Frontier Communications Parent, Inc. (NASDAQ:FYBR) Shares Sold by State of New Jersey Common Pension Fund D

Posted by on Jul 18th, 2023

State of New Jersey Common Pension Fund D lowered its position in Frontier Communications Parent, Inc. (NASDAQ:FYBR – Free Report) by 10.8% in the first quarter, HoldingsChannel reports. The firm owned 118,720 shares of the company’s stock after selling 14,362 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Frontier Communications Parent were worth $2,703,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Frontier Communications Parent during the 4th quarter valued at approximately $610,000. Comerica Bank acquired a new stake in Frontier Communications Parent during the fourth quarter worth $2,820,000. Sound Income Strategies LLC purchased a new position in shares of Frontier Communications Parent during the 1st quarter worth $50,000. CI Investments Inc. grew its holdings in shares of Frontier Communications Parent by 0.3% during the 4th quarter. CI Investments Inc. now owns 244,405 shares of the company’s stock worth $6,227,000 after purchasing an additional 675 shares during the period. Finally, Voya Investment Management LLC grew its holdings in shares of Frontier Communications Parent by 60.6% during the 4th quarter. Voya Investment Management LLC now owns 151,726 shares of the company’s stock worth $3,866,000 after purchasing an additional 57,237 shares during the period.

Frontier Communications Parent Stock Performance

NASDAQ:FYBR opened at $12.05 on Tuesday. The firm has a market capitalization of $2.96 billion, a PE ratio of 7.82 and a beta of 0.97. The business’s fifty day moving average price is $16.86 and its 200 day moving average price is $22.35. The company has a debt-to-equity ratio of 1.91, a current ratio of 1.10 and a quick ratio of 1.10. Frontier Communications Parent, Inc. has a 12 month low of $11.65 and a 12 month high of $30.83.

Frontier Communications Parent (NASDAQ:FYBR – Get Free Report) last released its quarterly earnings data on Friday, May 5th. The company reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by ($0.02). The business had revenue of $1.44 billion for the quarter, compared to analyst estimates of $1.43 billion. Frontier Communications Parent had a return on equity of 7.57% and a net margin of 6.56%. The company’s revenue was down .5% compared to the same quarter last year. During the same period in the prior year, the company posted $0.26 earnings per share. On average, sell-side analysts anticipate that Frontier Communications Parent, Inc. will post 0.03 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, major shareholder Ares Management Llc bought 250,000 shares of the company’s stock in a transaction that occurred on Tuesday, April 25th. The shares were purchased at an average cost of $21.56 per share, with a total value of $5,390,000.00. Following the transaction, the insider now directly owns 37,744,654 shares of the company’s stock, valued at approximately $813,774,740.24. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Over the last quarter, insiders have purchased 650,000 shares of company stock valued at $13,932,000. 0.41% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts have commented on FYBR shares. Citigroup cut shares of Frontier Communications Parent from a “buy” rating to a “neutral” rating and decreased their target price for the company from $30.00 to $17.00 in a research report on Monday. TheStreet downgraded shares of Frontier Communications Parent from a “c” rating to a “d” rating in a report on Friday, May 5th. Morgan Stanley lowered Frontier Communications Parent from an “equal weight” rating to an “underweight” rating and lowered their price target for the stock from $23.00 to $19.00 in a research report on Monday, March 27th. 500.com reissued an “initiates” rating on shares of Frontier Communications Parent in a research note on Tuesday, June 27th. Finally, Wolfe Research initiated coverage on shares of Frontier Communications Parent in a research report on Tuesday, June 27th. They issued an “outperform” rating and a $27.00 price target for the company. One analyst has rated the stock with a sell rating, two have assigned a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Frontier Communications Parent presently has a consensus rating of “Moderate Buy” and a consensus price target of $28.38.

About Frontier Communications Parent

(Free Report)

Frontier Communications Parent, Inc, together with its subsidiaries, provides communication and technology services 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.

See Also

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

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