Frontier Communications Parent, Inc. $FYBR Shares Acquired by Westchester Capital Management LLC

Key Points

• Westchester Capital Management LLC has increased its stake in Frontier Communications Parent, Inc. by 43.2%, owning 1,246,804 shares after purchasing an additional 375,981 shares.
• Other investors, including Brooklyn Investment Group and Parallel Advisors LLC, have also significantly boosted their stakes in Frontier Communications during the same period.
• Despite a 4.0% year-over-year revenue increase, Frontier reported an EPS of ($0.49), missing analyst expectations of ($0.31).

Westchester Capital Management LLC boosted its position in Frontier Communications Parent, Inc. (NASDAQ:FYBR - Free Report) by 43.2% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,246,804 shares of the company's stock after buying an additional 375,981 shares during the period. Frontier Communications Parent makes up approximately 2.3% of Westchester Capital Management LLC's investment portfolio, making the stock its 9th largest holding. Westchester Capital Management LLC owned 0.50% of Frontier Communications Parent worth $44,710,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the stock. Vanguard Group Inc. lifted its holdings in Frontier Communications Parent by 0.3% in the first quarter. Vanguard Group Inc. now owns 24,354,812 shares of the company's stock valued at $873,364,000 after acquiring an additional 77,795 shares during the period. Tudor Investment Corp ET AL acquired a new position in Frontier Communications Parent in the fourth quarter valued at approximately $114,555,000. Northern Trust Corp lifted its holdings in Frontier Communications Parent by 1.9% in the first quarter. Northern Trust Corp now owns 2,118,814 shares of the company's stock valued at $75,981,000 after acquiring an additional 39,872 shares during the period. Aristeia Capital L.L.C. lifted its holdings in Frontier Communications Parent by 152.4% in the fourth quarter. Aristeia Capital L.L.C. now owns 2,001,788 shares of the company's stock valued at $69,462,000 after acquiring an additional 1,208,699 shares during the period. Finally, Alpine Associates Management Inc. lifted its holdings in Frontier Communications Parent by 53.9% in the first quarter. Alpine Associates Management Inc. now owns 1,604,844 shares of the company's stock valued at $57,550,000 after acquiring an additional 562,214 shares during the period.

Frontier Communications Parent Stock Performance

NASDAQ:FYBR traded down $0.05 during trading hours on Friday, reaching $37.08. The company had a trading volume of 2,604,098 shares, compared to its average volume of 2,594,135. Frontier Communications Parent, Inc. has a 1-year low of $27.95 and a 1-year high of $39.21. The firm has a market cap of $9.28 billion, a PE ratio of -23.92 and a beta of 0.95. The business's 50 day moving average price is $36.73 and its 200-day moving average price is $36.32. 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 announced its quarterly 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 during the quarter, compared to analyst estimates of $1.52 billion. During the same period in the previous year, the firm posted ($0.49) earnings per share. The company's revenue was up 4.0% compared to the same quarter last year. Research analysts forecast that Frontier Communications Parent, Inc. will post -1.11 EPS for the current 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.