Cerberus Capital Management L.P. Sells 5,490,251 Shares of Frontier Communications Parent, Inc. (NASDAQ:FYBR)

Cerberus Capital Management L.P. lowered its holdings in shares of Frontier Communications Parent, Inc. (NASDAQ:FYBR - Free Report) by 30.2% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 12,678,169 shares of the company's stock after selling 5,490,251 shares during the period. Frontier Communications Parent accounts for approximately 12.8% of Cerberus Capital Management L.P.'s holdings, making the stock its 2nd largest position. Cerberus Capital Management L.P. owned about 5.09% of Frontier Communications Parent worth $439,932,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in Frontier Communications Parent by 1.3% in the 4th quarter. Vanguard Group Inc. now owns 24,277,017 shares of the company's stock valued at $842,412,000 after acquiring an additional 303,545 shares during the period. Norges Bank acquired a new position in shares of Frontier Communications Parent in the fourth quarter valued at approximately $191,247,000. Tudor Investment Corp ET AL acquired a new position in shares of Frontier Communications Parent in the fourth quarter valued at approximately $114,555,000. Adage Capital Partners GP L.L.C. increased its stake in shares of Frontier Communications Parent by 472.7% during the fourth quarter. Adage Capital Partners GP L.L.C. now owns 3,149,714 shares of the company's stock worth $109,295,000 after purchasing an additional 2,599,714 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its holdings in Frontier Communications Parent by 0.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,323,203 shares of the company's stock worth $80,615,000 after purchasing an additional 12,251 shares during the last quarter.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on FYBR shares. Benchmark reissued a "hold" rating on shares of Frontier Communications Parent in a report on Tuesday, February 25th. New Street Research lowered shares of Frontier Communications Parent from a "strong-buy" rating to a "hold" rating in a research report on Friday, February 21st. Finally, Raymond James downgraded shares of Frontier Communications Parent from a "market perform" rating to an "underperform" rating in a research report on Thursday, February 6th. One analyst has rated the stock with a sell rating, ten have given a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $36.07.

Frontier Communications Parent Price Performance

Shares of Frontier Communications Parent stock traded up $0.01 during midday trading on Friday, hitting $36.53. 1,242,750 shares of the company traded hands, compared to its average volume of 2,692,052. The firm's fifty day moving average price is $36.00 and its 200-day moving average price is $35.51. The stock has a market cap of $9.14 billion, a price-to-earnings ratio of -28.32 and a beta of 1.01. Frontier Communications Parent, Inc. has a 12 month low of $24.43 and a 12 month high of $39.21. The company has a debt-to-equity ratio of 2.28, a quick ratio of 0.77 and a current ratio of 0.77.

Frontier Communications Parent (NASDAQ:FYBR - Get Free Report) last issued its quarterly earnings data on Tuesday, April 29th. The company reported ($0.26) earnings per share for the quarter, topping analysts' consensus estimates of ($0.33) by $0.07. The business had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.51 billion. Frontier Communications Parent had a negative return on equity of 6.25% and a negative net margin of 5.42%. The business's quarterly revenue was up 3.5% compared to the same quarter last year. As a group, sell-side analysts forecast that Frontier Communications Parent, Inc. will post -1.11 earnings per share for the current year.

Insider Activity

In other Frontier Communications Parent news, EVP John Harrobin sold 36,000 shares of the business's stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $36.01, for a total transaction of $1,296,360.00. Following the sale, the executive vice president now directly owns 76,523 shares of the company's stock, valued at $2,755,593.23. The trade was a 31.99 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.60% of the stock is currently owned by insiders.

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.