Arizona State Retirement System trimmed its holdings in Frontier Communications Parent, Inc. (NASDAQ:FYBR – Free Report) by 9.0% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 51,659 shares of the company’s stock after selling 5,133 shares during the period. Arizona State Retirement System’s holdings in Frontier Communications Parent were worth $963,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds have also modified their holdings of the company. Tower Research Capital LLC TRC raised its position in shares of Frontier Communications Parent by 212.0% in the first quarter. Tower Research Capital LLC TRC now owns 19,080 shares of the company’s stock valued at $434,000 after buying an additional 12,964 shares during the last quarter. New Mexico Educational Retirement Board raised its position in shares of Frontier Communications Parent by 12.9% in the second quarter. New Mexico Educational Retirement Board now owns 45,600 shares of the company’s stock valued at $850,000 after buying an additional 5,200 shares during the last quarter. Texas Permanent School Fund Corp increased its position in Frontier Communications Parent by 33.4% during the first quarter. Texas Permanent School Fund Corp now owns 199,945 shares of the company’s stock worth $4,553,000 after purchasing an additional 50,056 shares during the last quarter. Natixis Advisors L.P. increased its position in Frontier Communications Parent by 14.0% during the first quarter. Natixis Advisors L.P. now owns 62,561 shares of the company’s stock worth $1,425,000 after purchasing an additional 7,683 shares during the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp acquired a new stake in Frontier Communications Parent during the first quarter worth about $236,000.
Insider Buying and Selling
In other news, major shareholder Ares Management Llc purchased 179,168 shares of the firm’s stock in a transaction that occurred on Tuesday, August 22nd. The stock was bought at an average price of $15.17 per share, for a total transaction of $2,717,978.56. Following the completion of the purchase, the insider now directly owns 38,284,666 shares of the company’s stock, valued at $580,778,383.22. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders bought 774,122 shares of company stock worth $12,118,485 over the last 90 days. 0.41% of the stock is owned by insiders.
Frontier Communications Parent Trading Down 0.1 %
Frontier Communications Parent (NASDAQ:FYBR – Get Free Report) last posted its quarterly earnings data on Friday, August 4th. The company reported ($0.01) EPS for the quarter, missing the consensus estimate of $0.01 by ($0.02). Frontier Communications Parent had a net margin of 4.78% and a return on equity of 5.41%. The business had revenue of $1.45 billion during the quarter, compared to analysts’ expectations of $1.44 billion. During the same period in the previous year, the business posted $0.41 EPS. The company’s revenue for the quarter was down .7% compared to the same quarter last year. Equities research analysts anticipate that Frontier Communications Parent, Inc. will post -0.13 EPS for the current fiscal year.
Analyst Upgrades and Downgrades
FYBR has been the subject of several recent analyst reports. Benchmark restated a “buy” rating and set a $35.00 price objective on shares of Frontier Communications Parent in a research report on Wednesday, October 18th. JPMorgan Chase & Co. cut their price objective 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. Citigroup cut shares of Frontier Communications Parent from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $30.00 to $17.00 in a research report on Monday, July 17th. Finally, Morgan Stanley lowered 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 note on Tuesday, September 5th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, five have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $29.22.
Get Our Latest Research Report on FYBR
About Frontier Communications Parent
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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