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 21.52% during the most recent quarter end. The investment management company now holds a total of 4,473,950 shares of Frontier Communications Corp which is valued at $21,698,658 after selling 1,227,114 shares in Frontier Communications Corp , the firm said in a disclosure report filed with the SEC on Aug 12, 2016.Frontier Communications Corp makes up approximately 3.41% of Majedie Asset Management Ltd’s portfolio.

Other Hedge Funds, Including , Apriem Advisors boosted its stake in FTR in the latest quarter, The investment management firm added 24 additional shares and now holds a total of 1,800 shares of Frontier Communications Corp which is valued at $8,730. Engineers Gate Manager Lp sold out all of its stake in FTR during the most recent quarter. The investment firm sold 41,020 shares of FTR which is valued $198,947.Ronald Blue Co boosted its stake in FTR in the latest quarter, The investment management firm added 2,022 additional shares and now holds a total of 15,333 shares of Frontier Communications Corp which is valued at $74,365.Moors Cabot boosted its stake in FTR in the latest quarter, The investment management firm added 7,942 additional shares and now holds a total of 55,244 shares of Frontier Communications Corp which is valued at $267,933. Frontier Communications Corp makes up approx 0.05% of Moors Cabot’s portfolio.Investors Capital Advisory Services reduced its stake in FTR by selling 25,879 shares or 30.66% in the most recent quarter. The Hedge Fund company now holds 58,524 shares of FTR which is valued at $282,086. Frontier Communications Corp makes up approx 0.05% of Investors Capital Advisory Services’s portfolio.

Frontier Communications Corp opened for trading at $4.64 and hit $4.71 on the upside on Monday, eventually ending the session at $4.66, with a gain of 1.08% or 0.05 points. The heightened volatility saw the trading volume jump to 1,39,47,724 shares. Company has a market cap of $5,467 M.

On the company’s financial health, Frontier Communications Corp reported $-0.07 EPS for the quarter, missing the analyst consensus estimate by $ -0.03 based on the information available during the earnings call on Aug 1, 2016. Analyst had a consensus of $-0.04. The company had revenue of $2608.00 million for the quarter, compared to analysts expectations of $2736.64 million. The company’s revenue was up 90.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.03 EPS.

Investors should note that on Aug 1, 2016, Frontier Communications Corp announced a cash dividend of $0.1050. The company’s management has announced Sep 13, 2016 as the ex-dividend date and fixed the record date on Sep 15, 2016. The payable date has been fixed on Sep 30, 2016.

Many Wall Street Analysts have commented on Frontier Communications Corp. Frontier Communications Corp was Downgraded by Morgan Stanley to ” Equal-Weight” on Jul 18, 2016. Frontier Communications Corp was Initiated by Macquarie to “Underperform” on Jul 11, 2016.

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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