Bank of New York Mellon Corp Raises Holdings in Frontier Communications Parent, Inc. (NASDAQ:FYBR)

Bank of New York Mellon Corp lifted its stake in Frontier Communications Parent, Inc. (NASDAQ:FYBR – Get Rating) by 134.1% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,008,748 shares of the company’s stock after buying an additional 1,150,586 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.82% of Frontier Communications Parent worth $47,065,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. CWM LLC boosted its stake in shares of Frontier Communications Parent by 2,144.9% in the third quarter. CWM LLC now owns 1,100 shares of the company’s stock worth $26,000 after buying an additional 1,051 shares during the last quarter. Ellevest Inc. purchased a new stake in shares of Frontier Communications Parent in the third quarter worth about $26,000. Geneos Wealth Management Inc. purchased a new stake in shares of Frontier Communications Parent in the first quarter worth about $35,000. US Bancorp DE purchased a new stake in shares of Frontier Communications Parent in the third quarter worth about $35,000. Finally, Captrust Financial Advisors boosted its stake in shares of Frontier Communications Parent by 2,698.5% in the second quarter. Captrust Financial Advisors now owns 1,875 shares of the company’s stock worth $44,000 after buying an additional 1,808 shares during the last quarter.

Frontier Communications Parent Stock Performance

NASDAQ FYBR opened at $24.34 on Friday. The company has a market cap of $5.96 billion, a PE ratio of 13.60 and a beta of 0.90. The stock’s 50 day simple moving average is $28.01 and its 200-day simple moving average is $25.62. Frontier Communications Parent, Inc. has a 1-year low of $20.83 and a 1-year high of $30.83. The company has a debt-to-equity ratio of 1.77, a current ratio of 1.13 and a quick ratio of 1.13.

Frontier Communications Parent (NASDAQ:FYBR – Get Rating) last released its earnings results on Friday, February 24th. The company reported $0.63 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.39. Frontier Communications Parent had a return on equity of 9.03% and a net margin of 7.62%. The business had revenue of $1.44 billion for the quarter, compared to the consensus estimate of $1.43 billion. During the same quarter last year, the business posted $0.77 earnings per share. The business’s quarterly revenue was down 6.9% compared to the same quarter last year. As a group, equities research analysts anticipate that Frontier Communications Parent, Inc. will post 0.45 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have issued reports on FYBR shares. Morgan Stanley increased their price target on Frontier Communications Parent from $22.00 to $23.00 and gave the stock an “equal weight” rating in a research report on Thursday, December 15th. Credit Suisse Group reiterated a “neutral” rating and set a $25.00 price target on shares of Frontier Communications Parent in a research report on Monday, February 27th. Cowen increased their price target on Frontier Communications Parent from $40.00 to $41.00 and gave the stock an “outperform” rating in a research report on Monday, February 27th. Finally, Raymond James upgraded Frontier Communications Parent from an “outperform” rating to a “strong-buy” rating and increased their price target for the stock from $36.00 to $37.00 in a research report on Monday, February 27th. Two analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Frontier Communications Parent has a consensus rating of “Moderate Buy” and an average target price of $32.78.

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.