Frontier Communications (NASDAQ:FTR) released its earnings results on Tuesday. The utilities provider reported ($0.07) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.13, Briefing.com reports. The firm had revenue of $2.13 billion during the quarter, compared to the consensus estimate of $2.12 billion. Frontier Communications had a negative return on equity of 2.48% and a negative net margin of 12.06%. The company’s revenue was down 5.6% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.94) EPS.
Shares of Frontier Communications stock traded down $1.20 during trading on Wednesday, reaching $4.06. 10,710,231 shares of the company’s stock were exchanged, compared to its average volume of 3,343,381. The company has a debt-to-equity ratio of 6.75, a quick ratio of 0.47 and a current ratio of 0.47. Frontier Communications has a 1-year low of $4.02 and a 1-year high of $11.64. The stock has a market capitalization of $529.05 million, a P/E ratio of -1.07 and a beta of 0.83.
Several institutional investors have recently bought and sold shares of the company. Rhumbline Advisers raised its holdings in shares of Frontier Communications by 26.0% during the 3rd quarter. Rhumbline Advisers now owns 258,103 shares of the utilities provider’s stock worth $1,675,000 after buying an additional 53,227 shares in the last quarter. Prudential Financial Inc. raised its holdings in shares of Frontier Communications by 28.7% during the 3rd quarter. Prudential Financial Inc. now owns 172,084 shares of the utilities provider’s stock worth $1,117,000 after buying an additional 38,340 shares in the last quarter. Meridian Investment Counsel Inc. raised its holdings in shares of Frontier Communications by 50.2% during the 3rd quarter. Meridian Investment Counsel Inc. now owns 72,974 shares of the utilities provider’s stock worth $474,000 after buying an additional 24,393 shares in the last quarter. Wells Fargo & Company MN raised its holdings in shares of Frontier Communications by 13.2% during the 3rd quarter. Wells Fargo & Company MN now owns 190,139 shares of the utilities provider’s stock worth $1,235,000 after buying an additional 22,183 shares in the last quarter. Finally, Comerica Bank raised its holdings in shares of Frontier Communications by 20.9% during the 3rd quarter. Comerica Bank now owns 112,187 shares of the utilities provider’s stock worth $583,000 after buying an additional 19,366 shares in the last quarter. 62.57% of the stock is owned by institutional investors.
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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.
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