Principal Financial Group Inc. Has $22.33 Million Position in Frontier Communications Parent, Inc. (NASDAQ:FYBR)

Principal Financial Group Inc. lifted its holdings in shares of Frontier Communications Parent, Inc. (NASDAQ:FYBR – Get Rating) by 0.5% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 876,462 shares of the company’s stock after purchasing an additional 4,789 shares during the period. Principal Financial Group Inc.’s holdings in Frontier Communications Parent were worth $22,332,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in FYBR. Bank of New York Mellon Corp grew its holdings in Frontier Communications Parent by 1.2% during the 1st quarter. Bank of New York Mellon Corp now owns 324,053 shares of the company’s stock worth $8,966,000 after acquiring an additional 3,995 shares during the last quarter. American Century Companies Inc. bought a new stake in shares of Frontier Communications Parent during the first quarter valued at approximately $749,000. Bank of Montreal Can bought a new stake in shares of Frontier Communications Parent during the first quarter valued at approximately $5,088,000. Dimensional Fund Advisors LP acquired a new stake in shares of Frontier Communications Parent in the first quarter valued at approximately $3,517,000. Finally, Sei Investments Co. raised its position in Frontier Communications Parent by 104.9% in the 1st quarter. Sei Investments Co. now owns 151,036 shares of the company’s stock worth $4,179,000 after purchasing an additional 77,309 shares during the last quarter.

Wall Street Analyst Weigh In

A number of research analysts have commented on FYBR shares. Credit Suisse Group reiterated a “neutral” rating and issued a $25.00 price objective on shares of Frontier Communications Parent in a research report on Monday, February 27th. TheStreet lowered Frontier Communications Parent from a “c” rating to a “d” rating in a research report on Friday, May 5th. Citigroup dropped their price target on shares of Frontier Communications Parent from $34.00 to $30.00 in a research note on Monday, May 8th. Raymond James raised Frontier Communications Parent from an “outperform” rating to a “strong-buy” rating and increased their target price for the company from $36.00 to $37.00 in a research note on Monday, February 27th. Finally, Cowen increased their price target on shares of Frontier Communications Parent from $40.00 to $41.00 and gave the company an “outperform” rating in a research report on Monday, February 27th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $30.43.

Insider Activity

In related news, major shareholder Ares Management Llc purchased 200,000 shares of Frontier Communications Parent stock in a transaction dated Thursday, May 4th. The stock was bought at an average price of $21.86 per share, for a total transaction of $4,372,000.00. Following the completion of the acquisition, the insider now directly owns 37,944,654 shares of the company’s stock, valued at $829,470,136.44. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders purchased 2,158,214 shares of company stock worth $47,244,828 over the last quarter. 0.20% of the stock is currently owned by company insiders.

Frontier Communications Parent Stock Down 3.9 %

Shares of NASDAQ FYBR opened at $16.80 on Friday. The stock has a market cap of $4.12 billion, a P/E ratio of 10.91 and a beta of 0.79. The firm has a 50 day moving average price of $21.35 and a 200 day moving average price of $24.64. The company has a debt-to-equity ratio of 1.91, a quick ratio of 1.10 and a current ratio of 1.10. Frontier Communications Parent, Inc. has a 52-week low of $16.60 and a 52-week high of $30.83.

Frontier Communications Parent (NASDAQ:FYBR – Get Rating) last issued its quarterly earnings data on Friday, May 5th. The company reported $0.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.02). The firm had revenue of $1.44 billion for the quarter, compared to analyst estimates of $1.43 billion. Frontier Communications Parent had a net margin of 6.56% and a return on equity of 7.57%. The firm’s revenue for the quarter was down .5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.26 EPS. Analysts expect that Frontier Communications Parent, Inc. will post 0.03 EPS for the current year.

About Frontier Communications Parent

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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.