Frontier Communications Parent, Inc. (NASDAQ:FYBR) Major Shareholder Ares Management Llc Acquires 37,557 Shares

Frontier Communications Parent, Inc. (NASDAQ:FYBR) major shareholder Ares Management Llc bought 37,557 shares of the business’s stock in a transaction that occurred on Thursday, August 24th. The shares were bought at an average cost of $15.27 per share, with a total value of $573,495.39. Following the completion of the purchase, the insider now directly owns 38,355,498 shares of the company’s stock, valued at approximately $585,688,454.46. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Major shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

Ares Management Llc also recently made the following trade(s):

• On Tuesday, August 22nd, Ares Management Llc bought 179,168 shares of Frontier Communications Parent stock. The shares were bought at an average cost of $15.17 per share, with a total value of $2,717,978.56.

Frontier Communications Parent Trading Down 0.9 %

Shares of FYBR opened at $15.10 on Tuesday. Frontier Communications Parent, Inc. has a 1-year low of $11.65 and a 1-year high of $30.83. The company has a 50-day moving average of $16.81 and a 200 day moving average of $19.90. The firm has a market capitalization of $3.71 billion, a price-to-earnings ratio of 13.48 and a beta of 0.95. The company has a debt-to-equity ratio of 1.89, a current ratio of 0.85 and a quick ratio of 0.85.

Frontier Communications Parent (NASDAQ:FYBR) last announced its quarterly earnings data on Friday, August 4th. The company reported ($0.01) earnings per share for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.02). Frontier Communications Parent had a net margin of 4.78% and a return on equity of 5.41%. The company had revenue of $1.45 billion for the quarter, compared to the consensus estimate of $1.44 billion. During the same quarter in the previous year, the business earned $0.41 EPS. The company’s quarterly revenue was down .7% compared to the same quarter last year. On average, research analysts expect that Frontier Communications Parent, Inc. will post 0.16 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Ares Management LLC increased its position in Frontier Communications Parent by 5.4% during the 1st quarter. Ares Management LLC now owns 37,094,654 shares of the company’s stock valued at $844,645,000 after purchasing an additional 1,889,522 shares during the period. Vanguard Group Inc. grew its position in shares of Frontier Communications Parent by 4.6% in the 3rd quarter. Vanguard Group Inc. now owns 22,962,623 shares of the company’s stock worth $538,015,000 after buying an additional 1,008,529 shares during the last quarter. Glendon Capital Management LP grew its position in shares of Frontier Communications Parent by 7.1% in the 2nd quarter. Glendon Capital Management LP now owns 22,798,300 shares of the company’s stock worth $424,960,000 after buying an additional 1,519,500 shares during the last quarter. Capital International Investors grew its position in shares of Frontier Communications Parent by 2.0% in the 2nd quarter. Capital International Investors now owns 16,318,257 shares of the company’s stock worth $304,172,000 after buying an additional 315,164 shares during the last quarter. Finally, Canada Pension Plan Investment Board grew its position in shares of Frontier Communications Parent by 14.0% in the 2nd quarter. Canada Pension Plan Investment Board now owns 8,564,910 shares of the company’s stock worth $159,650,000 after buying an additional 1,048,599 shares during the last quarter.

Wall Street Analysts Forecast Growth

FYBR has been the subject of several research analyst reports. 500.com reaffirmed an “initiates” rating on shares of Frontier Communications Parent in a research note on Tuesday, June 27th. Wolfe Research initiated coverage on shares of Frontier Communications Parent in a research report on Tuesday, June 27th. They set an “outperform” rating and a $27.00 price objective for the company. Citigroup lowered shares of Frontier Communications Parent from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $30.00 to $17.00 in a research report on Monday, July 17th. Finally, TheStreet lowered shares of Frontier Communications Parent from a “c” rating to a “d” rating in a research report on Friday, May 5th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Frontier Communications Parent presently has a consensus rating of “Moderate Buy” and an average price target of $28.38.

About Frontier Communications Parent

Frontier Communications Parent, Inc, together with its subsidiaries, provides communication and technology services 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.