Polar Asset Management Partners Inc. Purchases 722,500 Shares of Frontier Communications Parent, Inc. $FYBR

Key Points

• Polar Asset Management Partners Inc. significantly increased its stake in Frontier Communications Parent by 407.0% in Q1, now owning 900,000 shares valued at roughly $32 million.
• Other institutional investors, such as Millennium Management LLC, also increased their positions, with Millennium raising its stake by 56.2% during the same period.
• Despite a revenue increase of 4.0% year-over-year, Frontier reported a loss of ($0.49) earnings per share, falling short of analysts' expectations.

Polar Asset Management Partners Inc. grew its stake in Frontier Communications Parent, Inc. (NASDAQ:FYBR - Free Report) by 407.0% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 900,000 shares of the company's stock after purchasing an additional 722,500 shares during the quarter. Frontier Communications Parent comprises approximately 0.7% of Polar Asset Management Partners Inc.'s holdings, making the stock its 24th largest holding. Polar Asset Management Partners Inc. owned 0.36% of Frontier Communications Parent worth $32,274,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in FYBR. Millennium Management LLC lifted its stake in shares of Frontier Communications Parent by 56.2% in the 1st quarter. Millennium Management LLC now owns 4,487,109 shares of the company's stock valued at $160,908,000 after purchasing an additional 1,615,356 shares during the period. Sona Asset Management US LLC acquired a new position in shares of Frontier Communications Parent in the 4th quarter valued at $51,179,000. Readystate Asset Management LP acquired a new position in shares of Frontier Communications Parent in the 1st quarter valued at $50,082,000. Adage Capital Partners GP L.L.C. lifted its stake in shares of Frontier Communications Parent by 39.0% in the 1st quarter. Adage Capital Partners GP L.L.C. now owns 4,378,238 shares of the company's stock valued at $157,004,000 after purchasing an additional 1,228,524 shares during the period. Finally, Fort Baker Capital Management LP acquired a new position in shares of Frontier Communications Parent in the 4th quarter valued at $42,037,000.

Frontier Communications Parent Trading Up 0.4%

Shares of FYBR stock traded up $0.13 during trading hours on Friday, reaching $37.26. The company had a trading volume of 5,829,823 shares, compared to its average volume of 3,074,321. The company has a 50 day moving average of $36.81 and a 200 day moving average of $36.37. 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 firm has a market cap of $9.33 billion, a price-to-earnings ratio of -24.04 and a beta of 0.95. Frontier Communications Parent, Inc. has a 1-year low of $33.72 and a 1-year high of $37.26.

Frontier Communications Parent (NASDAQ:FYBR - Get Free Report) last posted its quarterly earnings results on Tuesday, July 29th. The company reported ($0.49) earnings per share for the quarter, missing analysts' consensus estimates of ($0.31) by ($0.18). The company had revenue of $1.54 billion during the quarter, compared to analyst estimates 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 business's revenue for the quarter was up 4.0% compared to the same quarter last year. During the same period last year, the company earned ($0.49) EPS. On average, equities research analysts anticipate that Frontier Communications Parent, Inc. will post -1.11 EPS for the current year.

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.