Frontier Communications Parent (NASDAQ:FYBR) Trading Down 4.7% Following Analyst Downgrade

Frontier Communications Parent, Inc. (NASDAQ:FYBR)’s stock price fell 4.7% during trading on Wednesday after Morgan Stanley lowered their price target on the stock from $18.00 to $16.00. Morgan Stanley currently has an underweight rating on the stock. Frontier Communications Parent traded as low as $15.23 and last traded at $15.23. 407,547 shares were traded during mid-day trading, a decline of 82% from the average session volume of 2,255,710 shares. The stock had previously closed at $15.98.

A number of other equities analysts also recently commented on the stock. Benchmark reissued a “buy” rating and issued a $35.00 price objective on shares of Frontier Communications Parent in a research note on Tuesday, August 29th. Citigroup downgraded shares of Frontier Communications Parent from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $30.00 to $17.00 in a research note on Monday, July 17th. Wolfe Research began coverage on shares of Frontier Communications Parent in a research note on Tuesday, June 27th. They issued an “outperform” rating and a $27.00 price objective for the company. Finally, 500.com reissued an “initiates” rating on shares of Frontier Communications Parent in a research note on Tuesday, June 27th. One research analyst has rated the stock with a sell rating, two have given a hold rating, five have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $28.78.

Insiders Place Their Bets

In related news, major shareholder Ares Management Llc acquired 7,397 shares of the company’s stock in a transaction dated Monday, August 28th. The shares were purchased at an average cost of $14.94 per share, with a total value of $110,511.18. Following the completion of the acquisition, the insider now directly owns 38,362,895 shares of the company’s stock, valued at $573,141,651.30. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Over the last three months, insiders have bought 224,122 shares of company stock valued at $3,401,985. 0.41% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Frontier Communications Parent

A number of large investors have recently made changes to their positions in FYBR. Bank of New York Mellon Corp grew its holdings in shares of Frontier Communications Parent by 1.2% during the first quarter. Bank of New York Mellon Corp now owns 324,053 shares of the company’s stock valued at $8,966,000 after buying an additional 3,995 shares during the last quarter. American Century Companies Inc. acquired a new position in Frontier Communications Parent during the first quarter valued at $749,000. Bank of Montreal Can acquired a new position in Frontier Communications Parent during the first quarter valued at $5,088,000. Dimensional Fund Advisors LP acquired a new position in Frontier Communications Parent during the first quarter valued at $3,517,000. Finally, Sei Investments Co. lifted its position in Frontier Communications Parent by 104.9% during the first quarter. Sei Investments Co. now owns 151,036 shares of the company’s stock valued at $4,179,000 after purchasing an additional 77,309 shares during the period.

Frontier Communications Parent Stock Up 0.5 %

The company has a market capitalization of $3.95 billion, a price-to-earnings ratio of 14.34 and a beta of 0.98. The business’s 50-day moving average is $16.77 and its 200-day moving average is $19.38. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 1.89.

Frontier Communications Parent (NASDAQ:FYBR) last posted its earnings results on Friday, August 4th. The company reported ($0.01) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.02). The business had revenue of $1.45 billion for the quarter, compared to analyst estimates of $1.44 billion. Frontier Communications Parent had a net margin of 4.78% and a return on equity of 5.41%. The company’s revenue for the quarter was down .7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.41 earnings per share. As a group, equities analysts predict that Frontier Communications Parent, Inc. will post 0.16 earnings per share for the current 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 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.