200,000 Shares in Frontier Communications Parent, Inc. $FYBR Purchased by HGC Investment Management Inc.

Key Points

• HGC Investment Management Inc. has acquired a new position in Frontier Communications Parent, purchasing 200,000 shares valued at approximately $7.2 million, making it the 15th largest holding in their portfolio.
• Other institutional investors, including Alliancebernstein L.P. and AQR Capital Management LLC, have also increased their stakes in Frontier Communications, signaling growing interest in the company.
• Frontier Communications reported a loss of $0.49 EPS for the last quarter, which was below analysts' estimates, despite experiencing a 4% year-over-year increase in revenue.

HGC Investment Management Inc. acquired a new stake in shares of Frontier Communications Parent, Inc. (NASDAQ:FYBR - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 200,000 shares of the company's stock, valued at approximately $7,172,000. Frontier Communications Parent comprises 2.7% of HGC Investment Management Inc.'s portfolio, making the stock its 15th biggest holding. HGC Investment Management Inc. owned 0.08% of Frontier Communications Parent at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of FYBR. BNP Paribas Financial Markets purchased a new stake in Frontier Communications Parent during the fourth quarter valued at $970,000. Bank of America Corp DE grew its holdings in Frontier Communications Parent by 38.7% during the fourth quarter. Bank of America Corp DE now owns 358,586 shares of the company's stock valued at $12,443,000 after purchasing an additional 100,099 shares during the period. Ethic Inc. grew its holdings in Frontier Communications Parent by 74.3% during the fourth quarter. Ethic Inc. now owns 25,535 shares of the company's stock valued at $886,000 after purchasing an additional 10,885 shares during the period. Fort Baker Capital Management LP bought a new stake in Frontier Communications Parent during the fourth quarter valued at about $42,037,000. Finally, Hudson Bay Capital Management LP grew its holdings in Frontier Communications Parent by 60.6% during the fourth quarter. Hudson Bay Capital Management LP now owns 532,999 shares of the company's stock valued at $18,495,000 after purchasing an additional 201,047 shares during the period.

Frontier Communications Parent Stock Performance

NASDAQ:FYBR traded up $0.04 during mid-day trading on Monday, hitting $37.30. 4,015,705 shares of the company traded hands, compared to its average volume of 2,948,835. The stock's fifty day moving average price is $36.81 and its 200-day moving average price is $36.37. Frontier Communications Parent, Inc. has a one year low of $33.72 and a one year high of $37.35. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 2.49. The firm has a market cap of $9.34 billion, a price-to-earnings ratio of -24.06 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) 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 company had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.52 billion. During the same period in the prior year, the firm posted ($0.49) EPS. The business's revenue for the quarter was up 4.0% on a year-over-year basis. Research analysts anticipate 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.