Majedie Asset Management Ltd Lowers stake in Frontier Communications Corp (FTR)

Frontier Communications Corp (FTR) : Majedie Asset Management Ltd reduced its stake in Frontier Communications Corp by 6.01% during the most recent quarter end. The investment management company now holds a total of 5,701,064 shares of Frontier Communications Corp which is valued at $30 Million after selling 364,669 shares in Frontier Communications Corp , the firm said in a disclosure report filed with the SEC on May 12, 2016.Frontier Communications Corp makes up approximately 4.38% of Majedie Asset Management Ltd’s portfolio.

Other Hedge Funds, Including , Meeder Asset Management Inc reduced its stake in FTR by selling 20,326 shares or 28.1% in the most recent quarter. The Hedge Fund company now holds 52,015 shares of FTR which is valued at $273,599. Frontier Communications Corp makes up approx 0.03% of Meeder Asset Management Inc’s portfolio. Private Harbour Investment Management Counsel added FTR to its portfolio by purchasing 11,101 company shares during the most recent quarter which is valued at $58,391. Frontier Communications Corp makes up approx 0.05% of Private Harbour Investment Management Counsel’s portfolio. Park Circle Co added FTR to its portfolio by purchasing 130,000 company shares during the most recent quarter which is valued at $722,800. Frontier Communications Corp makes up approx 0.58% of Park Circle Co’s portfolio.Trust Co Of Vermont reduced its stake in FTR by selling 295 shares or 94.55% in the most recent quarter. The Hedge Fund company now holds 17 shares of FTR which is valued at $95.

Frontier Communications Corp opened for trading at $5 and hit $5.02 on the upside on Friday, eventually ending the session at $5.01, with a gain of 1.01% or 0.05 points. The heightened volatility saw the trading volume jump to 1,19,09,371 shares. Company has a market cap of $5,877 M.

On the company’s financial health, Frontier Communications Corp reported $0.01 EPS for the quarter, beating the analyst consensus estimate by $ 0.07 according to the earnings call on May 3, 2016. Analyst had a consensus of $-0.06. The company had revenue of $1355.00 million for the quarter, compared to analysts expectations of $1351.68 million. The company’s revenue was down -1.2 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.02 EPS.

Investors should note that on May 2, 2016, Frontier Communications Corp announced a cash dividend of $0.1050. The company’s management has announced Jun 13, 2016 as the ex-dividend date and fixed the record date on Jun 15, 2016. The payable date has been fixed on Jun 20, 2016.

Many Wall Street Analysts have commented on Frontier Communications Corp. Company shares were Reiterated by Deutsche Bank on Apr 12, 2016 to “Buy”, Firm has raised the Price Target to $ 6 from a previous price target of $5.50 .Frontier Communications Corp was Downgraded by Citigroup to ” Sell” on Mar 9, 2016. Deutsche Bank Initiated Frontier Communications Corp on Feb 24, 2016 to “Buy”, Price Target of the shares are set at $5.50.

Frontier Communications Corporation is a communications company. The Company is engaged in providing services to rural areas and small and medium-sized towns and cities in the United States. It offers a range of voice data and video services and products. The Company offers a portfolio of communications services for residential and business customers in each of its markets. It conducts business with both residential and business customers and it provides the last mile of communications services to customers in these markets. The Company provides data and Internet services and wireless data services basic local and long distance voice wireline services to residential and business customers in its service areas network access to interexchange carriers for origination and termination of long distance voice and data traffic sales of its own and third party video services and sales of customer premise equipment.

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