Millennium Management LLC Has $160.91 Million Stock Holdings in Frontier Communications Parent, Inc. $FYBR

Key Points

• Millennium Management LLC increased its stake in Frontier Communications Parent, Inc. (NASDAQ:FYBR) by 56.2%, now owning approximately 4.49 million shares valued at $160.91 million.
• Other institutional investors also boosted their positions in FYBR during the first quarter, with Brooklyn Investment Group increasing its holdings by 46.1% and Parallel Advisors LLC by 360.7%.
• Frontier Communications reported a quarterly earnings miss with ($0.49) EPS, falling short of the consensus estimate by ($0.18), despite year-over-year revenue growth of 4.0%.

Millennium Management LLC lifted its stake in shares of Frontier Communications Parent, Inc. (NASDAQ:FYBR - Free Report) by 56.2% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 4,487,109 shares of the company's stock after acquiring an additional 1,615,356 shares during the period. Millennium Management LLC owned 1.79% of Frontier Communications Parent worth $160,908,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of FYBR. Sona Asset Management US LLC acquired a new position in shares of Frontier Communications Parent during the 4th quarter valued at $51,179,000. Readystate Asset Management LP acquired a new position in shares of Frontier Communications Parent during the 1st quarter valued at $50,082,000. Adage Capital Partners GP L.L.C. lifted its position in shares of Frontier Communications Parent by 39.0% during 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 acquiring an additional 1,228,524 shares during the period. Fort Baker Capital Management LP acquired a new position in shares of Frontier Communications Parent during the 4th quarter valued at $42,037,000. Finally, Man Group plc acquired a new position in shares of Frontier Communications Parent during the 4th quarter valued at $39,501,000.

Frontier Communications Parent Stock Up 0.4%

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

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). 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 analyst estimates of $1.52 billion. During the same quarter in the previous year, the firm earned ($0.49) EPS. The firm's revenue was up 4.0% on a year-over-year basis. As a group, equities research analysts expect that Frontier Communications Parent, Inc. will post -1.11 earnings per share for the current fiscal year.

About Frontier Communications Parent

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.