Carronade Capital Management LP Has $34.15 Million Position in Frontier Communications Parent, Inc. $FYBR

Key Points

• Carronade Capital Management LP has reduced its stake in Frontier Communications by 33.8%, selling 485,936 shares and now holding 952,315 shares, which represents about 2.0% of their portfolio.
• Frontier Communications reported an earnings miss with a loss of ($0.49) per share, compared to a consensus estimate of ($0.31), despite revenue rising 4.0% year-over-year to $1.54 billion.
• The company's stock closed down 0.1%, with a current market capitalization of $9.28 billion and a 12-month trading range between $27.95 and $39.21.

Carronade Capital Management LP cut its holdings in Frontier Communications Parent, Inc. (NASDAQ:FYBR - Free Report) by 33.8% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 952,315 shares of the company's stock after selling 485,936 shares during the quarter. Frontier Communications Parent makes up 2.0% of Carronade Capital Management LP's portfolio, making the stock its 7th largest position. Carronade Capital Management LP owned 0.38% of Frontier Communications Parent worth $34,150,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of FYBR. Brooklyn Investment Group lifted its stake in shares of Frontier Communications Parent by 46.1% during the first quarter. Brooklyn Investment Group now owns 1,137 shares of the company's stock valued at $41,000 after acquiring an additional 359 shares during the period. Parallel Advisors LLC lifted its stake in shares of Frontier Communications Parent by 360.7% during the first quarter. Parallel Advisors LLC now owns 1,958 shares of the company's stock valued at $70,000 after acquiring an additional 1,533 shares during the period. Longfellow Investment Management Co. LLC acquired a new stake in shares of Frontier Communications Parent during the first quarter worth $74,000. Lazard Asset Management LLC acquired a new stake in shares of Frontier Communications Parent during the fourth quarter worth $76,000. Finally, UMB Bank n.a. grew its stake in Frontier Communications Parent by 113.9% in the first quarter. UMB Bank n.a. now owns 2,246 shares of the company's stock valued at $81,000 after acquiring an additional 1,196 shares during the period.

Frontier Communications Parent Stock Up 0.4%

Shares of FYBR traded up $0.13 during midday trading on Friday, hitting $37.26. The stock had a trading volume of 5,829,823 shares, compared to its average volume of 2,942,523. The company has a 50 day simple moving average of $36.79 and a two-hundred day simple moving average of $36.35. Frontier Communications Parent, Inc. has a twelve month low of $33.72 and a twelve month high of $37.26. The firm has a market cap of $9.33 billion, a price-to-earnings ratio of -24.04 and a beta of 0.95. The company has a debt-to-equity ratio of 2.49, a current ratio of 0.36 and a quick ratio of 0.36.

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