Retirement Systems of Alabama Sells 7,377 Shares of Frontier Communications Parent, Inc. (NASDAQ:FYBR)

Retirement Systems of Alabama cut its stake in Frontier Communications Parent, Inc. (NASDAQ:FYBR) by 2.7% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 268,718 shares of the company’s stock after selling 7,377 shares during the period. Retirement Systems of Alabama owned 0.11% of Frontier Communications Parent worth $9,548,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of FYBR. Dimensional Fund Advisors LP grew its position in shares of Frontier Communications Parent by 24.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 8,088,749 shares of the company’s stock worth $211,758,000 after buying an additional 1,587,145 shares during the period. Slotnik Capital LLC bought a new stake in Frontier Communications Parent during the third quarter worth about $34,286,000. Sand Grove Capital Management LLP bought a new stake in Frontier Communications Parent during the third quarter worth about $18,490,000. Anchorage Capital Advisors L.P. grew its holdings in Frontier Communications Parent by 26.6% in the third quarter. Anchorage Capital Advisors L.P. now owns 1,729,555 shares of the company’s stock worth $61,451,000 after purchasing an additional 362,888 shares during the period. Finally, Columbus Hill Capital Management L.P. increased its stake in shares of Frontier Communications Parent by 345.7% during the second quarter. Columbus Hill Capital Management L.P. now owns 445,744 shares of the company’s stock valued at $11,670,000 after purchasing an additional 345,744 shares in the last quarter.

Insider Buying and Selling

In other Frontier Communications Parent news, EVP John Harrobin sold 23,491 shares of the company’s stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $34.85, for a total transaction of $818,661.35. Following the completion of the sale, the executive vice president now directly owns 121,182 shares of the company’s stock, valued at approximately $4,223,192.70. This represents a 16.24 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.40% of the stock is currently owned by corporate insiders.

Frontier Communications Parent Stock Performance

Shares of NASDAQ FYBR opened at $34.76 on Tuesday. The firm’s 50-day moving average price is $35.10 and its 200-day moving average price is $31.33. Frontier Communications Parent, Inc. has a 52-week low of $20.51 and a 52-week high of $39.21. The company has a market cap of $8.66 billion, a PE ratio of -46.35 and a beta of 1.05. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 2.28.

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

Analyst Ratings Changes

A number of brokerages have recently commented on FYBR. Benchmark cut Frontier Communications Parent from a “buy” rating to a “hold” rating in a research report on Friday, December 6th. Raymond James cut Frontier Communications Parent from a “strong-buy” rating to a “market perform” rating in a research note on Monday, October 28th. UBS Group lowered Frontier Communications Parent from a “strong-buy” rating to a “hold” rating in a research report on Friday, September 6th. TD Cowen cut shares of Frontier Communications Parent from a “buy” rating to a “hold” rating and dropped their price target for the stock from $39.00 to $38.50 in a research note on Tuesday, October 8th. Finally, Wolfe Research lowered shares of Frontier Communications Parent from an “outperform” rating to a “peer perform” rating in a research note on Monday, September 30th. Ten analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Frontier Communications Parent has an average rating of “Hold” and an average price target of $35.31.

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.