Kornitzer Capital Management Inc. KS Has $202,000 Position in Frontier Communications Corporation (NASDAQ:FTR)

Kornitzer Capital Management Inc. KS boosted its stake in shares of Frontier Communications Corporation (NASDAQ:FTR) by 27.5% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 174,000 shares of the utilities provider’s stock after buying an additional 37,516 shares during the period. Kornitzer Capital Management Inc. KS owned 0.22% of Frontier Communications Corporation worth $202,000 as of its most recent filing with the SEC.

Several other institutional investors also recently made changes to their positions in the company. Municipal Employees Retirement System of Michigan boosted its position in shares of Frontier Communications Corporation by 1,090.1% in the second quarter. Municipal Employees Retirement System of Michigan now owns 442,970 shares of the utilities provider’s stock worth $514,000 after buying an additional 405,750 shares during the period. Washington Trust Bank raised its stake in shares of Frontier Communications Corporation by 13.8% in the second quarter. Washington Trust Bank now owns 117,578 shares of the utilities provider’s stock worth $136,000 after buying an additional 14,232 shares in the last quarter. Opera Trading Capital acquired a new stake in shares of Frontier Communications Corporation during the second quarter worth about $580,000. Bollard Group LLC raised its stake in shares of Frontier Communications Corporation by 3.3% in the second quarter. Bollard Group LLC now owns 92,852 shares of the utilities provider’s stock worth $108,000 after buying an additional 2,973 shares in the last quarter. Finally, State Treasurer State of Michigan raised its stake in shares of Frontier Communications Corporation by 1.5% in the second quarter. State Treasurer State of Michigan now owns 483,600 shares of the utilities provider’s stock worth $561,000 after buying an additional 7,000 shares in the last quarter.

Frontier Communications Corporation (FTR) traded down 1.81% during midday trading on Friday, hitting $13.56. The stock had a trading volume of 2,527,197 shares. The firm’s market cap is $1.06 billion. Frontier Communications Corporation has a 12-month low of $13.13 and a 12-month high of $72.00. The stock has a 50-day moving average price of $15.15 and a 200 day moving average price of $27.01. Frontier Communications Corporation also saw unusually large options trading activity on Wednesday. Stock traders bought 14,869 put options on the company. This is an increase of 627% compared to the average daily volume of 2,044 put options.

Frontier Communications Corporation (NASDAQ:FTR) last released its quarterly earnings data on Tuesday, August 1st. The utilities provider reported ($1.10) EPS for the quarter, missing analysts’ consensus estimates of ($1.07) by $0.03. The business had revenue of $2.30 billion for the quarter, compared to the consensus estimate of $2.31 billion. Frontier Communications Corporation had a negative return on equity of 1.28% and a negative net margin of 9.35%. Frontier Communications Corporation’s revenue was down 11.7% on a year-over-year basis. During the same period in the previous year, the business posted ($0.29) earnings per share. On average, equities analysts anticipate that Frontier Communications Corporation will post ($3.93) earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be issued a dividend of $0.60 per share. This is an increase from Frontier Communications Corporation’s previous quarterly dividend of $0.04. This represents a $2.40 annualized dividend and a yield of 17.70%. The ex-dividend date is Thursday, September 14th. Frontier Communications Corporation’s dividend payout ratio (DPR) is currently -16.65%.

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A number of research analysts have recently issued reports on FTR shares. UBS AG downgraded Frontier Communications Corporation from a “buy” rating to a “neutral” rating and cut their price target for the company from $3.50 to $2.00 in a report on Wednesday, May 3rd. Hilliard Lyons downgraded Frontier Communications Corporation from a “neutral” rating to an “underperform” rating in a report on Wednesday, August 9th. Royal Bank Of Canada restated a “sector perform” rating and set a $16.00 target price on shares of Frontier Communications Corporation in a research note on Tuesday, August 8th. Cowen and Company restated a “market perform” rating on shares of Frontier Communications Corporation in a research note on Wednesday, August 2nd. Finally, ValuEngine upgraded Frontier Communications Corporation from a “sell” rating to a “hold” rating in a research note on Tuesday, July 11th. Three research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. Frontier Communications Corporation currently has a consensus rating of “Hold” and a consensus target price of $6.11.

About Frontier Communications Corporation

Frontier Communications Corporation (Frontier) is a provider of communications services in the United States. The Company offers a portfolio of communications services for residential and business customers. Its products and services include data and Internet services, video services, voice services, access services and customer premise equipment (CPE).

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

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