Ares Management LLC Sells 20,813,477 Shares of Frontier Communications Parent, Inc. $FYBR

Key Points

• Ares Management LLC significantly reduced its stake in Frontier Communications Parent, Inc. by 86.9%, selling over 20 million shares, which resulted in ownership of approximately 3.1 million shares.
• Despite Ares Management's reduction, other investors such as Brooklyn Investment Group and Parallel Advisors LLC increased their holdings in Frontier Communications Parent by 46.1% and 360.7%, respectively, during the same period.
• The company's most recent earnings report showed a loss of ($0.49) earnings per share (EPS), missing analyst expectations, although revenue increased by 4.0% year-over-year.

Ares Management LLC decreased its position in Frontier Communications Parent, Inc. (NASDAQ:FYBR - Free Report) by 86.9% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,131,679 shares of the company's stock after selling 20,813,477 shares during the period. Frontier Communications Parent comprises approximately 6.9% of Ares Management LLC's holdings, making the stock its 2nd largest holding. Ares Management LLC owned 1.25% of Frontier Communications Parent worth $112,302,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of FYBR. Sona Asset Management US LLC acquired a new position in shares of Frontier Communications Parent in the 4th quarter worth approximately $51,179,000. Readystate Asset Management LP acquired a new position in shares of Frontier Communications Parent in the 1st quarter worth approximately $50,082,000. Fort Baker Capital Management LP acquired a new position in shares of Frontier Communications Parent in the 4th quarter worth approximately $42,037,000. Man Group plc acquired a new position in shares of Frontier Communications Parent in the 4th quarter worth approximately $39,501,000. Finally, Woodline Partners LP acquired a new position in shares of Frontier Communications Parent in the 4th quarter worth approximately $31,230,000.

Frontier Communications Parent Price Performance

Shares of FYBR traded up $0.06 during mid-day trading on Thursday, reaching $37.13. The company had a trading volume of 4,990,208 shares, compared to its average volume of 2,629,820. Frontier Communications Parent, Inc. has a twelve month low of $33.72 and a twelve month high of $37.23. 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 company's 50-day moving average is $36.79 and its 200-day moving average is $36.35. The company has a market capitalization of $9.29 billion, a P/E ratio of -23.95 and a beta of 0.95.

Frontier Communications Parent (NASDAQ:FYBR - Get Free Report) last released its quarterly earnings results on Tuesday, July 29th. The company reported ($0.49) EPS for the quarter, missing analysts' consensus estimates of ($0.31) by ($0.18). The business had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.52 billion. Frontier Communications Parent had a negative return on equity of 7.88% and a negative net margin of 6.40%.The firm's revenue was up 4.0% on a year-over-year basis. During the same quarter last year, the company earned ($0.49) earnings per share. On average, equities 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.