725,000 Shares in Frontier Communications Parent, Inc. (NASDAQ:FYBR) Acquired by Picton Mahoney Asset Management

Picton Mahoney Asset Management bought a new position in shares of Frontier Communications Parent, Inc. (NASDAQ:FYBR) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 725,000 shares of the company’s stock, valued at approximately $25,157,000. Frontier Communications Parent accounts for about 0.7% of Picton Mahoney Asset Management’s investment portfolio, making the stock its 23rd largest position.

Other large investors have also added to or reduced their stakes in the company. GSA Capital Partners LLP acquired a new stake in Frontier Communications Parent in the third quarter valued at approximately $586,000. Anthracite Investment Company Inc. acquired a new stake in Frontier Communications Parent in the third quarter valued at approximately $1,743,000. New York Life Investment Management LLC acquired a new stake in Frontier Communications Parent in the fourth quarter valued at approximately $9,148,000. Tokio Marine Asset Management Co. Ltd. acquired a new stake in Frontier Communications Parent in the fourth quarter valued at approximately $9,948,000. Finally, Charles Schwab Investment Management Inc. grew its stake in Frontier Communications Parent by 5.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,310,952 shares of the company’s stock valued at $82,108,000 after acquiring an additional 109,648 shares during the period.

Analysts Set New Price Targets

A number of brokerages have commented on FYBR. New Street Research cut Frontier Communications Parent from a “strong-buy” rating to a “hold” rating in a research note on Friday, February 21st. Benchmark reissued a “hold” rating on shares of Frontier Communications Parent in a research note on Tuesday, February 25th. Finally, Raymond James cut Frontier Communications Parent from a “market perform” rating to an “underperform” rating in a research report on Thursday, February 6th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $35.31.

Frontier Communications Parent Stock Performance

Shares of Frontier Communications Parent stock opened at $35.84 on Friday. The business’s fifty day simple moving average is $35.72 and its 200 day simple moving average is $35.11. The firm has a market capitalization of $8.95 billion, a P/E ratio of -27.78 and a beta of 1.04. Frontier Communications Parent, Inc. has a 12 month low of $21.31 and a 12 month high of $39.21. 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 (NASDAQ:FYBR) last issued its quarterly earnings results on Thursday, February 20th. The company reported ($0.47) EPS for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.28). The business had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.47 billion. Frontier Communications Parent had a negative return on equity of 6.25% and a negative net margin of 5.42%. As a group, analysts anticipate that Frontier Communications Parent, Inc. will post -1.11 EPS for the current year.

Insider Buying and Selling

In related news, EVP John Harrobin sold 36,000 shares of Frontier Communications Parent stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $36.01, for a total transaction of $1,296,360.00. Following the sale, the executive vice president now directly owns 76,523 shares in the company, 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 legal filing with the SEC, which can be accessed through this link. 1.40% of the stock is currently owned by corporate insiders.

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.