New Mexico Educational Retirement Board raised its position in Frontier Communications Parent, Inc. (NASDAQ:FYBR – Free Report) by 12.9% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 45,600 shares of the company’s stock after purchasing an additional 5,200 shares during the period. New Mexico Educational Retirement Board’s holdings in Frontier Communications Parent were worth $850,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in FYBR. Financial Management Professionals Inc. acquired a new position in Frontier Communications Parent in the 1st quarter valued at about $27,000. Geneos Wealth Management Inc. acquired a new stake in shares of Frontier Communications Parent in the first quarter valued at approximately $35,000. Captrust Financial Advisors boosted its holdings in shares of Frontier Communications Parent by 2,698.5% in the second quarter. Captrust Financial Advisors now owns 1,875 shares of the company’s stock valued at $44,000 after acquiring an additional 1,808 shares during the period. Quarry LP acquired a new stake in shares of Frontier Communications Parent in the first quarter valued at approximately $44,000. Finally, Sound Income Strategies LLC acquired a new stake in shares of Frontier Communications Parent in the first quarter valued at approximately $50,000.
Wall Street Analyst Weigh In
FYBR has been the subject of several analyst reports. Citigroup cut Frontier Communications Parent from a “buy” rating to a “neutral” rating and cut their price target for the stock from $30.00 to $17.00 in a research note on Monday, July 17th. Wolfe Research initiated coverage on Frontier Communications Parent in a research note on Tuesday, June 27th. They set an “outperform” rating and a $27.00 price target for the company. 500.com restated an “initiates” rating on shares of Frontier Communications Parent in a research note on Tuesday, June 27th. Morgan Stanley cut their price target on Frontier Communications Parent from $18.00 to $16.00 and set an “underweight” rating for the company in a research note on Tuesday, September 5th. Finally, Benchmark reiterated a “buy” rating and issued a $35.00 price objective on shares of Frontier Communications Parent in a research report on Tuesday, August 29th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Frontier Communications Parent currently has a consensus rating of “Moderate Buy” and a consensus target price of $29.22.
Insider Activity
In other news, major shareholder Ares Management Llc acquired 37,557 shares of Frontier Communications Parent stock in a transaction dated Thursday, August 24th. The shares were acquired at an average cost of $15.27 per share, with a total value of $573,495.39. Following the purchase, the insider now directly owns 38,355,498 shares of the company’s stock, valued at approximately $585,688,454.46. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders have bought 474,122 shares of company stock valued at $7,058,985 in the last three months. Corporate insiders own 0.41% of the company’s stock.
Frontier Communications Parent Stock Down 5.6 %
FYBR opened at $14.77 on Tuesday. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 1.89. The firm has a market cap of $3.63 billion, a P/E ratio of 13.19 and a beta of 0.95. Frontier Communications Parent, Inc. has a 52 week low of $11.65 and a 52 week high of $30.83. The business’s fifty day simple moving average is $16.16 and its 200 day simple moving average is $17.88.
Frontier Communications Parent (NASDAQ:FYBR – Get Free Report) last issued its quarterly earnings results on Friday, August 4th. The company reported ($0.01) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.02). The business had revenue of $1.45 billion during the quarter, compared to analyst estimates of $1.44 billion. Frontier Communications Parent had a return on equity of 5.41% and a net margin of 4.78%. The firm’s quarterly revenue was down .7% on a year-over-year basis. During the same period in the previous year, the business posted $0.41 earnings per share. As a group, equities research analysts anticipate that Frontier Communications Parent, Inc. will post -0.13 EPS for the current fiscal year.
Frontier Communications Parent 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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