Frontier Communications Target of Unusually High Options Trading (FTR)

Frontier Communications Corp (NASDAQ:FTR) was the target of some unusual options trading on Wednesday. Stock traders bought 27,947 put options on the company. This is an increase of approximately 2,315% compared to the average volume of 1,157 put options.

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Stevens Capital Management LP bought a new stake in shares of Frontier Communications during the second quarter valued at approximately $106,000. Nomura Asset Management Co. Ltd. bought a new stake in shares of Frontier Communications during the first quarter valued at approximately $114,000. Xact Kapitalforvaltning AB bought a new stake in shares of Frontier Communications during the first quarter valued at approximately $119,000. Glen Harbor Capital Management LLC increased its position in shares of Frontier Communications by 78.2% during the second quarter. Glen Harbor Capital Management LLC now owns 23,086 shares of the utilities provider’s stock valued at $124,000 after acquiring an additional 10,132 shares in the last quarter. Finally, IFP Advisors Inc increased its position in shares of Frontier Communications by 843.6% during the first quarter. IFP Advisors Inc now owns 17,022 shares of the utilities provider’s stock valued at $126,000 after acquiring an additional 15,218 shares in the last quarter. 62.73% of the stock is owned by institutional investors and hedge funds.

FTR traded down $0.15 on Friday, hitting $5.20. The company had a trading volume of 3,541,300 shares, compared to its average volume of 3,362,050. Frontier Communications has a 52-week low of $4.52 and a 52-week high of $14.24. The firm has a market capitalization of $606.29 million, a PE ratio of -1.37 and a beta of 0.57. The company has a debt-to-equity ratio of 6.75, a current ratio of 0.47 and a quick ratio of 0.47.

Frontier Communications (NASDAQ:FTR) last announced its earnings results on Tuesday, July 31st. The utilities provider reported ($0.80) earnings per share for the quarter, beating the Zacks’ consensus estimate 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 business had revenue of $2.16 billion during the quarter, compared to the consensus estimate of $2.16 billion. During the same quarter last year, the firm earned ($1.10) earnings per share. The business’s revenue for the quarter was down 6.2% on a year-over-year basis. analysts expect that Frontier Communications will post -1.64 EPS for the current fiscal year.

FTR has been the topic of a number of research analyst reports. Cowen set a $6.00 target price on Frontier Communications and gave the company a “hold” rating in a research note on Tuesday, July 31st. Barclays cut their price target on shares of Frontier Communications from $8.50 to $7.00 and set an “underweight” rating for the company in a research report on Thursday, May 31st. BidaskClub lowered shares of Frontier Communications from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, May 9th. Guggenheim restated a “sell” rating and set a $4.20 price target on shares of Frontier Communications in a research report on Wednesday, August 1st. Finally, Zacks Investment Research upgraded shares of Frontier Communications from a “hold” rating to a “buy” rating and set a $5.50 target price for the company in a report on Tuesday, July 3rd. Seven research analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $7.80.

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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