CI Investments Inc. Sells 23,061,505 Shares of Frontier Communications Corporation (FTR)
CI Investments Inc. reduced its holdings in shares of Frontier Communications Corporation (NASDAQ:FTR) by 93.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,653,783 shares of the utilities provider’s stock after selling 23,061,505 shares during the period. CI Investments Inc. owned approximately 2.11% of Frontier Communications Corporation worth $19,498,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other large investors have also made changes to their positions in FTR. Bollard Group LLC increased its position in Frontier Communications Corporation by 3.3% during the 2nd quarter. Bollard Group LLC now owns 92,852 shares of the utilities provider’s stock valued at $108,000 after buying an additional 2,973 shares in the last quarter. Shelton Capital Management purchased a new stake in shares of Frontier Communications Corporation in the second quarter worth about $111,000. GSA Capital Partners LLP purchased a new stake in shares of Frontier Communications Corporation in the second quarter worth about $113,000. World Asset Management Inc boosted its stake in shares of Frontier Communications Corporation by 14.5% in the second quarter. World Asset Management Inc now owns 104,176 shares of the utilities provider’s stock worth $121,000 after buying an additional 13,158 shares during the last quarter. Finally, Eqis Capital Management Inc. boosted its stake in shares of Frontier Communications Corporation by 85.1% in the second quarter. Eqis Capital Management Inc. now owns 107,296 shares of the utilities provider’s stock worth $124,000 after buying an additional 49,329 shares during the last quarter.
FTR has been the topic of a number of recent research reports. BidaskClub upgraded Frontier Communications Corporation from a “strong sell” rating to a “sell” rating in a research note on Monday, July 31st. Deutsche Bank AG lowered their target price on Frontier Communications Corporation from $17.00 to $15.00 and set a “hold” rating on the stock in a research note on Tuesday, October 10th. Zacks Investment Research downgraded Frontier Communications Corporation from a “hold” rating to a “sell” rating in a research note on Tuesday, October 3rd. ValuEngine cut Frontier Communications Corporation from a “sell” rating to a “strong sell” rating in a report on Friday, September 1st. Finally, J P Morgan Chase & Co cut Frontier Communications Corporation from a “neutral” rating to an “underweight” rating and reduced their price target for the stock from $17.00 to $8.00 in a report on Wednesday, November 1st. Five investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and two have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $10.04.
Frontier Communications Corporation (NASDAQ FTR) traded up $0.19 during trading hours on Tuesday, hitting $6.96. The company had a trading volume of 3,416,600 shares, compared to its average volume of 2,825,809. Frontier Communications Corporation has a 12-month low of $6.72 and a 12-month high of $57.30. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 5.16.
Frontier Communications Corporation (NASDAQ:FTR) last posted its quarterly earnings results on Tuesday, October 31st. The utilities provider reported ($0.94) EPS for the quarter, beating the consensus estimate of ($0.95) by $0.01. Frontier Communications Corporation had a negative return on equity of 1.97% and a negative net margin of 9.17%. The firm had revenue of $2.25 billion during the quarter, compared to analysts’ expectations of $2.25 billion. During the same quarter last year, the firm earned ($0.64) earnings per share. The business’s revenue for the quarter was down 10.8% on a year-over-year basis. equities research analysts anticipate that Frontier Communications Corporation will post -4.11 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 15th will be issued a $0.60 dividend. The ex-dividend date is Thursday, December 14th. This represents a $2.40 annualized dividend and a dividend yield of 34.48%. Frontier Communications Corporation’s dividend payout ratio is presently -17.38%.
About Frontier Communications Corporation
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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