TD Cowen Downgrades Frontier Communications Parent (NASDAQ:FYBR) to Hold

TD Cowen downgraded shares of Frontier Communications Parent (NASDAQ:FYBR) from a buy rating to a hold rating in a report issued on Tuesday morning, MarketBeat.com reports. TD Cowen currently has $38.50 price objective on the stock, down from their prior price objective of $39.00.

FYBR has been the subject of several other reports. JPMorgan Chase & Co. lowered shares of Frontier Communications Parent from an overweight rating to a neutral rating and increased their price objective for the company from $35.00 to $38.50 in a research report on Tuesday, September 17th. Wells Fargo & Company reissued an equal weight rating and set a $38.50 price objective (up from $31.00) on shares of Frontier Communications Parent in a report on Friday, September 6th. Wolfe Research lowered Frontier Communications Parent from an outperform rating to a peer perform rating in a research note on Monday, September 30th. Moffett Nathanson cut Frontier Communications Parent from a strong-buy rating to a hold rating in a research report on Thursday, September 5th. Finally, The Goldman Sachs Group raised their price objective on Frontier Communications Parent from $29.00 to $32.00 and gave the stock a buy rating in a research note on Monday, August 5th. Six investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, Frontier Communications Parent has an average rating of Hold and a consensus price target of $35.31.

Frontier Communications Parent Stock Performance

NASDAQ:FYBR opened at $35.25 on Tuesday. The stock has a market capitalization of $8.78 billion, a price-to-earnings ratio of -95.27 and a beta of 1.10. Frontier Communications Parent has a 52 week low of $16.15 and a 52 week high of $39.21. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 2.19. The firm has a 50 day moving average of $32.39 and a 200 day moving average of $27.87.

Frontier Communications Parent (NASDAQ:FYBR) last issued its quarterly earnings data on Friday, August 2nd. The company reported ($0.49) EPS for the quarter, missing the consensus estimate of ($0.11) by ($0.38). Frontier Communications Parent had a negative net margin of 1.62% and a negative return on equity of 1.80%. The business had revenue of $1.48 billion for the quarter, compared to analysts’ expectations of $1.46 billion. During the same quarter in the prior year, the company posted ($0.01) EPS. The business’s revenue for the quarter was up 2.1% on a year-over-year basis. As a group, sell-side analysts anticipate that Frontier Communications Parent will post -0.79 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP grew its stake in Frontier Communications Parent by 24.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 8,088,749 shares of the company’s stock valued at $211,758,000 after acquiring an additional 1,587,145 shares in the last quarter. Canada Pension Plan Investment Board boosted its holdings in shares of Frontier Communications Parent by 12.0% during the 1st quarter. Canada Pension Plan Investment Board now owns 13,683,965 shares of the company’s stock worth $335,257,000 after purchasing an additional 1,462,646 shares during the last quarter. Reaves W H & Co. Inc. purchased a new stake in shares of Frontier Communications Parent in the first quarter valued at approximately $20,200,000. Columbus Hill Capital Management L.P. increased its holdings in shares of Frontier Communications Parent by 345.7% in the second quarter. Columbus Hill Capital Management L.P. now owns 445,744 shares of the company’s stock valued at $11,670,000 after purchasing an additional 345,744 shares during the last quarter. Finally, Marshall Wace LLP lifted its position in Frontier Communications Parent by 49.5% during the second quarter. Marshall Wace LLP now owns 420,227 shares of the company’s stock worth $11,002,000 after buying an additional 139,215 shares in the last quarter.

Frontier Communications Parent Company Profile

Frontier Communications Parent, Inc, together with its subsidiaries, provides communication and technology services in the United States. It offers broadband, video, voice, and other value-added services. The company also provides data and Internet, including broadband networking services; data-based voice over internet protocol, unified communications, long-distance, and voice messaging services; video services under the Frontier TV brand; access services; hardware and network solutions; and packages of services.