Norges Bank Takes $191.25 Million Position in Frontier Communications Parent, Inc. (NASDAQ:FYBR)

Norges Bank acquired a new position in Frontier Communications Parent, Inc. (NASDAQ:FYBR) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 5,511,432 shares of the company’s stock, valued at approximately $191,247,000.

A number of other hedge funds have also bought and sold shares of the business. UMB Bank n.a. boosted its holdings in shares of Frontier Communications Parent by 68.0% in the fourth quarter. UMB Bank n.a. now owns 1,050 shares of the company’s stock worth $36,000 after acquiring an additional 425 shares during the period. Quarry LP purchased a new stake in Frontier Communications Parent during the 3rd quarter worth about $91,000. Blue Trust Inc. boosted its stake in Frontier Communications Parent by 36.8% in 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 during the period. Impact Partnership Wealth LLC purchased a new position in Frontier Communications Parent during the 4th quarter valued at about $228,000. Finally, Vestcor Inc bought a new stake in shares of Frontier Communications Parent during the fourth quarter valued at about $234,000.

Frontier Communications Parent Price Performance

Shares of Frontier Communications Parent stock opened at $35.89 on Monday. The firm has a market capitalization of $8.96 billion, a PE ratio of -27.82 and a beta of 1.04. 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 $21.31 and a 12 month high of $39.21. The business’s 50-day moving average price is $35.82 and its 200-day moving average price is $35.40.

Frontier Communications Parent (NASDAQ:FYBR) last posted its quarterly earnings results on Thursday, February 20th. The company reported ($0.47) EPS for the quarter, missing the consensus estimate of ($0.19) by ($0.28). Frontier Communications Parent had a negative return on equity of 6.25% and a negative net margin of 5.42%. The business had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.47 billion. Sell-side analysts forecast that Frontier Communications Parent, Inc. will post -1.11 EPS for the current fiscal year.

Analyst Ratings Changes

FYBR has been the subject of a number of analyst reports. Raymond James lowered shares of Frontier Communications Parent from a “market perform” rating to an “underperform” rating in a research report on Thursday, February 6th. Benchmark restated a “hold” rating on shares of Frontier Communications Parent in a research report on Tuesday, February 25th. Finally, New Street Research downgraded Frontier Communications Parent from a “strong-buy” rating to a “hold” rating in a research report on Friday, February 21st. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Frontier Communications Parent currently has a consensus rating of “Hold” and a consensus target price of $35.31.

Insiders Place Their Bets

In other news, EVP John Harrobin sold 36,000 shares of Frontier Communications Parent stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $36.01, for a total value of $1,296,360.00. Following the transaction, the executive vice president now owns 76,523 shares in the company, valued at approximately $2,755,593.23. The trade was a 31.99 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.40% of the stock is currently owned by insiders.

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.