Westchester Capital Management LLC Increases Position in Frontier Communications Parent, Inc. (NASDAQ:FYBR)

Westchester Capital Management LLC increased its holdings in shares of Frontier Communications Parent, Inc. (NASDAQ:FYBR - Free Report) by 1,945.3% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 870,823 shares of the company's stock after buying an additional 828,247 shares during the quarter. Frontier Communications Parent accounts for about 1.7% of Westchester Capital Management LLC's holdings, making the stock its 13th biggest holding. Westchester Capital Management LLC owned approximately 0.35% of Frontier Communications Parent worth $30,218,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of FYBR. UMB Bank n.a. increased its stake in shares of Frontier Communications Parent by 68.0% in the fourth quarter. UMB Bank n.a. now owns 1,050 shares of the company's stock valued at $36,000 after buying an additional 425 shares during the period. Russell Investments Group Ltd. lifted its position in shares of Frontier Communications Parent by 37.9% during the 4th quarter. Russell Investments Group Ltd. now owns 5,091 shares of the company's stock valued at $177,000 after acquiring an additional 1,399 shares during the period. Blue Trust Inc. lifted its position in shares of Frontier Communications Parent by 36.8% during the 4th quarter. Blue Trust Inc. now owns 5,883 shares of the company's stock valued at $209,000 after acquiring an additional 1,581 shares during the period. Impact Partnership Wealth LLC acquired a new position in shares of Frontier Communications Parent during the 4th quarter valued at $228,000. Finally, Vestcor Inc acquired a new position in shares of Frontier Communications Parent during the 4th quarter valued at $234,000.

Analysts Set New Price Targets

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

Insider Transactions at Frontier Communications Parent

In other news, EVP John Harrobin sold 36,000 shares of the stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $36.01, for a total value 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 approximately $2,755,593.23. This represents a 31.99 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 1.40% of the company's stock.

Frontier Communications Parent Stock Performance

FYBR traded down $0.03 during trading on Wednesday, hitting $36.23. 596,851 shares of the company traded hands, compared to its average volume of 2,669,602. The firm has a market cap of $9.07 billion, a P/E ratio of -28.09 and a beta of 1.01. The stock's fifty day moving average is $35.90 and its 200 day moving average is $35.47. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 2.28. Frontier Communications Parent, Inc. has a one year low of $22.80 and a one year high of $39.21.

Frontier Communications Parent (NASDAQ:FYBR - Get Free Report) last released its quarterly earnings data on Tuesday, April 29th. The company reported ($0.26) EPS for the quarter, beating the consensus estimate of ($0.33) by $0.07. Frontier Communications Parent had a negative net margin of 5.42% and a negative return on equity of 6.25%. The business had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.51 billion. Frontier Communications Parent's revenue for the quarter was up 3.5% on a year-over-year basis. As a group, equities analysts predict that Frontier Communications Parent, Inc. will post -1.11 EPS for the current fiscal year.

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.