Vanguard Group Inc. Raises Stake in Frontier Communications Parent, Inc. (NASDAQ:FYBR)

Key Points

• Vanguard Group Inc. has increased its stake in Frontier Communications Parent, Inc. by acquiring an additional 77,795 shares, bringing its total ownership to 24,354,812 shares, which represents a value of approximately $873.36 million.
• Other investors, including Parallel Advisors LLC and Whipplewood Advisors LLC, have significantly increased their holdings in Frontier Communications, with some making acquisitions of over 360% in the past quarter.
• Frontier Communications reported a net loss of ($0.49) EPS for its last quarter, missing analyst expectations, although its revenue showed a slight increase of 4.0% year-over-year to $1.54 billion.

Vanguard Group Inc. lifted its holdings in Frontier Communications Parent, Inc. (NASDAQ:FYBR - Free Report) by 0.3% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 24,354,812 shares of the company's stock after purchasing an additional 77,795 shares during the quarter. Vanguard Group Inc. owned 9.73% of Frontier Communications Parent worth $873,364,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of FYBR. LPL Financial LLC grew its holdings in shares of Frontier Communications Parent by 17.9% in the fourth quarter. LPL Financial LLC now owns 7,027 shares of the company's stock valued at $244,000 after purchasing an additional 1,066 shares in the last quarter. Russell Investments Group Ltd. grew its holdings in shares of Frontier Communications Parent by 37.9% in the fourth quarter. Russell Investments Group Ltd. now owns 5,091 shares of the company's stock valued at $177,000 after purchasing an additional 1,399 shares in the last quarter. Bank of Nova Scotia purchased a new position in Frontier Communications Parent during the fourth quarter worth $2,280,000. Raymond James Financial Inc. purchased a new position in Frontier Communications Parent during the fourth quarter worth $2,065,000. Finally, Treasurer of the State of North Carolina boosted its stake in Frontier Communications Parent by 0.6% during the fourth quarter. Treasurer of the State of North Carolina now owns 107,943 shares of the company's stock worth $3,746,000 after buying an additional 680 shares during the period.

Frontier Communications Parent Trading Up 0.1%

NASDAQ FYBR traded up $0.05 on Friday, hitting $37.13. 2,110,502 shares of the stock were exchanged, compared to its average volume of 2,929,295. The company has a debt-to-equity ratio of 2.49, a quick ratio of 0.36 and a current ratio of 0.36. The stock has a fifty day moving average price of $36.55 and a two-hundred day moving average price of $36.22. The firm has a market capitalization of $9.29 billion, a P/E ratio of -23.95 and a beta of 0.95. Frontier Communications Parent, Inc. has a 52-week low of $27.67 and a 52-week high of $39.21.

Frontier Communications Parent (NASDAQ:FYBR - Get Free Report) last posted its quarterly earnings data on Tuesday, July 29th. The company reported ($0.49) EPS for the quarter, missing the consensus estimate of ($0.31) by ($0.18). The firm 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 firm's quarterly revenue was up 4.0% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.49) earnings per share. Research analysts forecast that Frontier Communications Parent, Inc. will post -1.11 EPS 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.