JPMorgan Chase & Co. Trims Frontier Communications Parent (NASDAQ:FYBR) Target Price to $29.00

Frontier Communications Parent (NASDAQ:FYBR) had its price objective trimmed by JPMorgan Chase & Co. from $33.00 to $29.00 in a research note published on Thursday morning, Benzinga reports. The firm currently has an overweight rating on the stock.

Several other equities research analysts also recently weighed in on the company. Morgan Stanley reduced their price target on Frontier Communications Parent from $18.00 to $16.00 and set an underweight rating on the stock in a report on Tuesday, September 5th. Citigroup downgraded Frontier Communications Parent from a buy rating to a neutral rating and reduced their price target for the stock from $30.00 to $17.00 in a report on Monday, July 17th. Finally, Benchmark reiterated a buy rating and issued a $35.00 price target on shares of Frontier Communications Parent in a report on Wednesday, October 18th. One analyst has rated the stock with a sell rating, two have issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Frontier Communications Parent presently has a consensus rating of Moderate Buy and a consensus price target of $28.00.

Frontier Communications Parent Trading Up 7.9 %

Shares of FYBR stock opened at $20.64 on Thursday. Frontier Communications Parent has a 1 year low of $11.65 and a 1 year high of $30.83. The company has a debt-to-equity ratio of 2.15, a current ratio of 1.36 and a quick ratio of 0.85. The stock’s 50 day simple moving average is $16.17 and its two-hundred day simple moving average is $17.01. The company has a market cap of $5.07 billion, a PE ratio of 30.35 and a beta of 0.90.

Frontier Communications Parent (NASDAQ:FYBR) last issued its quarterly earnings data on Wednesday, November 1st. The company reported $0.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.11. Frontier Communications Parent had a return on equity of 3.22% and a net margin of 2.90%. The business had revenue of $1.44 billion for the quarter, compared to the consensus estimate of $1.44 billion. During the same period in the prior year, the business posted $0.49 earnings per share. The company’s quarterly revenue was down .9% compared to the same quarter last year. Research analysts predict that Frontier Communications Parent will post -0.13 earnings per share for the current year.

Insider Buying and Selling

In other news, major shareholder Ares Management Llc acquired 37,557 shares of the company’s stock in a transaction that occurred on Thursday, August 24th. The shares were bought at an average price 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 in the company, valued at $585,688,454.46. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have bought a total of 774,122 shares of company stock valued at $12,118,485 over the last quarter. 0.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. California Public Employees Retirement System grew its stake in Frontier Communications Parent by 18.4% in the third quarter. California Public Employees Retirement System now owns 438,889 shares of the company’s stock worth $6,869,000 after purchasing an additional 68,080 shares in the last quarter. Duality Advisers LP bought a new stake in Frontier Communications Parent during the 3rd quarter valued at $569,000. Mackenzie Financial Corp boosted its position in Frontier Communications Parent by 1,282.2% during the 3rd quarter. Mackenzie Financial Corp now owns 358,647 shares of the company’s stock valued at $5,613,000 after acquiring an additional 332,700 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Frontier Communications Parent by 11.4% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 35,028 shares of the company’s stock valued at $548,000 after acquiring an additional 3,592 shares in the last quarter. Finally, New York State Teachers Retirement System boosted its position in Frontier Communications Parent by 11.4% during the 3rd quarter. New York State Teachers Retirement System now owns 171,708 shares of the company’s stock valued at $2,687,000 after acquiring an additional 17,555 shares in the last quarter.

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.