Ensign Peak Advisors Inc lifted its stake in Frontier Communications Parent, Inc. (NASDAQ:FYBR – Get Rating) by 20.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 42,630 shares of the company’s stock after acquiring an additional 7,380 shares during the quarter. Ensign Peak Advisors Inc’s holdings in Frontier Communications Parent were worth $999,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds have also modified their holdings of the stock. Cerberus Capital Management L.P. increased its stake in shares of Frontier Communications Parent by 3.1% in the second quarter. Cerberus Capital Management L.P. now owns 22,633,556 shares of the company’s stock worth $532,794,000 after acquiring an additional 675,265 shares during the last quarter. Glendon Capital Management LP boosted its holdings in Frontier Communications Parent by 1.3% in the first quarter. Glendon Capital Management LP now owns 21,508,076 shares of the company’s stock worth $595,128,000 after purchasing an additional 279,034 shares in the last quarter. Vanguard Group Inc. boosted its holdings in Frontier Communications Parent by 0.9% in the first quarter. Vanguard Group Inc. now owns 21,141,626 shares of the company’s stock worth $584,989,000 after purchasing an additional 197,274 shares in the last quarter. Capital International Investors boosted its holdings in Frontier Communications Parent by 19.8% in the first quarter. Capital International Investors now owns 10,953,760 shares of the company’s stock worth $303,091,000 after purchasing an additional 1,809,275 shares in the last quarter. Finally, Magnolia Group LLC boosted its holdings in Frontier Communications Parent by 0.4% in the third quarter. Magnolia Group LLC now owns 4,090,500 shares of the company’s stock worth $95,840,000 after purchasing an additional 15,000 shares in the last quarter.
Wall Street Analysts Forecast Growth
A number of research firms have issued reports on FYBR. Morgan Stanley upped their price target on shares of Frontier Communications Parent from $22.00 to $23.00 and gave the company an “equal weight” rating in a report on Thursday, December 15th. Raymond James upgraded shares of Frontier Communications Parent from an “outperform” rating to a “strong-buy” rating and upped their price target for the company from $36.00 to $37.00 in a report on Monday, February 27th. Cowen upped their price target on shares of Frontier Communications Parent from $40.00 to $41.00 and gave the company an “outperform” rating in a report on Monday, February 27th. Finally, Credit Suisse Group reiterated a “neutral” rating and issued a $25.00 target price on shares of Frontier Communications Parent in a research note on Monday, February 27th. Two research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Frontier Communications Parent has an average rating of “Moderate Buy” and an average target price of $32.78.
Frontier Communications Parent Stock Performance
Frontier Communications Parent (NASDAQ:FYBR – Get Rating) last posted its quarterly earnings data on Friday, February 24th. The company reported $0.63 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.39. The company had revenue of $1.44 billion during the quarter, compared to analyst estimates of $1.43 billion. Frontier Communications Parent had a net margin of 7.62% and a return on equity of 9.03%. The company’s revenue was down 6.9% on a year-over-year basis. During the same quarter last year, the business posted $0.77 earnings per share. On average, equities analysts forecast that Frontier Communications Parent, Inc. will post 0.45 earnings per share for the current fiscal year.
Frontier Communications Parent Company Profile
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.
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