Cerberus Capital Management L.P. Has $645.52 Million Holdings in Frontier Communications Parent, Inc. (NASDAQ:FYBR)

Cerberus Capital Management L.P. lowered its holdings in shares of Frontier Communications Parent, Inc. (NASDAQ:FYBR) by 24.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 18,168,420 shares of the company’s stock after selling 6,016,139 shares during the quarter. Frontier Communications Parent comprises about 18.6% of Cerberus Capital Management L.P.’s investment portfolio, making the stock its 2nd biggest position. Cerberus Capital Management L.P. owned approximately 7.30% of Frontier Communications Parent worth $645,524,000 at the end of the most recent quarter.

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

Frontier Communications Parent Stock Up 0.1 %

FYBR opened at $34.81 on Monday. The company has a market capitalization of $8.67 billion, a P/E ratio of -46.41 and a beta of 1.10. 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 firm’s fifty day moving average price is $35.29 and its two-hundred day moving average price is $30.66. Frontier Communications Parent, Inc. has a fifty-two week low of $20.51 and a fifty-two week high of $39.21.

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

Insider Buying and Selling at Frontier Communications Parent

In related news, EVP John Harrobin sold 23,491 shares of the firm’s stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $34.85, for a total transaction of $818,661.35. Following the completion of the transaction, the executive vice president now owns 121,182 shares in the company, valued at $4,223,192.70. This trade represents a 16.24 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 1.40% of the company’s stock.

Analysts Set New Price Targets

FYBR has been the topic of several research analyst reports. Moffett Nathanson downgraded Frontier Communications Parent from a “strong-buy” rating to a “hold” rating in a research report on Thursday, September 5th. BNP Paribas raised Frontier Communications Parent to a “hold” rating in a research report on Monday, October 14th. Wells Fargo & Company reissued an “equal weight” rating and issued a $38.50 price objective (up from $31.00) on shares of Frontier Communications Parent in a research report on Friday, September 6th. Wolfe Research lowered shares of Frontier Communications Parent from an “outperform” rating to a “peer perform” rating in a research report on Monday, September 30th. Finally, UBS Group downgraded shares of Frontier Communications Parent from a “strong-buy” rating to a “hold” rating in a report on Friday, September 6th. Nine research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, Frontier Communications Parent has a consensus rating of “Hold” and an average price target of $35.31.

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.