Norges Bank Buys New Position in Frontier Communications Parent, Inc. (NASDAQ:FYBR)

Norges Bank bought a new position in Frontier Communications Parent, Inc. (NASDAQ:FYBR) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 5,511,432 shares of the company’s stock, valued at approximately $191,247,000. Norges Bank owned approximately 2.21% of Frontier Communications Parent as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently added to or reduced their stakes in the business. Mint Tower Capital Management B.V. bought a new stake in shares of Frontier Communications Parent in the 4th quarter valued at $1,772,000. Vanguard Group Inc. increased its stake in Frontier Communications Parent by 1.3% in the fourth quarter. Vanguard Group Inc. now owns 24,277,017 shares of the company’s stock valued at $842,412,000 after purchasing an additional 303,545 shares in the last quarter. LPL Financial LLC raised its holdings in shares of Frontier Communications Parent by 17.9% during 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 during the period. KLP Kapitalforvaltning AS bought a new position in shares of Frontier Communications Parent during the 4th quarter worth about $1,426,000. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its stake in shares of Frontier Communications Parent by 169.7% in the 4th quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 198,946 shares of the company’s stock valued at $6,903,000 after buying an additional 125,184 shares during the period.

Insider Activity

In other news, EVP John Harrobin sold 36,000 shares of the 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 completion of the transaction, the executive vice president now directly owns 76,523 shares of the company’s stock, valued at $2,755,593.23. This represents a 31.99 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.40% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on FYBR shares. New Street Research downgraded Frontier Communications Parent from a “strong-buy” rating to a “hold” rating in a research note on Friday, February 21st. Raymond James lowered Frontier Communications Parent from a “market perform” rating to an “underperform” rating in a research report on Thursday, February 6th. Finally, Benchmark reissued a “hold” rating on shares of Frontier Communications Parent in a research report on Tuesday, February 25th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, Frontier Communications Parent currently has a consensus rating of “Hold” and an average price target of $35.31.

Frontier Communications Parent Stock Down 0.1 %

Frontier Communications Parent stock opened at $35.89 on Monday. The company has a debt-to-equity ratio of 2.28, a quick ratio of 0.77 and a current ratio of 0.77. The stock has a market cap of $8.96 billion, a PE ratio of -27.82 and a beta of 1.04. Frontier Communications Parent, Inc. has a fifty-two week low of $21.31 and a fifty-two week high of $39.21. The firm’s 50-day simple moving average is $35.82 and its 200 day simple moving average is $35.40.

Frontier Communications Parent (NASDAQ:FYBR) last released its earnings results on Thursday, February 20th. The company reported ($0.47) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($0.28). The business had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.47 billion. Frontier Communications Parent had a negative net margin of 5.42% and a negative return on equity of 6.25%. Research 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.