Victory Capital Management Inc. Grows Stake in Frontier Communications Parent, Inc. (NASDAQ:FYBR)

Victory Capital Management Inc. grew its position in shares of Frontier Communications Parent, Inc. (NASDAQ:FYBR) by 8.0% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 63,860 shares of the company’s stock after purchasing an additional 4,755 shares during the period. Victory Capital Management Inc.’s holdings in Frontier Communications Parent were worth $1,672,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in FYBR. Norges Bank purchased a new position in shares of Frontier Communications Parent during the 4th quarter valued at $50,269,000. Canada Pension Plan Investment Board grew its position in Frontier Communications Parent by 12.0% in the first quarter. Canada Pension Plan Investment Board now owns 13,683,965 shares of the company’s stock worth $335,257,000 after acquiring an additional 1,462,646 shares in the last quarter. Reaves W H & Co. Inc. purchased a new position in Frontier Communications Parent in the first quarter worth $20,200,000. Sunriver Management LLC purchased a new position in Frontier Communications Parent in the fourth quarter worth $16,255,000. Finally, Foursixthree Capital LP purchased a new position in Frontier Communications Parent in the fourth quarter worth $9,801,000.

Analysts Set New Price Targets

Several brokerages recently issued reports on FYBR. Citigroup upped their target price on shares of Frontier Communications Parent from $32.00 to $35.00 and gave the stock a “buy” rating in a research report on Thursday, August 8th. The Goldman Sachs Group upped their price target on shares of Frontier Communications Parent from $29.00 to $32.00 and gave the company a “buy” rating in a research report on Monday, August 5th. Moffett Nathanson lowered shares of Frontier Communications Parent from a “strong-buy” rating to a “hold” rating in a research report on Thursday, September 5th. Benchmark restated a “buy” rating and set a $37.00 price target on shares of Frontier Communications Parent in a research report on Thursday, September 5th. Finally, 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. Four investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, Frontier Communications Parent presently has an average rating of “Moderate Buy” and a consensus target price of $35.38.

Frontier Communications Parent Stock Performance

Shares of NASDAQ:FYBR opened at $35.35 on Thursday. The company has a market cap of $8.79 billion, a price-to-earnings ratio of 321.36 and a beta of 1.08. The company has a 50-day moving average price of $29.76 and a 200-day moving average price of $26.53. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 2.19. Frontier Communications Parent, Inc. has a 12 month low of $13.66 and a 12 month high of $39.21.

Frontier Communications Parent (NASDAQ:FYBR) last issued its quarterly earnings data on Friday, August 2nd. The company reported ($0.49) EPS for the quarter, missing the consensus estimate 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 firm had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.46 billion. During the same period last year, the company posted ($0.01) earnings per share. The business’s revenue was up 2.1% on a year-over-year basis. As a group, equities analysts anticipate that Frontier Communications Parent, Inc. will post -0.79 EPS for the current year.

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.