Credit Industriel ET Commercial Boosts Position in Frontier Communications Parent, Inc. $FYBR

Key Points

• Credit Industriel ET Commercial increased its stake in Frontier Communications Parent by 62.9%, now owning 355,460 shares valued at approximately $12.9 million.
• Frontier Communications Parent reported earnings of ($0.49) per share for the last quarter, missing analysts' expectations and posting a revenue of $1.54 billion.
• Analysts have an average rating of "Reduce" for Frontier, with Weiss Ratings issuing a "sell (d-)" rating on the stock.

Credit Industriel ET Commercial lifted its stake in shares of Frontier Communications Parent, Inc. (NASDAQ:FYBR - Free Report) by 62.9% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 355,460 shares of the company's stock after purchasing an additional 137,261 shares during the quarter. Frontier Communications Parent comprises about 1.1% of Credit Industriel ET Commercial's investment portfolio, making the stock its 10th largest holding. Credit Industriel ET Commercial owned 0.14% of Frontier Communications Parent worth $12,939,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Vanguard Personalized Indexing Management LLC raised its stake in shares of Frontier Communications Parent by 10.1% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 27,396 shares of the company's stock valued at $997,000 after purchasing an additional 2,516 shares in the last quarter. Louisiana State Employees Retirement System raised its stake in shares of Frontier Communications Parent by 1.0% during the second quarter. Louisiana State Employees Retirement System now owns 62,700 shares of the company's stock valued at $2,282,000 after purchasing an additional 600 shares in the last quarter. KLP Kapitalforvaltning AS raised its stake in shares of Frontier Communications Parent by 8.5% during the second quarter. KLP Kapitalforvaltning AS now owns 47,200 shares of the company's stock valued at $1,718,000 after purchasing an additional 3,700 shares in the last quarter. QRG Capital Management Inc. raised its stake in shares of Frontier Communications Parent by 5.0% during the second quarter. QRG Capital Management Inc. now owns 6,635 shares of the company's stock valued at $242,000 after purchasing an additional 317 shares in the last quarter. Finally, Affinity Wealth Management LLC raised its stake in shares of Frontier Communications Parent by 1.8% during the second quarter. Affinity Wealth Management LLC now owns 117,283 shares of the company's stock valued at $4,269,000 after purchasing an additional 2,123 shares in the last quarter.

Analysts Set New Price Targets

Separately, Weiss Ratings restated a "sell (d-)" rating on shares of Frontier Communications Parent in a research note on Wednesday, October 8th. Two research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the company has an average rating of "Reduce".

Frontier Communications Parent Price Performance

NASDAQ:FYBR opened at $37.44 on Tuesday. The business's 50-day moving average price is $37.17 and its 200 day moving average price is $36.65. The firm has a market cap of $9.37 billion, a P/E ratio of -24.15 and a beta of 0.94. Frontier Communications Parent, Inc. has a 52-week low of $33.72 and a 52-week high of $37.87. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 2.49.

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 (EPS) for the quarter, missing analysts' consensus estimates of ($0.31) by ($0.18). The firm had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.52 billion. Frontier Communications Parent had a negative return on equity of 7.88% and a negative net margin of 6.40%.Frontier Communications Parent's revenue was up 4.0% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.49) earnings per share. As a group, sell-side analysts predict that Frontier Communications Parent, Inc. will post -1.11 earnings per share for the current fiscal 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.

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