Westchester Capital Management LLC Makes New $1.51 Million Investment in Frontier Communications Parent, Inc. (NASDAQ:FYBR)

Westchester Capital Management LLC purchased a new stake in Frontier Communications Parent, Inc. (NASDAQ:FYBR) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 42,576 shares of the company’s stock, valued at approximately $1,513,000.

A number of other institutional investors and hedge funds also recently modified their holdings of FYBR. International Assets Investment Management LLC acquired a new position in Frontier Communications Parent during the second quarter worth approximately $37,000. Capital Performance Advisors LLP purchased a new stake in shares of Frontier Communications Parent during the 3rd quarter valued at $50,000. Meeder Asset Management Inc. acquired a new stake in shares of Frontier Communications Parent during the 3rd quarter worth $52,000. Blue Trust Inc. raised its position in shares of Frontier Communications Parent by 224,400.0% in the 2nd quarter. Blue Trust Inc. now owns 2,245 shares of the company’s stock worth $55,000 after buying an additional 2,244 shares during the period. Finally, Farther Finance Advisors LLC grew its position in Frontier Communications Parent by 80.8% during the third quarter. Farther Finance Advisors LLC now owns 1,815 shares of the company’s stock valued at $64,000 after acquiring an additional 811 shares during the period.

Insider Buying and Selling at Frontier Communications Parent

In other news, EVP John Harrobin sold 23,491 shares of the firm’s stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $34.85, for a total transaction of $818,661.35. Following the completion of the sale, the executive vice president now owns 121,182 shares of the company’s stock, valued at approximately $4,223,192.70. This trade represents a 16.24 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.40% of the stock is currently owned by corporate insiders.

Frontier Communications Parent Stock Performance

Shares of FYBR stock opened at $34.81 on Friday. The company has a debt-to-equity ratio of 2.28, a current ratio of 0.77 and a quick ratio of 0.77. The company’s fifty day moving average price is $35.31 and its two-hundred day moving average price is $30.56. The firm has a market capitalization of $8.67 billion, a P/E ratio of -46.41 and a beta of 1.10. Frontier Communications Parent, Inc. has a 12 month low of $20.51 and a 12 month high of $39.21.

Frontier Communications Parent (NASDAQ:FYBR) last released its quarterly earnings results on Tuesday, November 5th. The company reported ($0.33) EPS for the quarter, missing the consensus estimate of ($0.22) by ($0.11). Frontier Communications Parent had a negative return on equity of 3.61% and a negative net margin of 3.19%. The business had revenue of $1.49 billion during the quarter, compared to analyst estimates of $1.46 billion. During the same quarter last year, the firm posted $0.05 EPS. The company’s revenue was up 3.7% compared to the same quarter last year. On average, research analysts anticipate that Frontier Communications Parent, Inc. will post -0.83 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on FYBR shares. The Goldman Sachs Group lifted their price objective on Frontier Communications Parent from $29.00 to $32.00 and gave the company a “buy” rating in a research note on Monday, August 5th. Wells Fargo & Company reiterated an “equal weight” rating and set a $38.50 price objective (up from $31.00) on shares of Frontier Communications Parent in a research note on Friday, September 6th. Wolfe Research downgraded shares of Frontier Communications Parent from an “outperform” rating to a “peer perform” rating in a research note on Monday, September 30th. TD Cowen lowered shares of Frontier Communications Parent from a “buy” rating to a “hold” rating and reduced their target price for the company from $39.00 to $38.50 in a report on Tuesday, October 8th. Finally, JPMorgan Chase & Co. downgraded Frontier Communications Parent from an “overweight” rating to a “neutral” rating and increased their price target for the company from $35.00 to $38.50 in a report on Tuesday, September 17th. Nine research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $35.31.

About Frontier Communications Parent

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.