New York State Teachers Retirement System Makes New Investment in Frontier Communications Parent, Inc. (NASDAQ:FYBR)

New York State Teachers Retirement System bought a new stake in shares of Frontier Communications Parent, Inc. (NASDAQ:FYBRGet Rating) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 36,688 shares of the company’s stock, valued at approximately $860,000.

Other institutional investors have also recently modified their holdings of the company. Cerberus Capital Management L.P. raised its position in shares of Frontier Communications Parent by 3.1% during the 2nd quarter. Cerberus Capital Management L.P. now owns 22,633,556 shares of the company’s stock valued at $532,794,000 after buying an additional 675,265 shares during the period. Glendon Capital Management LP grew its stake in shares of Frontier Communications Parent by 1.3% in the first quarter. Glendon Capital Management LP now owns 21,508,076 shares of the company’s stock worth $595,128,000 after acquiring an additional 279,034 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Frontier Communications Parent by 0.9% during the first quarter. Vanguard Group Inc. now owns 21,141,626 shares of the company’s stock worth $584,989,000 after purchasing an additional 197,274 shares in the last quarter. Capital International Investors grew its stake in shares of Frontier Communications Parent by 19.8% during the first quarter. Capital International Investors now owns 10,953,760 shares of the company’s stock worth $303,091,000 after purchasing an additional 1,809,275 shares in the last quarter. Finally, Magnolia Group LLC grew its stake in shares of Frontier Communications Parent by 0.4% during the third quarter. Magnolia Group LLC now owns 4,090,500 shares of the company’s stock worth $95,840,000 after purchasing an additional 15,000 shares in the last quarter.

Frontier Communications Parent Stock Performance

Shares of FYBR opened at $28.50 on Friday. The firm’s 50 day moving average is $25.65 and its 200-day moving average is $25.01. The stock has a market capitalization of $6.98 billion, a P/E ratio of 14.77 and a beta of 0.78. The company has a debt-to-equity ratio of 1.85, a current ratio of 1.56 and a quick ratio of 1.56. Frontier Communications Parent, Inc. has a 12-month low of $20.83 and a 12-month high of $29.69.

Frontier Communications Parent (NASDAQ:FYBRGet Rating) last released its earnings results on Wednesday, November 2nd. The company reported $0.49 earnings per share for the quarter, topping the consensus estimate of $0.21 by $0.28. Frontier Communications Parent had a net margin of 8.06% and a return on equity of 10.00%. The business had revenue of $1.44 billion for the quarter, compared to the consensus estimate of $1.44 billion. Equities research analysts anticipate that Frontier Communications Parent, Inc. will post 1.42 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on FYBR shares. The Goldman Sachs Group reduced their price target on shares of Frontier Communications Parent from $40.00 to $32.00 and set a “buy” rating for the company in a research report on Thursday, November 3rd. Morgan Stanley upped their target price on shares of Frontier Communications Parent from $22.00 to $23.00 and gave the stock an “equal weight” rating in a research report on Thursday, December 15th. Moffett Nathanson reduced their price objective on shares of Frontier Communications Parent to $29.00 in a research note on Thursday, September 29th. Finally, Citigroup cut their price target on shares of Frontier Communications Parent from $32.00 to $31.00 and set a “buy” rating on the stock in a research note on Wednesday, November 9th. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $34.00.

Frontier Communications Parent Profile

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Frontier Communications Parent, Inc, together with its subsidiaries, provides communications services for consumer and business customers in 25 states 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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Institutional Ownership by Quarter for Frontier Communications Parent (NASDAQ:FYBR)

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