Short Interest in Frontier Communications Corp (FTR) Rises By 8.5%

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Frontier Communications Corp (NASDAQ:FTR) was the recipient of a large growth in short interest during the month of October. As of October 31st, there was short interest totalling 36,569,560 shares, a growth of 8.5% from the October 15th total of 33,704,254 shares. Currently, 35.2% of the shares of the stock are short sold. Based on an average daily trading volume, of 3,033,227 shares, the short-interest ratio is presently 12.1 days.

Several institutional investors have recently made changes to their positions in the company. Stevens Capital Management LP purchased a new stake in Frontier Communications during the 2nd quarter valued at $106,000. Xact Kapitalforvaltning AB purchased a new stake in Frontier Communications during the 1st quarter valued at $119,000. Glen Harbor Capital Management LLC boosted its position in Frontier Communications by 78.2% during the 2nd quarter. Glen Harbor Capital Management LLC now owns 23,086 shares of the utilities provider’s stock valued at $124,000 after buying an additional 10,132 shares during the period. Captrust Financial Advisors purchased a new stake in Frontier Communications during the 2nd quarter valued at $153,000. Finally, Russell Investments Group Ltd. boosted its position in Frontier Communications by 2,495.5% during the 2nd quarter. Russell Investments Group Ltd. now owns 32,755 shares of the utilities provider’s stock valued at $173,000 after buying an additional 31,493 shares during the period. 62.57% of the stock is owned by institutional investors.

Shares of Frontier Communications stock opened at $3.87 on Friday. Frontier Communications has a 52-week low of $3.81 and a 52-week high of $11.64. The firm has a market capitalization of $556.56 million, a PE ratio of -1.02 and a beta of 0.83. The company has a debt-to-equity ratio of 6.75, a current ratio of 0.47 and a quick ratio of 0.47.

Frontier Communications (NASDAQ:FTR) last announced its quarterly earnings data on Tuesday, November 6th. The utilities provider reported ($0.07) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.20) by $0.13. Frontier Communications had a negative net margin of 16.69% and a negative return on equity of 2.25%. The company had revenue of $2.13 billion during the quarter, compared to analysts’ expectations of $2.12 billion. During the same quarter in the prior year, the company earned ($0.94) EPS. The firm’s revenue was down 5.6% on a year-over-year basis. As a group, equities research analysts forecast that Frontier Communications will post -1.73 EPS for the current year.

A number of equities analysts have recently commented on FTR shares. Cowen set a $6.00 price target on shares of Frontier Communications and gave the stock a “hold” rating in a report on Tuesday, July 31st. BidaskClub lowered shares of Frontier Communications from a “buy” rating to a “hold” rating in a report on Saturday, October 13th. ValuEngine raised shares of Frontier Communications from a “strong sell” rating to a “sell” rating in a report on Tuesday, October 2nd. Zacks Investment Research lowered shares of Frontier Communications from a “buy” rating to a “hold” rating in a report on Thursday, August 2nd. Finally, Royal Bank of Canada reaffirmed a “hold” rating and issued a $6.00 price objective on shares of Frontier Communications in a research note on Friday, August 3rd. Seven research analysts have rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $5.94.

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Frontier Communications Company Profile

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.

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