Frontier Communications Parent, Inc. (NASDAQ:FYBR) Shares Acquired by Beach Point Capital Management LP

Beach Point Capital Management LP increased its position in shares of Frontier Communications Parent, Inc. (NASDAQ:FYBR) by 15.1% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,360,944 shares of the company’s stock after acquiring an additional 178,662 shares during the quarter. Frontier Communications Parent makes up about 10.6% of Beach Point Capital Management LP’s portfolio, making the stock its 2nd biggest holding. Beach Point Capital Management LP owned approximately 0.55% of Frontier Communications Parent worth $25,368,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of FYBR. State Street Corp raised its position in Frontier Communications Parent by 97.5% in the third quarter. State Street Corp now owns 6,134,736 shares of the company’s stock valued at $143,737,000 after purchasing an additional 3,028,313 shares during the period. Norges Bank purchased a new stake in Frontier Communications Parent in the 4th quarter valued at about $54,468,000. ANTIPODES PARTNERS Ltd lifted its position in Frontier Communications Parent by 35.0% in the second quarter. ANTIPODES PARTNERS Ltd now owns 7,594,774 shares of the company’s stock valued at $141,566,000 after buying an additional 1,969,522 shares during the last quarter. Ares Management LLC lifted its holdings in shares of Frontier Communications Parent by 5.4% in the 1st quarter. Ares Management LLC now owns 37,094,654 shares of the company’s stock worth $844,645,000 after acquiring an additional 1,889,522 shares during the last quarter. Finally, Capital International Investors boosted its position 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 buying an additional 1,809,275 shares during the period.

Analyst Ratings Changes

Several research firms have weighed in on FYBR. The Goldman Sachs Group dropped their target price on Frontier Communications Parent from $29.00 to $25.00 and set a “buy” rating for the company in a research report on Thursday, November 2nd. Benchmark restated a “buy” rating and issued a $35.00 price objective on shares of Frontier Communications Parent in a report on Wednesday, October 18th. Morgan Stanley reduced their target price on shares of Frontier Communications Parent from $18.00 to $16.00 and set an “underweight” rating on the stock in a report on Tuesday, September 5th. Finally, JPMorgan Chase & Co. decreased their price target on shares of Frontier Communications Parent from $33.00 to $29.00 and set an “overweight” rating for the company in a research report on Thursday, November 2nd. One investment analyst has rated the stock with a sell rating, two have issued 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, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $28.00.

Insider Buying and Selling

In related news, major shareholder Ares Management Llc purchased 150,000 shares of the company’s stock in a transaction on Wednesday, October 18th. The shares were bought at an average cost of $18.93 per share, for a total transaction of $2,839,500.00. Following the completion of the purchase, the insider now directly owns 38,912,895 shares of the company’s stock, valued at approximately $736,621,102.35. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders acquired a total of 774,122 shares of company stock worth $12,118,485 over the last 90 days. 0.20% of the stock is owned by insiders.

Frontier Communications Parent Stock Down 0.4 %

Shares of Frontier Communications Parent stock traded down $0.09 during trading on Friday, hitting $20.91. 1,277,233 shares of the stock were exchanged, compared to its average volume of 2,396,035. The company has a debt-to-equity ratio of 2.15, a current ratio of 1.36 and a quick ratio of 1.36. The firm’s 50-day moving average price is $17.07 and its 200 day moving average price is $16.94. The stock has a market cap of $5.14 billion, a price-to-earnings ratio of 30.75 and a beta of 0.90. Frontier Communications Parent, Inc. has a 12-month low of $11.65 and a 12-month high of $30.83.

Frontier Communications Parent (NASDAQ:FYBR) last announced its quarterly earnings results on Wednesday, November 1st. The company reported $0.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.11. Frontier Communications Parent had a return on equity of 3.22% and a net margin of 2.90%. The company had revenue of $1.44 billion during the quarter, compared to the consensus estimate of $1.44 billion. During the same period in the previous year, the business earned $0.49 EPS. Frontier Communications Parent’s revenue for the quarter was down .9% on a year-over-year basis. As a group, analysts forecast that Frontier Communications Parent, Inc. will post -0.14 earnings per share for the current fiscal year.

Frontier Communications Parent Company Profile

Frontier Communications Parent, Inc, together with its subsidiaries, provides communication and technology services 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.