State Board of Administration of Florida Retirement System boosted its stake in shares of Frontier Communications Parent, Inc. (NASDAQ:FYBR – Free Report) by 17.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 157,667 shares of the company’s stock after purchasing an additional 23,580 shares during the quarter. State Board of Administration of Florida Retirement System owned about 0.06% of Frontier Communications Parent worth $3,590,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently modified their holdings of FYBR. Financial Management Professionals Inc. acquired a new position in shares of Frontier Communications Parent in the first quarter valued at approximately $27,000. Geneos Wealth Management Inc. bought a new stake in Frontier Communications Parent in the 1st quarter valued at $35,000. Captrust Financial Advisors grew its holdings in Frontier Communications Parent by 2,698.5% in the 2nd quarter. Captrust Financial Advisors now owns 1,875 shares of the company’s stock valued at $44,000 after buying an additional 1,808 shares in the last quarter. Quarry LP acquired a new position in Frontier Communications Parent in the 1st quarter valued at $44,000. Finally, Sound Income Strategies LLC bought a new position in Frontier Communications Parent during the 1st quarter worth $50,000.
Frontier Communications Parent Stock Up 1.6 %
NASDAQ FYBR opened at $15.13 on Wednesday. The business has a fifty day moving average price of $16.16 and a two-hundred day moving average price of $18.50. The stock has a market capitalization of $3.72 billion, a PE ratio of 13.51 and a beta of 0.98. Frontier Communications Parent, Inc. has a fifty-two week low of $11.65 and a fifty-two week high of $30.83. The company has a debt-to-equity ratio of 1.89, a current ratio of 0.85 and a quick ratio of 0.85.
Insider Transactions at Frontier Communications Parent
In related news, major shareholder Ares Management Llc purchased 37,557 shares of the firm’s stock in a transaction that occurred on Thursday, August 24th. The shares were bought at an average cost of $15.27 per share, with a total value of $573,495.39. Following the acquisition, the insider now owns 38,355,498 shares of the company’s stock, valued at approximately $585,688,454.46. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Over the last 90 days, insiders purchased 474,122 shares of company stock valued at $7,058,985. 0.41% of the stock is currently owned by insiders.
Wall Street Analyst Weigh In
A number of equities research analysts have recently issued reports on the stock. Morgan Stanley reduced their target price on shares of Frontier Communications Parent from $18.00 to $16.00 and set an “underweight” rating for the company in a research report on Tuesday, September 5th. Benchmark reissued a “buy” rating and issued a $35.00 price objective on shares of Frontier Communications Parent in a report on Tuesday, August 29th. Wolfe Research initiated coverage on shares of Frontier Communications Parent in a research report on Tuesday, June 27th. They set an “outperform” rating and a $27.00 target price on the stock. JPMorgan Chase & Co. dropped their price target on shares of Frontier Communications Parent from $35.00 to $33.00 and set an “overweight” rating for the company in a research report on Friday, September 15th. Finally, 500.com reissued an “initiates” rating on shares of Frontier Communications Parent in a research report on Tuesday, June 27th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $29.20.
View Our Latest Report on Frontier Communications Parent
Frontier Communications Parent Company Profile
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.
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