World Asset Management Inc increased its holdings in Frontier Communications Corp (NASDAQ:FTR) by 35.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 66,627 shares of the utilities provider’s stock after acquiring an additional 17,386 shares during the period. World Asset Management Inc owned about 0.06% of Frontier Communications worth $117,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also bought and sold shares of FTR. Principal Financial Group Inc. grew its position in shares of Frontier Communications by 0.5% during the 4th quarter. Principal Financial Group Inc. now owns 869,284 shares of the utilities provider’s stock valued at $2,068,000 after acquiring an additional 4,526 shares during the period. Comerica Bank raised its position in Frontier Communications by 5.3% in the 1st quarter. Comerica Bank now owns 124,891 shares of the utilities provider’s stock worth $310,000 after purchasing an additional 6,293 shares during the period. Royce & Associates LP raised its position in Frontier Communications by 40.6% in the 1st quarter. Royce & Associates LP now owns 26,468 shares of the utilities provider’s stock worth $53,000 after purchasing an additional 7,640 shares during the period. Cetera Advisors LLC purchased a new position in Frontier Communications in the 1st quarter worth $35,000. Finally, BNP Paribas Arbitrage SA grew its holdings in Frontier Communications by 453.1% in the 1st quarter. BNP Paribas Arbitrage SA now owns 25,475 shares of the utilities provider’s stock worth $51,000 after acquiring an additional 20,869 shares during the last quarter. Institutional investors own 77.82% of the company’s stock.
A number of brokerages have recently weighed in on FTR. Zacks Investment Research lowered shares of Frontier Communications from a “hold” rating to a “sell” rating in a research note on Tuesday, April 30th. Citigroup lifted their target price on shares of Frontier Communications from $1.00 to $1.50 and gave the stock a “positive” rating in a report on Thursday, June 20th. They noted that the move was a valuation call. Finally, ValuEngine raised shares of Frontier Communications from a “sell” rating to a “hold” rating in a report on Thursday, August 1st. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and one has assigned a buy rating to the company. Frontier Communications has an average rating of “Hold” and a consensus price target of $2.78.
Frontier Communications (NASDAQ:FTR) last released its earnings results on Tuesday, August 6th. The utilities provider reported $0.98 EPS for the quarter, topping analysts’ consensus estimates of ($0.28) by $1.26. Frontier Communications had a negative net margin of 8.81% and a negative return on equity of 2.14%. The company had revenue of $2.07 billion during the quarter, compared to analysts’ expectations of $2.07 billion. During the same period last year, the business earned ($0.92) EPS. Frontier Communications’s revenue for the quarter was down 4.4% on a year-over-year basis. As a group, sell-side analysts expect that Frontier Communications Corp will post -0.93 earnings per share for the current year.
Frontier Communications Profile
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 Ethernet and traditional circuit-based services; software defined wide area network, managed Wi-Fi and cloud IT solutions, voice and Unified Communications as a Service (UCaaS), and Voice over Internet Protocol (VoIP) services, as well as hardware and network solutions and services to small and medium business, and large enterprises.
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