Bank of Montreal Can Has $979,000 Stock Position in Frontier Communications Parent, Inc. (NASDAQ:FYBR)

Posted by on Apr 28th, 2023

Bank of Montreal Can cut its holdings in shares of Frontier Communications Parent, Inc. (NASDAQ:FYBR – Get Rating) by 21.6% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 38,354 shares of the company’s stock after selling 10,590 shares during the quarter. Bank of Montreal Can’s holdings in Frontier Communications Parent were worth $979,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of FYBR. State Street Corp boosted its holdings in shares of Frontier Communications Parent by 97.5% during the third quarter. State Street Corp now owns 6,134,736 shares of the company’s stock worth $143,737,000 after purchasing an additional 3,028,313 shares during the period. Capital International Investors boosted its stake in shares of Frontier Communications Parent by 19.8% during the 1st quarter. Capital International Investors now owns 10,953,760 shares of the company’s stock valued at $303,091,000 after buying an additional 1,809,275 shares during the period. Luxor Capital Group LP boosted its stake in shares of Frontier Communications Parent by 212.3% during the 3rd quarter. Luxor Capital Group LP now owns 1,782,864 shares of the company’s stock valued at $41,773,000 after buying an additional 1,212,020 shares during the period. Bank of New York Mellon Corp boosted its stake in shares of Frontier Communications Parent by 134.1% during the 3rd quarter. Bank of New York Mellon Corp now owns 2,008,748 shares of the company’s stock valued at $47,065,000 after buying an additional 1,150,586 shares during the period. Finally, Dimensional Fund Advisors LP boosted its stake in shares of Frontier Communications Parent by 803.3% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,159,964 shares of the company’s stock valued at $27,178,000 after buying an additional 1,031,549 shares during the period.

Insider Activity

In related news, major shareholder Ares Management Llc purchased 250,000 shares of the firm’s stock in a transaction dated Wednesday, March 15th. The shares were acquired at an average cost of $23.85 per share, with a total value of $5,962,500.00. Following the completion of the purchase, the insider now directly owns 35,623,924 shares of the company’s stock, valued at $849,630,587.40. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have purchased 1,958,214 shares of company stock valued at $42,872,828 over the last three months. 0.41% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of brokerages have issued reports on FYBR. Morgan Stanley lowered shares of Frontier Communications Parent from an “equal weight” rating to an “underweight” rating and decreased their target price for the company from $23.00 to $19.00 in a research note on Monday, March 27th. Credit Suisse Group reissued a “neutral” rating and set a $25.00 target price on shares of Frontier Communications Parent in a research note on Monday, February 27th. Raymond James raised shares of Frontier Communications Parent from an “outperform” rating to a “strong-buy” rating and lifted their target price for the company from $36.00 to $37.00 in a research note on Monday, February 27th. Finally, Cowen raised their price target on shares of Frontier Communications Parent from $40.00 to $41.00 and gave the company an “outperform” rating in a report on Monday, February 27th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $30.57.

Frontier Communications Parent Price Performance

FYBR opened at $21.89 on Friday. Frontier Communications Parent, Inc. has a one year low of $20.30 and a one year high of $30.83. The company has a debt-to-equity ratio of 1.77, a current ratio of 1.13 and a quick ratio of 1.13. The company’s 50 day simple moving average is $23.78 and its 200-day simple moving average is $24.99. The stock has a market capitalization of $5.37 billion, a P/E ratio of 12.23 and a beta of 0.80.

Frontier Communications Parent (NASDAQ:FYBR – Get Rating) last released its quarterly earnings results on Friday, February 24th. The company reported $0.63 EPS for the quarter, beating the consensus estimate of $0.24 by $0.39. Frontier Communications Parent had a net margin of 7.62% and a return on equity of 9.03%. The business had revenue of $1.44 billion for the quarter, compared to analysts’ expectations of $1.43 billion. During the same period in the prior year, the firm earned $0.77 earnings per share. Frontier Communications Parent’s revenue was down 6.9% compared to the same quarter last year. Sell-side analysts anticipate that Frontier Communications Parent, Inc. will post 0.39 earnings per share for the current fiscal year.

Frontier Communications Parent Profile

(Get Rating)

Frontier Communications Parent, Inc, together with its subsidiaries, provides communications services for consumer and business customers in 25 states in the United States. It offers data and Internet, voice, video, and other services. The company was formerly known as Frontier Communications Corporation and changed its name to Frontier Communications Parent, Inc in April 2021.

Featured Stories

Want to see what other hedge funds are holding FYBR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Frontier Communications Parent, Inc. (NASDAQ:FYBR – Get Rating).

Institutional Ownership by Quarter for Frontier Communications Parent (NASDAQ:FYBR)

Receive News & Ratings for Frontier Communications Parent Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Frontier Communications Parent and related companies with MarketBeat.com's FREE daily email newsletter.