JPMorgan Chase & Co. Sells 220,774 Shares of Frontier Communications Parent, Inc. (NASDAQ:FYBR)

JPMorgan Chase & Co. decreased its position in shares of Frontier Communications Parent, Inc. (NASDAQ:FYBRGet Rating) by 7.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,795,218 shares of the company’s stock after selling 220,774 shares during the quarter. JPMorgan Chase & Co. owned 1.14% of Frontier Communications Parent worth $65,799,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of FYBR. Glendon Capital Management LP raised its stake in Frontier Communications Parent by 1.3% during the first quarter. Glendon Capital Management LP now owns 21,508,076 shares of the company’s stock worth $595,128,000 after acquiring an additional 279,034 shares in the last quarter. Vanguard Group Inc. raised its stake in Frontier Communications Parent by 0.9% during the first quarter. Vanguard Group Inc. now owns 21,141,626 shares of the company’s stock worth $584,989,000 after acquiring an additional 197,274 shares in the last quarter. Capital International Investors raised its stake in Frontier Communications Parent by 19.8% during the first quarter. Capital International Investors now owns 10,953,760 shares of the company’s stock worth $303,091,000 after acquiring an additional 1,809,275 shares in the last quarter. Silver Point Capital L.P. raised its stake in Frontier Communications Parent by 3.1% during the first quarter. Silver Point Capital L.P. now owns 9,508,000 shares of the company’s stock worth $263,086,000 after acquiring an additional 287,000 shares in the last quarter. Finally, Taconic Capital Advisors LP raised its stake in Frontier Communications Parent by 1.8% during the first quarter. Taconic Capital Advisors LP now owns 6,354,896 shares of the company’s stock worth $175,840,000 after acquiring an additional 114,000 shares in the last quarter. Institutional investors own 95.42% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on FYBR shares. The Goldman Sachs Group lowered their price objective on Frontier Communications Parent from $40.00 to $32.00 and set a “buy” rating for the company in a research note on Thursday, November 3rd. Citigroup lowered their price objective on Frontier Communications Parent from $32.00 to $31.00 and set a “buy” rating for the company in a research note on Wednesday, November 9th. Morgan Stanley lowered their price objective on Frontier Communications Parent from $25.00 to $22.00 and set an “equal weight” rating for the company in a research note on Monday, October 24th. Credit Suisse Group started coverage on Frontier Communications Parent in a research note on Friday, September 9th. They issued a “neutral” rating and a $25.00 price objective for the company. Finally, Moffett Nathanson lowered their price objective on Frontier Communications Parent to $29.00 in a research note on Thursday, September 29th. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Frontier Communications Parent presently has an average rating of “Moderate Buy” and a consensus target price of $33.89.

Frontier Communications Parent Stock Performance

NASDAQ:FYBR opened at $24.99 on Friday. The company has a market capitalization of $6.12 billion, a PE ratio of 12.95 and a beta of 0.75. The company has a 50 day simple moving average of $23.33 and a two-hundred day simple moving average of $24.52. The company has a debt-to-equity ratio of 1.85, a quick ratio of 1.56 and a current ratio of 1.56. Frontier Communications Parent, Inc. has a fifty-two week low of $20.83 and a fifty-two week high of $35.15.

Frontier Communications Parent Company Profile

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Frontier Communications Parent, Inc, together with its subsidiaries, provides communications services for consumer and business customers in 25 states in the United States. It offers data and Internet, voice, video, and other services. The company was formerly known as Frontier Communications Corporation and changed its name to Frontier Communications Parent, Inc in April 2021.

Further Reading

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Institutional Ownership by Quarter for Frontier Communications Parent (NASDAQ:FYBR)

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