Frontier Communications Parent (NASDAQ:FYBR) Lowered to “Hold” at Citigroup

Citigroup cut shares of Frontier Communications Parent (NASDAQ:FYBR) from a strong-buy rating to a hold rating in a research note issued to investors on Friday morning, Zacks.com reports.

Several other equities research analysts also recently commented on the company. TD Cowen downgraded Frontier Communications Parent from a buy rating to a hold rating and dropped their target price for the stock from $39.00 to $38.50 in a report on Tuesday, October 8th. Wells Fargo & Company reiterated an equal weight rating and issued a $38.50 price target (up previously from $31.00) on shares of Frontier Communications Parent in a research note on Friday, September 6th. Benchmark reissued a buy rating and set a $37.00 price objective on shares of Frontier Communications Parent in a research report on Thursday, September 5th. Wolfe Research cut shares of Frontier Communications Parent from an outperform rating to a peer perform rating in a report on Monday, September 30th. Finally, JPMorgan Chase & Co. cut shares of Frontier Communications Parent from an overweight rating to a neutral rating and increased their price target for the company from $35.00 to $38.50 in a report on Tuesday, September 17th. Seven investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, Frontier Communications Parent has a consensus rating of Hold and an average price target of $35.31.

Frontier Communications Parent Price Performance

Shares of Frontier Communications Parent stock opened at $35.25 on Friday. Frontier Communications Parent has a 1 year low of $16.29 and a 1 year high of $39.21. The company has a debt-to-equity ratio of 2.19, a current ratio of 0.87 and a quick ratio of 0.87. The company has a 50-day moving average of $32.58 and a 200 day moving average of $28.00. The firm has a market cap of $8.76 billion, a price-to-earnings ratio of 320.45 and a beta of 1.10.

Frontier Communications Parent (NASDAQ:FYBR) last announced its earnings results on Friday, August 2nd. The company reported ($0.49) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.38). Frontier Communications Parent had a negative net margin of 1.62% and a negative return on equity of 1.80%. The business had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.46 billion. During the same period in the prior year, the business posted ($0.01) EPS. Frontier Communications Parent’s revenue for the quarter was up 2.1% on a year-over-year basis. As a group, sell-side analysts anticipate that Frontier Communications Parent will post -0.79 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Frontier Communications Parent

Several institutional investors and hedge funds have recently added to or reduced their stakes in FYBR. Vanguard Group Inc. increased its position in Frontier Communications Parent by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 23,964,203 shares of the company’s stock valued at $607,253,000 after acquiring an additional 136,350 shares during the last quarter. PNC Financial Services Group Inc. increased its position in shares of Frontier Communications Parent by 11.5% during the 4th quarter. PNC Financial Services Group Inc. now owns 7,113 shares of the company’s stock valued at $180,000 after purchasing an additional 732 shares during the last quarter. NBC Securities Inc. lifted its stake in shares of Frontier Communications Parent by 26,121.9% in the 1st quarter. NBC Securities Inc. now owns 87,581 shares of the company’s stock worth $2,145,000 after purchasing an additional 87,247 shares during the period. GAMMA Investing LLC boosted its holdings in shares of Frontier Communications Parent by 100.9% in the first quarter. GAMMA Investing LLC now owns 2,523 shares of the company’s stock worth $62,000 after buying an additional 1,267 shares during the last quarter. Finally, Wedmont Private Capital grew its position in Frontier Communications Parent by 11.0% during the first quarter. Wedmont Private Capital now owns 9,435 shares of the company’s stock valued at $227,000 after buying an additional 935 shares during the period.

Frontier Communications Parent Company 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.