Frontier Communications Corporation (FTR) Stake Boosted by Meridian Investment Counsel Inc.
Meridian Investment Counsel Inc. lifted its stake in Frontier Communications Corporation (NASDAQ:FTR) by 1,657.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 518,548 shares of the utilities provider’s stock after purchasing an additional 489,050 shares during the quarter. Meridian Investment Counsel Inc. owned 0.66% of Frontier Communications Corporation worth $602,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors and hedge funds also recently bought and sold shares of FTR. Vanguard Group Inc. raised its position in Frontier Communications Corporation by 9.9% in the 2nd quarter. Vanguard Group Inc. now owns 116,799,968 shares of the utilities provider’s stock worth $135,488,000 after buying an additional 10,474,703 shares during the last quarter. BlackRock Inc. raised its position in Frontier Communications Corporation by 4,683.4% in the 1st quarter. BlackRock Inc. now owns 116,003,627 shares of the utilities provider’s stock worth $248,246,000 after buying an additional 113,578,500 shares during the last quarter. First Trust Advisors LP raised its position in Frontier Communications Corporation by 101.4% in the 2nd quarter. First Trust Advisors LP now owns 42,741,996 shares of the utilities provider’s stock worth $49,581,000 after buying an additional 21,522,621 shares during the last quarter. Bank of New York Mellon Corp raised its position in Frontier Communications Corporation by 7.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 25,636,186 shares of the utilities provider’s stock worth $29,738,000 after buying an additional 1,757,905 shares during the last quarter. Finally, Northern Trust Corp raised its position in Frontier Communications Corporation by 43.8% in the 2nd quarter. Northern Trust Corp now owns 17,209,093 shares of the utilities provider’s stock worth $19,963,000 after buying an additional 5,238,840 shares during the last quarter.
Shares of Frontier Communications Corporation (FTR) traded down 4.22% during mid-day trading on Friday, hitting $11.79. The stock had a trading volume of 3,545,142 shares. Frontier Communications Corporation has a one year low of $11.65 and a one year high of $66.00. The stock’s market cap is $925.70 million. The firm has a 50 day moving average of $13.90 and a 200-day moving average of $21.25.
Frontier Communications Corporation (NASDAQ:FTR) last issued its quarterly earnings results on Tuesday, August 1st. The utilities provider reported ($1.10) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($1.07) by ($0.03). The firm had revenue of $2.30 billion during the quarter, compared to analyst estimates of $2.31 billion. Frontier Communications Corporation had a negative return on equity of 1.28% and a negative net margin of 9.35%. The business’s revenue was down 11.7% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.29) earnings per share. Equities research analysts expect that Frontier Communications Corporation will post ($4.13) earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, September 29th. Stockholders of record on Friday, September 15th were paid a $0.60 dividend. The ex-dividend date of this dividend was Thursday, September 14th. This is a positive change from Frontier Communications Corporation’s previous quarterly dividend of $0.04. This represents a $2.40 dividend on an annualized basis and a dividend yield of 20.36%. Frontier Communications Corporation’s payout ratio is currently -16.65%.
COPYRIGHT VIOLATION WARNING: This piece of content was originally posted by Watch List News and is the property of of Watch List News. If you are accessing this piece of content on another site, it was illegally stolen and republished in violation of US & international copyright & trademark law. The legal version of this piece of content can be read at https://www.watchlistnews.com/frontier-communications-corporation-ftr-stake-boosted-by-meridian-investment-counsel-inc/1599184.html.
A number of brokerages have weighed in on FTR. Hilliard Lyons lowered Frontier Communications Corporation from a “neutral” rating to an “underperform” rating in a research report on Wednesday, August 9th. UBS AG restated a “neutral” rating and set a $15.00 price target (down from $26.25) on shares of Frontier Communications Corporation in a research note on Tuesday, August 8th. Royal Bank Of Canada restated a “sector perform” rating and set a $16.00 price target on shares of Frontier Communications Corporation in a research note on Tuesday, August 8th. Cowen and Company restated a “market perform” rating on shares of Frontier Communications Corporation in a research note on Wednesday, August 2nd. Finally, ValuEngine upgraded Frontier Communications Corporation from a “sell” rating to a “hold” rating in a research note on Tuesday, July 11th. Four analysts have rated the stock with a sell rating, eleven have given a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $7.02.
Frontier Communications Corporation Company 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).
Want to see what other hedge funds are holding FTR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Frontier Communications Corporation (NASDAQ:FTR).
Receive News & Ratings for Frontier Communications Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Frontier Communications Corporation and related companies with Analyst Ratings Network's FREE daily email newsletter.