Magnetar Financial LLC Purchases 496,750 Shares of Frontier Communications Parent, Inc. (NASDAQ:FYBR)

Magnetar Financial LLC increased its position in shares of Frontier Communications Parent, Inc. (NASDAQ:FYBR) by 37.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,813,443 shares of the company’s stock after acquiring an additional 496,750 shares during the quarter. Frontier Communications Parent comprises approximately 1.5% of Magnetar Financial LLC’s investment portfolio, making the stock its 18th biggest holding. Magnetar Financial LLC owned about 0.73% of Frontier Communications Parent worth $62,926,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. UMB Bank n.a. raised its holdings in Frontier Communications Parent by 68.0% during the 4th quarter. UMB Bank n.a. now owns 1,050 shares of the company’s stock worth $36,000 after buying an additional 425 shares during the period. Meeder Asset Management Inc. acquired a new stake in Frontier Communications Parent during the 3rd quarter worth approximately $52,000. Quarry LP acquired a new stake in Frontier Communications Parent during the 3rd quarter worth approximately $91,000. Blue Trust Inc. raised its holdings in Frontier Communications Parent by 36.8% during the 4th quarter. Blue Trust Inc. now owns 5,883 shares of the company’s stock worth $209,000 after buying an additional 1,581 shares during the period. Finally, Impact Partnership Wealth LLC acquired a new stake in Frontier Communications Parent during the 4th quarter worth approximately $228,000.

Frontier Communications Parent Price Performance

Shares of FYBR opened at $35.77 on Thursday. The company has a market cap of $8.93 billion, a price-to-earnings ratio of -27.73 and a beta of 1.04. Frontier Communications Parent, Inc. has a 1-year low of $21.31 and a 1-year high of $39.21. The company’s fifty day simple moving average is $35.76 and its 200 day simple moving average is $35.31. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 2.28.

Frontier Communications Parent (NASDAQ:FYBR) last issued its earnings results on Thursday, February 20th. The company reported ($0.47) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.28). Frontier Communications Parent had a negative return on equity of 6.25% and a negative net margin of 5.42%. The firm had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.47 billion. On average, research analysts forecast that Frontier Communications Parent, Inc. will post -1.11 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Frontier Communications Parent news, EVP John Harrobin sold 36,000 shares of Frontier Communications Parent stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $36.01, for a total transaction of $1,296,360.00. Following the completion of the transaction, the executive vice president now directly owns 76,523 shares of the company’s stock, valued at $2,755,593.23. The trade was a 31.99 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 1.40% of the company’s stock.

Analyst Upgrades and Downgrades

FYBR has been the topic of a number of recent research reports. Raymond James downgraded shares of Frontier Communications Parent from a “market perform” rating to an “underperform” rating in a report on Thursday, February 6th. Benchmark reiterated a “hold” rating on shares of Frontier Communications Parent in a report on Tuesday, February 25th. Finally, New Street Research downgraded shares of Frontier Communications Parent from a “strong-buy” rating to a “hold” rating in a report on Friday, February 21st. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and two have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average target price 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.