Stevens Capital Management LP Takes $106,000 Position in Frontier Communications Corp (FTR)

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Stevens Capital Management LP acquired a new stake in Frontier Communications Corp (NASDAQ:FTR) in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 19,736 shares of the utilities provider’s stock, valued at approximately $106,000.

Several other hedge funds have also made changes to their positions in the company. Bank of New York Mellon Corp raised its stake in shares of Frontier Communications by 1.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,204,209 shares of the utilities provider’s stock valued at $6,455,000 after buying an additional 21,917 shares in the last quarter. Schwab Charles Investment Management Inc. increased its position in shares of Frontier Communications by 5.5% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 1,171,723 shares of the utilities provider’s stock worth $6,281,000 after purchasing an additional 60,741 shares in the last quarter. Northern Trust Corp increased its position in shares of Frontier Communications by 5.3% during the 1st quarter. Northern Trust Corp now owns 1,030,980 shares of the utilities provider’s stock worth $7,650,000 after purchasing an additional 52,081 shares in the last quarter. Federated Investors Inc. PA increased its position in shares of Frontier Communications by 7.6% during the 1st quarter. Federated Investors Inc. PA now owns 891,012 shares of the utilities provider’s stock worth $6,611,000 after purchasing an additional 62,998 shares in the last quarter. Finally, Principal Financial Group Inc. increased its position in shares of Frontier Communications by 2.2% during the 1st quarter. Principal Financial Group Inc. now owns 612,090 shares of the utilities provider’s stock worth $4,541,000 after purchasing an additional 13,460 shares in the last quarter. Institutional investors own 62.73% of the company’s stock.

FTR has been the subject of a number of recent analyst reports. Zacks Investment Research upgraded shares of Frontier Communications from a “hold” rating to a “buy” rating and set a $5.50 target price for the company in a research report on Tuesday, July 3rd. Guggenheim reissued a “sell” rating and set a $4.20 price objective on shares of Frontier Communications in a report on Wednesday, August 1st. Citigroup decreased their price objective on shares of Frontier Communications from $6.25 to $4.50 and set a “sell” rating on the stock in a report on Thursday, June 28th. Barclays decreased their price objective on shares of Frontier Communications from $8.50 to $7.00 and set an “underweight” rating on the stock in a report on Thursday, May 31st. Finally, BidaskClub lowered shares of Frontier Communications from a “buy” rating to a “hold” rating in a report on Friday, May 25th. Six equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has assigned a buy rating to the stock. Frontier Communications has an average rating of “Hold” and a consensus price target of $7.80.

Shares of NASDAQ:FTR opened at $5.15 on Thursday. Frontier Communications Corp has a 12 month low of $4.52 and a 12 month high of $14.24. The company has a debt-to-equity ratio of 6.75, a quick ratio of 0.47 and a current ratio of 0.47. The stock has a market cap of $550.21 million, a price-to-earnings ratio of -1.36 and a beta of 0.61.

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

About Frontier Communications

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: Fundamental Analysis and Individual Investors

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Institutional Ownership by Quarter for Frontier Communications (NASDAQ:FTR)

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