Arizona State Retirement System Has $1.41 Million Stock Holdings in Frontier Communications Parent, Inc. (NASDAQ:FYBR)

Posted by on May 13th, 2023

Arizona State Retirement System increased its stake in Frontier Communications Parent, Inc. (NASDAQ:FYBR – Get Rating) by 3.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 55,303 shares of the company’s stock after acquiring an additional 2,048 shares during the quarter. Arizona State Retirement System’s holdings in Frontier Communications Parent were worth $1,409,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the stock. CWM LLC lifted its position in shares of Frontier Communications Parent by 2,144.9% in the 3rd quarter. CWM LLC now owns 1,100 shares of the company’s stock worth $26,000 after purchasing an additional 1,051 shares during the period. Ellevest Inc. bought a new position in Frontier Communications Parent during the third quarter worth $26,000. Ronald Blue Trust Inc. raised its stake in Frontier Communications Parent by 658.7% during the fourth quarter. Ronald Blue Trust Inc. now owns 1,138 shares of the company’s stock worth $27,000 after buying an additional 988 shares during the last quarter. Geneos Wealth Management Inc. acquired a new position in Frontier Communications Parent in the first quarter valued at $35,000. Finally, US Bancorp DE bought a new stake in Frontier Communications Parent during the third quarter valued at $35,000.

Frontier Communications Parent Stock Performance

Shares of FYBR stock opened at $18.61 on Friday. Frontier Communications Parent, Inc. has a 12 month low of $17.93 and a 12 month high of $30.83. The firm has a market capitalization of $4.57 billion, a PE ratio of 12.08 and a beta of 0.79. The firm has a fifty day simple moving average of $22.21 and a two-hundred day simple moving average of $24.82. The company has a current ratio of 1.10, a quick ratio of 1.13 and a debt-to-equity ratio of 1.91.

Frontier Communications Parent (NASDAQ:FYBR – Get Rating) last posted its earnings results on Friday, May 5th. The company reported $0.01 EPS for the quarter, missing the consensus estimate of $0.03 by ($0.02). Frontier Communications Parent had a return on equity of 7.57% and a net margin of 6.56%. The business had revenue of $1.44 billion for the quarter, compared to the consensus estimate of $1.43 billion. During the same period in the previous year, the firm earned $0.26 earnings per share. The company’s revenue was down .5% on a year-over-year basis. Analysts forecast that Frontier Communications Parent, Inc. will post 0.37 EPS for the current fiscal year.

Insider Transactions at Frontier Communications Parent

In related news, major shareholder Ares Management Llc bought 139,522 shares of the company’s stock in a transaction dated Wednesday, March 29th. The shares were bought at an average price of $21.09 per share, for a total transaction of $2,942,518.98. Following the completion of the acquisition, the insider now directly owns 37,094,654 shares of the company’s stock, valued at $782,326,252.86. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders purchased a total of 2,158,214 shares of company stock valued at $47,244,828 over the last ninety days. 0.20% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

FYBR has been the topic of a number of recent analyst reports. Cowen boosted their price objective on Frontier Communications Parent from $40.00 to $41.00 and gave the company an “outperform” rating in a research note on Monday, February 27th. Morgan Stanley cut Frontier Communications Parent from an “equal weight” rating to an “underweight” rating and cut their price target for the stock from $23.00 to $19.00 in a report on Monday, March 27th. Raymond James raised shares of Frontier Communications Parent from an “outperform” rating to a “strong-buy” rating and raised their price objective for the stock from $36.00 to $37.00 in a research report on Monday, February 27th. Credit Suisse Group reiterated a “neutral” rating and set a $25.00 target price on shares of Frontier Communications Parent in a research report on Monday, February 27th. Finally, TheStreet cut shares of Frontier Communications Parent from a “c” rating to a “d” rating in a report on Friday, May 5th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $30.43.

Frontier Communications Parent Company Profile

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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.

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

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