Balyasny Asset Management L.P. Sells 298,097 Shares of Frontier Communications Parent, Inc. (NASDAQ:FYBR)

Balyasny Asset Management L.P. lowered its holdings in Frontier Communications Parent, Inc. (NASDAQ:FYBR) by 18.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,303,656 shares of the company’s stock after selling 298,097 shares during the period. Balyasny Asset Management L.P.’s holdings in Frontier Communications Parent were worth $45,237,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. UMB Bank n.a. grew its holdings in shares of Frontier Communications Parent by 68.0% in the 4th quarter. UMB Bank n.a. now owns 1,050 shares of the company’s stock valued at $36,000 after acquiring an additional 425 shares in the last quarter. Russell Investments Group Ltd. increased its position in shares of Frontier Communications Parent by 37.9% during the 4th quarter. Russell Investments Group Ltd. now owns 5,091 shares of the company’s stock worth $177,000 after purchasing an additional 1,399 shares during the last quarter. Blue Trust Inc. raised its stake in shares of Frontier Communications Parent by 36.8% during the 4th quarter. Blue Trust Inc. now owns 5,883 shares of the company’s stock worth $209,000 after purchasing an additional 1,581 shares in the last quarter. Impact Partnership Wealth LLC acquired a new stake in shares of Frontier Communications Parent in the 4th quarter valued at approximately $228,000. Finally, Vestcor Inc bought a new position in shares of Frontier Communications Parent in the fourth quarter valued at $234,000.

Insiders Place Their Bets

In other news, EVP John Harrobin sold 36,000 shares of the firm’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $36.01, for a total transaction of $1,296,360.00. Following the transaction, the executive vice president now directly owns 76,523 shares of the company’s stock, valued at approximately $2,755,593.23. This trade represents a 31.99 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 1.40% of the company’s stock.

Frontier Communications Parent Price Performance

Frontier Communications Parent stock opened at $36.54 on Tuesday. The company has a market capitalization of $9.14 billion, a price-to-earnings ratio of -28.33 and a beta of 1.01. The stock’s 50 day moving average is $35.95 and its 200-day moving average is $35.49. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 2.28. Frontier Communications Parent, Inc. has a 12 month low of $24.43 and a 12 month high of $39.21.

Frontier Communications Parent (NASDAQ:FYBR) last posted its quarterly earnings data on Tuesday, April 29th. The company reported ($0.26) earnings per share for the quarter, topping the consensus estimate of ($0.33) by $0.07. The firm had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.51 billion. Frontier Communications Parent had a negative return on equity of 6.25% and a negative net margin of 5.42%. The business’s revenue was up 3.5% compared to the same quarter last year. Equities research analysts expect that Frontier Communications Parent, Inc. will post -1.11 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages have commented on FYBR. New Street Research cut shares of Frontier Communications Parent from a “strong-buy” rating to a “hold” rating in a research note on Friday, February 21st. Benchmark reiterated a “hold” rating on shares of Frontier Communications Parent in a report on Tuesday, February 25th. Finally, Raymond James lowered Frontier Communications Parent from a “market perform” rating to an “underperform” rating in a research note on Thursday, February 6th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, Frontier Communications Parent has an average rating of “Hold” and an average price target of $36.07.

Frontier Communications Parent Profile

Frontier Communications Parent, Inc, together with its subsidiaries, provides communication and technology services in the United States. It offers broadband, video, voice, and other value-added services. The company also provides data and Internet, including broadband networking services; data-based voice over internet protocol, unified communications, long-distance, and voice messaging services; video services under the Frontier TV brand; access services; hardware and network solutions; and packages of services.