Frontier Communications Parent, Inc. (NASDAQ:FYBR) Major Shareholder Acquires $5,962,500.00 in Stock

Frontier Communications Parent, Inc. (NASDAQ:FYBR – Get Rating) major shareholder Ares Management Llc bought 250,000 shares of the stock in a transaction on Wednesday, March 15th. The shares were acquired at an average cost of $23.85 per share, with a total value of $5,962,500.00. Following the acquisition, the insider now directly owns 35,623,924 shares in the company, valued at approximately $849,630,587.40. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Major shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC.

Ares Management Llc also recently made the following trade(s):

• On Monday, March 13th, Ares Management Llc bought 168,692 shares of Frontier Communications Parent stock. The shares were acquired at an average cost of $23.77 per share, with a total value of $4,009,808.84.

Frontier Communications Parent Trading Down 2.7 %

FYBR opened at $23.05 on Friday. The stock has a market capitalization of $5.65 billion, a P/E ratio of 12.88 and a beta of 0.90. Frontier Communications Parent, Inc. has a 12 month low of $20.83 and a 12 month high of $30.83. The firm’s fifty day simple moving average is $27.78 and its 200 day simple moving average is $25.52. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 1.77.

Frontier Communications Parent (NASDAQ:FYBR – Get Rating) last posted its quarterly earnings data on Friday, February 24th. The company reported $0.63 EPS for the quarter, beating the consensus estimate of $0.24 by $0.39. Frontier Communications Parent had a net margin of 7.62% and a return on equity of 9.03%. The business had revenue of $1.44 billion for the quarter, compared to analysts’ expectations of $1.43 billion. During the same period in the previous year, the firm posted $0.77 EPS. The firm’s revenue was down 6.9% compared to the same quarter last year. As a group, research analysts anticipate that Frontier Communications Parent, Inc. will post 0.45 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

FYBR has been the topic of a number of recent analyst reports. Cowen lifted their price target on shares of Frontier Communications Parent from $40.00 to $41.00 and gave the stock an “outperform” rating in a research report on Monday, February 27th. Raymond James raised shares of Frontier Communications Parent from an “outperform” rating to a “strong-buy” rating and lifted their price target for the stock from $36.00 to $37.00 in a research report on Monday, February 27th. Credit Suisse Group reissued a “neutral” rating and set a $25.00 price target on shares of Frontier Communications Parent in a research report on Monday, February 27th. Finally, 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 report on Thursday, December 15th. Two research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Frontier Communications Parent presently has a consensus 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 added to or reduced their stakes in the business. Royce & Associates LP bought a new stake in Frontier Communications Parent during the 3rd quarter worth about $6,652,000. Mutual of America Capital Management LLC acquired a new position in shares of Frontier Communications Parent during the 3rd quarter worth about $4,208,000. Profund Advisors LLC acquired a new position in shares of Frontier Communications Parent during the 3rd quarter worth about $274,000. Teza Capital Management LLC acquired a new position in shares of Frontier Communications Parent during the 3rd quarter worth about $357,000. Finally, Putnam Investments LLC increased its stake in shares of Frontier Communications Parent by 2.8% during the 3rd quarter. Putnam Investments LLC now owns 131,412 shares of the company’s stock worth $3,079,000 after purchasing an additional 3,600 shares during the last quarter.

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.