TIG Advisors LLC Makes New Investment in Frontier Communications Parent, Inc. $FYBR

Key Points

• TIG Advisors LLC acquired 728,665 shares of Frontier Communications Parent, Inc. valued at approximately $26.13 million, making it the firm's 20th largest holding.
• Other institutional investors, including Vanguard Group Inc. and Magnetar Financial LLC, also increased their stakes in Frontier, with some raising their positions by significant percentages in the 1st quarter.
• Frontier Communications reported a quarterly revenue of $1.54 billion but missed EPS estimates, with a reported EPS of ($0.49).

TIG Advisors LLC purchased a new stake in Frontier Communications Parent, Inc. (NASDAQ:FYBR - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 728,665 shares of the company's stock, valued at approximately $26,130,000. Frontier Communications Parent accounts for approximately 1.6% of TIG Advisors LLC's holdings, making the stock its 20th largest position. TIG Advisors LLC owned 0.29% of Frontier Communications Parent as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in FYBR. Brooklyn Investment Group grew its stake in shares of Frontier Communications Parent by 46.1% in the 1st quarter. Brooklyn Investment Group now owns 1,137 shares of the company's stock valued at $41,000 after buying an additional 359 shares during the period. Parallel Advisors LLC boosted its position in shares of Frontier Communications Parent by 360.7% during the 1st quarter. Parallel Advisors LLC now owns 1,958 shares of the company's stock worth $70,000 after purchasing an additional 1,533 shares during the period. Longfellow Investment Management Co. LLC purchased a new position in shares of Frontier Communications Parent during the 1st quarter worth approximately $74,000. Lazard Asset Management LLC purchased a new position in shares of Frontier Communications Parent during the 4th quarter worth approximately $76,000. Finally, UMB Bank n.a. boosted its position in shares of Frontier Communications Parent by 113.9% during the 1st quarter. UMB Bank n.a. now owns 2,246 shares of the company's stock worth $81,000 after purchasing an additional 1,196 shares during the period.

Frontier Communications Parent Trading Up 0.4%

Shares of NASDAQ:FYBR traded up $0.13 during mid-day trading on Friday, reaching $37.26. 5,829,823 shares of the company were exchanged, compared to its average volume of 2,868,360. 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. The firm's 50-day simple moving average is $36.81 and its 200 day simple moving average is $36.37. 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 data 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 for the quarter, compared to analysts' expectations 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 business's revenue for the quarter was up 4.0% on a year-over-year basis. During the same period in the previous year, the business posted ($0.49) EPS. Equities research analysts forecast 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.