Goldman Sachs downgraded the stock to sell with a price target of $1.50
http://seekingalpha.com/news/3252685-frontier-minus-5-percent-goldman-cuts-sell
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http://seekingalpha.com/news/3252685-frontier-minus-5-percent-goldman-cuts-sell
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FTR
- Thread starter m22au
- Start date
10-k for the year ended 31 December 2016:
https://www.sec.gov/Archives/edgar/data/20520/000002052017000003/ftr-20161231x10k.htm
The company has 19.25 million shares of preferred stock (FTRPR) outstanding.
Prospectus for the offering:
https://www.sec.gov/Archives/edgar/data/20520/000119312515215213/d935644d424b2.htm
PR about the preferred stock:
http://investor.frontier.com/releasedetail.cfm?ReleaseID=917380
dated 10 June 2015
FTRPR pays 11.125% dividend on the $100 liquidation preference. Last price was $46.60.
Four quarterly dividends of $2.78125 per quarter.
Record dates are 15th of March, June, September, December.
Payment dates are last business day of those 4 months.
Mandatory conversion date June 29, 2018.
There are 5 remaining dividends: June, September, December, March 2018 and June 2018.
If share price of FTR is less than $5.00 (as it is now), then FTRPR converts into 20.00 shares of FTR common stock.
This means that on June 29, 2018, there will be another 20 * 19.25 million = 385 million FTR shares.
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https://www.sec.gov/Archives/edgar/data/20520/000002052017000003/ftr-20161231x10k.htm
The company has 19.25 million shares of preferred stock (FTRPR) outstanding.
Prospectus for the offering:
https://www.sec.gov/Archives/edgar/data/20520/000119312515215213/d935644d424b2.htm
PR about the preferred stock:
http://investor.frontier.com/releasedetail.cfm?ReleaseID=917380
dated 10 June 2015
FTRPR pays 11.125% dividend on the $100 liquidation preference. Last price was $46.60.
Four quarterly dividends of $2.78125 per quarter.
Record dates are 15th of March, June, September, December.
Payment dates are last business day of those 4 months.
Mandatory conversion date June 29, 2018.
There are 5 remaining dividends: June, September, December, March 2018 and June 2018.
If share price of FTR is less than $5.00 (as it is now), then FTRPR converts into 20.00 shares of FTR common stock.
This means that on June 29, 2018, there will be another 20 * 19.25 million = 385 million FTR shares.
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More on the Goldman downgrade from Barrons:
http://blogs.barrons.com/incomeinve...ays-sell-frontier-windstream-and-centurylink/
Also included was a downgrade of WIN and CTL. WIN is down 7.36% to $5.92.
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http://blogs.barrons.com/incomeinve...ays-sell-frontier-windstream-and-centurylink/
Also included was a downgrade of WIN and CTL. WIN is down 7.36% to $5.92.
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their issues won't be solve by another CO's strike
way oversold
10-Q for the quarter ended 31 March 2017:
https://www.sec.gov/Archives/edgar/data/20520/000002052017000007/0000020520-17-000007-index.htm
https://www.sec.gov/Archives/edgar/data/20520/000002052017000007/ftr-20170331x10q.htm
The number of shares outstanding of the registrant’s Common Stock as of May 1, 2017 was 1,178,069,000.
From balance sheet:
preferred stock:
"19,250 shares issued and outstanding".
amounts are in thousands, so the actual share count is
19.25 million shares of preferred stock.
This will convert into 385 million FTR common shares on 29 June 2018, as described earlier in this thread.
The total share count will increase from 1,178,069,000 to 1,563,069,000. Percentage increase in share count would be approximately 32.68%.
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https://www.sec.gov/Archives/edgar/data/20520/000002052017000007/0000020520-17-000007-index.htm
https://www.sec.gov/Archives/edgar/data/20520/000002052017000007/ftr-20170331x10q.htm
The number of shares outstanding of the registrant’s Common Stock as of May 1, 2017 was 1,178,069,000.
From balance sheet:
preferred stock:
"19,250 shares issued and outstanding".
amounts are in thousands, so the actual share count is
19.25 million shares of preferred stock.
This will convert into 385 million FTR common shares on 29 June 2018, as described earlier in this thread.
The total share count will increase from 1,178,069,000 to 1,563,069,000. Percentage increase in share count would be approximately 32.68%.
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Josh Resnick of Jericho Capital Asset Management believes FTR will go bankrupt.
This was announced on Monday 8 May at the Ira Sohn conference.
www dot twitter dot com/LuisVSanchez777/status/861691691467780096
https://pbs.twimg.com/media/C_VX-7oWsAAbn3X.jpg
https://www.streetinsider.com/Hedge...R);+Sees+Company+Going+Bankrupt/12874168.html
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This was announced on Monday 8 May at the Ira Sohn conference.
www dot twitter dot com/LuisVSanchez777/status/861691691467780096
https://pbs.twimg.com/media/C_VX-7oWsAAbn3X.jpg
https://www.streetinsider.com/Hedge...R);+Sees+Company+Going+Bankrupt/12874168.html
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On Tue 2 May, FTR closed at $1.93.
After the close on Tue 2 May, FTR released its Q1 financial results.
On Wed 3 May, FTR closed down $0.32 or 16.5% to $1.61.
On Thu 4 May, FTR fell another $0.18 or 11.1% to $1.43.
On Mon 8 May, Josh Resnick made his bearish presentation at the Ira Sohn conference. I am not sure if the presentation was delivered before 4pm or after 4pm.
On Wed 10 May, FTR closed down another $0.11 or 7.6% to $1.32.
From the 10-Q filed on 4 May:
Shares outstanding 1,178,069,000.
Mandatory convertible preferred 19.25 million shares (to convert into 385 million common shares).
Pro-forma share count (including mandatory conversion of preferred stock) 1,563,069,000 shares.
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After the close on Tue 2 May, FTR released its Q1 financial results.
On Wed 3 May, FTR closed down $0.32 or 16.5% to $1.61.
On Thu 4 May, FTR fell another $0.18 or 11.1% to $1.43.
On Mon 8 May, Josh Resnick made his bearish presentation at the Ira Sohn conference. I am not sure if the presentation was delivered before 4pm or after 4pm.
On Wed 10 May, FTR closed down another $0.11 or 7.6% to $1.32.
From the 10-Q filed on 4 May:
Shares outstanding 1,178,069,000.
Mandatory convertible preferred 19.25 million shares (to convert into 385 million common shares).
Pro-forma share count (including mandatory conversion of preferred stock) 1,563,069,000 shares.
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Goldman Sachs was right on with the downgrade to sell and a price target of $1.50.
FTR hit a 52 week low of $1.18 on Thu, May 11, 2017.
Today was their ex-date with a 4 cent dividend.
Somewhat ironically, the stock closed higher today at $1.34 for a change of 11 cents or 8.50%.
The Price To Book ratio is 0.3456.
https://www.zacks.com/stock/chart/FTR/fundamental/price-book-value
I am bullish on this stock now as a speculative investment.
Anyone else?