An issue of Frontier Communications Corp (NASDAQ:FTR) debt fell 1.4% as a percentage of its face value during trading on Wednesday. The high-yield debt issue has a 8.5% coupon and is set to mature on April 1, 2026. The bonds in the issue are now trading at $93.94 and were trading at $96.75 one week ago. Price changes in a company’s debt in credit markets sometimes predict parallel changes in its stock price.

FTR has been the topic of a number of recent analyst reports. Zacks Investment Research raised Frontier Communications from a “hold” rating to a “buy” rating and set a $5.50 price objective on the stock in a research note on Tuesday, July 3rd. Guggenheim reissued a “sell” rating and issued a $4.20 price objective on shares of Frontier Communications in a research note on Wednesday, August 1st. Citigroup cut their price objective on Frontier Communications from $6.25 to $4.50 and set a “sell” rating on the stock in a research note on Thursday, June 28th. Barclays cut their price objective on Frontier Communications from $8.50 to $7.00 and set an “underweight” rating on the stock in a research note on Thursday, May 31st. Finally, BidaskClub raised Frontier Communications from a “sell” rating to a “hold” rating in a research note on Saturday, September 8th. Five investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $7.80.

NASDAQ FTR traded down $0.19 during trading on Wednesday, hitting $6.48. The company’s stock had a trading volume of 2,948,900 shares, compared to its average volume of 3,358,919. The company has a quick ratio of 0.47, a current ratio of 0.47 and a debt-to-equity ratio of 6.75. The company has a market cap of $686.71 million, a P/E ratio of -1.72 and a beta of 0.61. Frontier Communications Corp has a 52 week low of $4.52 and a 52 week high of $13.00.

Frontier Communications (NASDAQ:FTR) last issued its quarterly earnings results on Tuesday, July 31st. The utilities provider reported ($0.80) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.83) by $0.03. The company had revenue of $2.16 billion for the quarter, compared to the consensus estimate of $2.16 billion. Frontier Communications had a negative return on equity of 2.48% and a negative net margin of 12.06%. The company’s revenue for the quarter was down 6.2% on a year-over-year basis. During the same period in the previous year, the business posted ($1.10) EPS. sell-side analysts expect that Frontier Communications Corp will post -1.64 earnings per share for the current fiscal year.

A number of hedge funds and other institutional investors have recently modified their holdings of FTR. Principal Financial Group Inc. increased its position in shares of Frontier Communications by 2.2% during the first quarter. Principal Financial Group Inc. now owns 612,090 shares of the utilities provider’s stock valued at $4,541,000 after purchasing an additional 13,460 shares during the period. California State Teachers Retirement System increased its position in shares of Frontier Communications by 5.5% during the first quarter. California State Teachers Retirement System now owns 160,765 shares of the utilities provider’s stock valued at $1,193,000 after purchasing an additional 8,365 shares during the period. Royal Bank of Canada increased its position in shares of Frontier Communications by 38.3% during the first quarter. Royal Bank of Canada now owns 32,309 shares of the utilities provider’s stock valued at $239,000 after purchasing an additional 8,942 shares during the period. Aperio Group LLC increased its position in shares of Frontier Communications by 13.3% during the second quarter. Aperio Group LLC now owns 107,077 shares of the utilities provider’s stock valued at $574,000 after purchasing an additional 12,610 shares during the period. Finally, Wells Fargo & Company MN increased its position in shares of Frontier Communications by 61.7% during the first quarter. Wells Fargo & Company MN now owns 207,741 shares of the utilities provider’s stock valued at $1,542,000 after purchasing an additional 79,286 shares during the period. 62.74% of the stock is currently owned by institutional investors.

Frontier Communications Company Profile (NASDAQ:FTR)

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.

Further Reading: Buyback For Investors Defined

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