Anchorage Capital Advisors L.P. Increases Position in Frontier Communications Parent, Inc. (NASDAQ:FYBR)

Anchorage Capital Advisors L.P. increased its stake in shares of Frontier Communications Parent, Inc. (NASDAQ:FYBR) by 26.6% in the third quarter, Holdings Channel.com reports. The institutional investor owned 1,729,555 shares of the company’s stock after acquiring an additional 362,888 shares during the period. Frontier Communications Parent makes up about 28.9% of Anchorage Capital Advisors L.P.’s holdings, making the stock its 3rd largest holding. Anchorage Capital Advisors L.P.’s holdings in Frontier Communications Parent were worth $61,451,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the stock. International Assets Investment Management LLC acquired a new position in Frontier Communications Parent during the 2nd quarter valued at about $37,000. Capital Performance Advisors LLP acquired a new position in shares of Frontier Communications Parent during the third quarter worth approximately $50,000. Meeder Asset Management Inc. bought a new position in Frontier Communications Parent in the 3rd quarter worth approximately $52,000. Farther Finance Advisors LLC increased its position in Frontier Communications Parent by 80.8% in the 3rd quarter. Farther Finance Advisors LLC now owns 1,815 shares of the company’s stock valued at $64,000 after acquiring an additional 811 shares during the period. Finally, Blue Trust Inc. increased its position in Frontier Communications Parent by 224,400.0% in the 2nd quarter. Blue Trust Inc. now owns 2,245 shares of the company’s stock valued at $55,000 after acquiring an additional 2,244 shares during the period.

Frontier Communications Parent Stock Performance

NASDAQ FYBR opened at $34.81 on Friday. Frontier Communications Parent, Inc. has a 52-week low of $20.51 and a 52-week high of $39.21. The firm has a market capitalization of $8.67 billion, a price-to-earnings ratio of -46.41 and a beta of 1.10. The company’s fifty day moving average is $35.31 and its two-hundred day moving average is $30.56. The company has a debt-to-equity ratio of 2.28, a current ratio of 0.77 and a quick ratio of 0.77.

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

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. TD Cowen cut shares of Frontier Communications Parent from a “buy” rating to a “hold” rating and cut their price objective for the company from $39.00 to $38.50 in a research note on Tuesday, October 8th. Wells Fargo & Company restated an “equal weight” rating and set a $38.50 price target (up from $31.00) on shares of Frontier Communications Parent in a research report on Friday, September 6th. Wolfe Research cut shares of Frontier Communications Parent from an “outperform” rating to a “peer perform” rating in a report on Monday, September 30th. Moffett Nathanson lowered shares of Frontier Communications Parent from a “strong-buy” rating to a “hold” rating in a research note on Thursday, September 5th. Finally, Benchmark restated a “buy” rating and issued a $37.00 target price on shares of Frontier Communications Parent in a research report on Thursday, September 5th. Nine analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, Frontier Communications Parent currently has an average rating of “Hold” and a consensus target price of $35.31.

Insider Transactions at Frontier Communications Parent

In other Frontier Communications Parent news, EVP John Harrobin sold 23,491 shares of the firm’s stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $34.85, for a total value of $818,661.35. Following the completion of the sale, the executive vice president now owns 121,182 shares in the company, valued at approximately $4,223,192.70. This trade represents a 16.24 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 1.40% of the company’s stock.

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.