Frontier Communications Parent, Inc. (NASDAQ:FYBR) Major Shareholder Ares Management Llc Purchases 168,692 Shares

Frontier Communications Parent, Inc. (NASDAQ:FYBR – Get Rating) major shareholder Ares Management Llc purchased 168,692 shares of the business’s stock in a transaction that occurred on Monday, March 13th. The stock was acquired at an average price of $23.77 per share, for a total transaction of $4,009,808.84. Following the acquisition, the insider now directly owns 35,373,824 shares of the company’s stock, valued at approximately $840,835,796.48. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Large shareholders that own more than 10% of a company’s shares are required to disclose their transactions with the SEC.

Frontier Communications Parent Price Performance

Shares of NASDAQ FYBR opened at $23.68 on Friday. Frontier Communications Parent, Inc. has a fifty-two week low of $20.83 and a fifty-two week high of $30.83. The business has a 50 day moving average price of $27.86 and a two-hundred day moving average price of $25.54. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 1.77. The firm has a market cap of $5.80 billion, a PE ratio of 13.23 and a beta of 0.90.

Frontier Communications Parent (NASDAQ:FYBR – Get Rating) last issued its quarterly earnings data on Friday, February 24th. The company reported $0.63 earnings per share for the quarter, beating analysts’ consensus estimates of $0.24 by $0.39. The firm had revenue of $1.44 billion during the quarter, compared to analyst estimates of $1.43 billion. Frontier Communications Parent had a return on equity of 9.03% and a net margin of 7.62%. Frontier Communications Parent’s quarterly revenue was down 6.9% on a year-over-year basis. During the same quarter last year, the firm earned $0.77 EPS. Sell-side analysts expect that Frontier Communications Parent, Inc. will post 0.45 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on FYBR. Raymond James upgraded shares of Frontier Communications Parent from an “outperform” rating to a “strong-buy” rating and lifted their price objective for the company from $36.00 to $37.00 in a research note on Monday, February 27th. Morgan Stanley lifted their price target on shares of Frontier Communications Parent from $22.00 to $23.00 and gave the stock an “equal weight” rating in a research note on Thursday, December 15th. Credit Suisse Group reissued a “neutral” rating and issued a $25.00 price objective on shares of Frontier Communications Parent in a research report on Monday, February 27th. Finally, Cowen lifted their target price on Frontier Communications Parent from $40.00 to $41.00 and gave the stock an “outperform” rating in a research report on Monday, February 27th. Two research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Frontier Communications Parent presently has an average rating of “Moderate Buy” and a consensus target price of $31.88.

Institutional Investors Weigh In On Frontier Communications Parent

Institutional investors and hedge funds have recently made changes to their positions in the company. CWM LLC raised its position in shares of Frontier Communications Parent by 2,144.9% during the 3rd quarter. CWM LLC now owns 1,100 shares of the company’s stock valued at $26,000 after acquiring an additional 1,051 shares in the last quarter. Ellevest Inc. acquired a new stake in shares of Frontier Communications Parent during the 3rd quarter valued at approximately $26,000. Ronald Blue Trust Inc. raised its position in shares of Frontier Communications Parent by 658.7% during the 4th quarter. Ronald Blue Trust Inc. now owns 1,138 shares of the company’s stock valued at $27,000 after acquiring an additional 988 shares in the last quarter. US Bancorp DE acquired a new stake in shares of Frontier Communications Parent during the 3rd quarter valued at approximately $35,000. Finally, Geneos Wealth Management Inc. acquired a new stake in shares of Frontier Communications Parent during the 1st quarter valued at approximately $35,000.

Frontier Communications Parent Company 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.