” and a consensus price target of $9.46.

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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).

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Institutional Ownership by Quarter for Frontier Communications (NASDAQ:FTR)

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