Westchester Capital Management LLC Acquires Shares of 42,576 Frontier Communications Parent, Inc. (NASDAQ:FYBR)

Westchester Capital Management LLC bought a new position in shares of Frontier Communications Parent, Inc. (NASDAQ:FYBR) during the third quarter, according to the company in its most recent disclosure with the SEC. The firm bought 42,576 shares of the company’s stock, valued at approximately $1,513,000.

Other hedge funds also recently made changes to their positions in the company. Dimensional Fund Advisors LP lifted its stake in Frontier Communications Parent by 24.4% during the second quarter. Dimensional Fund Advisors LP now owns 8,088,749 shares of the company’s stock worth $211,758,000 after purchasing an additional 1,587,145 shares during the last quarter. Anchorage Capital Advisors L.P. raised its holdings in shares of Frontier Communications Parent by 26.6% during the third quarter. Anchorage Capital Advisors L.P. now owns 1,729,555 shares of the company’s stock worth $61,451,000 after purchasing an additional 362,888 shares during the period. Columbus Hill Capital Management L.P. lifted its position in shares of Frontier Communications Parent by 345.7% in the 2nd quarter. Columbus Hill Capital Management L.P. now owns 445,744 shares of the company’s stock worth $11,670,000 after buying an additional 345,744 shares during the last quarter. Alpine Associates Management Inc. bought a new position in shares of Frontier Communications Parent in the 3rd quarter worth about $9,855,000. Finally, Marshall Wace LLP boosted its holdings in shares of Frontier Communications Parent by 49.5% in the 2nd quarter. Marshall Wace LLP now owns 420,227 shares of the company’s stock valued at $11,002,000 after buying an additional 139,215 shares during the period.

Insiders Place Their Bets

In other news, EVP John Harrobin sold 23,491 shares of the company’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $34.85, for a total transaction of $818,661.35. Following the completion of the sale, the executive vice president now directly owns 121,182 shares of the company’s stock, valued at $4,223,192.70. This represents a 16.24 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 1.40% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

FYBR has been the topic of a number of recent research reports. Moffett Nathanson cut shares of Frontier Communications Parent from a “strong-buy” rating to a “hold” rating in a report on Thursday, September 5th. Benchmark reissued a “buy” rating and issued a $37.00 price target on shares of Frontier Communications Parent in a report on Thursday, September 5th. TD Cowen lowered Frontier Communications Parent from a “buy” rating to a “hold” rating and reduced their price objective for the company from $39.00 to $38.50 in a research report on Tuesday, October 8th. BNP Paribas upgraded Frontier Communications Parent to a “hold” rating in a research note on Monday, October 14th. Finally, JPMorgan Chase & Co. lowered shares of Frontier Communications Parent from an “overweight” rating to a “neutral” rating and upped their price target for the stock from $35.00 to $38.50 in a research report on Tuesday, September 17th. Nine analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $35.31.

Frontier Communications Parent Trading Up 0.1 %

Shares of Frontier Communications Parent stock opened at $34.81 on Friday. The business has a fifty day simple moving average of $35.31 and a 200-day simple moving average of $30.56. Frontier Communications Parent, Inc. has a fifty-two week low of $20.51 and a fifty-two week high of $39.21. The firm has a market cap of $8.67 billion, a price-to-earnings ratio of -46.41 and a beta of 1.10. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 2.28.

Frontier Communications Parent (NASDAQ:FYBR) last issued its quarterly earnings results on Tuesday, November 5th. The company reported ($0.33) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.11). The business had revenue of $1.49 billion during the quarter, compared to analyst estimates of $1.46 billion. Frontier Communications Parent had a negative net margin of 3.19% and a negative return on equity of 3.61%. Frontier Communications Parent’s revenue was up 3.7% compared to the same quarter last year. During the same period in the previous year, the company posted $0.05 earnings per share. On average, equities analysts forecast that Frontier Communications Parent, Inc. will post -0.83 EPS for the current fiscal year.

About Frontier Communications Parent

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.