AQR Arbitrage LLC Has $22.11 Million Stake in Frontier Communications Parent, Inc. $FYBR

Key Points

• AQR Arbitrage LLC increased its stake in Frontier Communications Parent, Inc. by 22.9%, owning a total of 616,510 shares valued at approximately $22.1 million.
• Other institutions, including Northern Trust Corp and Bank of America Corp DE, also raised their positions significantly in Frontier Communications during the fourth quarter, reflecting a growing interest in the company.
• Frontier reported a quarterly revenue of $1.54 billion, surpassing estimates, although it posted a loss in earnings per share of ($0.49), missing analysts' expectations.

AQR Arbitrage LLC raised its position in shares of Frontier Communications Parent, Inc. (NASDAQ:FYBR - Free Report) by 22.9% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 616,510 shares of the company's stock after acquiring an additional 114,960 shares during the period. AQR Arbitrage LLC owned approximately 0.25% of Frontier Communications Parent worth $22,108,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Frontier Communications Parent by 23.3% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 9,302 shares of the company's stock valued at $334,000 after buying an additional 1,755 shares during the period. CSS LLC IL bought a new stake in shares of Frontier Communications Parent in the fourth quarter valued at about $392,000. Vanguard Group Inc. lifted its stake in shares of Frontier Communications Parent by 0.3% in the first quarter. Vanguard Group Inc. now owns 24,354,812 shares of the company's stock valued at $873,364,000 after buying an additional 77,795 shares during the period. Tabor Asset Management LP bought a new stake in shares of Frontier Communications Parent in the first quarter valued at about $2,069,000. Finally, Hudson Bay Capital Management LP lifted its stake in shares of Frontier Communications Parent by 60.6% in the fourth quarter. Hudson Bay Capital Management LP now owns 532,999 shares of the company's stock valued at $18,495,000 after buying an additional 201,047 shares during the period.

Frontier Communications Parent Stock Performance

Shares of NASDAQ FYBR traded up $0.13 during mid-day trading on Friday, hitting $37.26. The company had a trading volume of 5,829,823 shares, compared to its average volume of 2,868,360. The company has a debt-to-equity ratio of 2.49, a current ratio of 0.36 and a quick ratio of 0.36. The business's 50-day simple moving average is $36.81 and its 200-day simple moving average is $36.37. Frontier Communications Parent, Inc. has a 12 month low of $33.72 and a 12 month high of $37.26. The firm has a market cap of $9.33 billion, a P/E ratio of -24.04 and a beta of 0.95.

Frontier Communications Parent (NASDAQ:FYBR - Get Free Report) last released its earnings results on Tuesday, July 29th. The company reported ($0.49) earnings per share for the quarter, missing the consensus estimate of ($0.31) by ($0.18). The company had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.52 billion. Frontier Communications Parent had a negative net margin of 6.40% and a negative return on equity of 7.88%. The firm's quarterly revenue was up 4.0% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.49) EPS. As a group, analysts predict that Frontier Communications Parent, Inc. will post -1.11 earnings per share for the current fiscal year.

About Frontier Communications Parent

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.