Schwab Charles Investment Management Inc. Sells 5,896,814 Shares of Frontier Communications Corporation (FTR)
Schwab Charles Investment Management Inc. lowered its holdings in Frontier Communications Corporation (NASDAQ:FTR) by 88.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 760,470 shares of the utilities provider’s stock after selling 5,896,814 shares during the period. Schwab Charles Investment Management Inc. owned approximately 0.97% of Frontier Communications worth $8,966,000 as of its most recent SEC filing.
Several other institutional investors have also added to or reduced their stakes in FTR. Shelton Capital Management acquired a new stake in Frontier Communications during the 2nd quarter valued at $111,000. GSA Capital Partners LLP acquired a new stake in Frontier Communications during the 2nd quarter valued at $113,000. Quantbot Technologies LP acquired a new stake in Frontier Communications during the 3rd quarter valued at $124,000. MML Investors Services LLC grew its holdings in Frontier Communications by 204.3% during the 2nd quarter. MML Investors Services LLC now owns 118,366 shares of the utilities provider’s stock valued at $137,000 after purchasing an additional 79,473 shares in the last quarter. Finally, Crossmark Global Holdings Inc. acquired a new stake in Frontier Communications during the 3rd quarter valued at $146,000. 62.89% of the stock is owned by institutional investors.
Frontier Communications Corporation (FTR) opened at $6.76 on Tuesday. The firm has a market cap of $535.87, a price-to-earnings ratio of -0.49 and a beta of 0.52. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 5.16. Frontier Communications Corporation has a fifty-two week low of $6.08 and a fifty-two week high of $57.30.
Frontier Communications (NASDAQ:FTR) last announced its quarterly earnings data on Tuesday, October 31st. The utilities provider reported ($0.94) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.95) by $0.01. Frontier Communications had a negative net margin of 9.17% and a negative return on equity of 1.97%. The company had revenue of $2.25 billion during the quarter, compared to analyst estimates of $2.25 billion. During the same period last year, the business earned ($0.64) EPS. The firm’s revenue for the quarter was down 10.8% compared to the same quarter last year. sell-side analysts predict that Frontier Communications Corporation will post -4.17 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, December 29th. Stockholders of record on Friday, December 15th were given a $0.60 dividend. The ex-dividend date of this dividend was Thursday, December 14th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 35.50%. Frontier Communications’s payout ratio is currently -17.45%.
FTR has been the subject of a number of recent analyst reports. Zacks Investment Research raised shares of Frontier Communications from a “sell” rating to a “hold” rating in a report on Tuesday, October 24th. BidaskClub raised shares of Frontier Communications from a “sell” rating to a “hold” rating in a report on Thursday, September 7th. Wells Fargo & Co reissued a “market perform” rating and set a $9.00 price objective (down from $14.50) on shares of Frontier Communications in a report on Thursday, November 2nd. Bank of America lowered shares of Frontier Communications from a “neutral” rating to an “underperform” rating and set a $4.00 price objective for the company. in a report on Friday, November 10th. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $8.00 price objective (down from $16.00) on shares of Frontier Communications in a report on Monday, November 20th. Six research 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. The stock has an average rating of “Hold” and an average price target of $9.30.
About Frontier Communications
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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