Arizona State Retirement System Cuts Stake in Frontier Communications Parent, Inc. (NASDAQ:FYBR)

Arizona State Retirement System cut its stake in Frontier Communications Parent, Inc. (NASDAQ:FYBR) by 1.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 51,526 shares of the company’s stock after selling 869 shares during the quarter. Arizona State Retirement System’s holdings in Frontier Communications Parent were worth $1,306,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in FYBR. Geneos Wealth Management Inc. purchased a new stake in shares of Frontier Communications Parent during the first quarter worth about $35,000. Captrust Financial Advisors increased its position in shares of Frontier Communications Parent by 2,698.5% during the second quarter. Captrust Financial Advisors now owns 1,875 shares of the company’s stock worth $44,000 after acquiring an additional 1,808 shares during the last quarter. Quarry LP purchased a new stake in shares of Frontier Communications Parent during the first quarter worth about $44,000. American International Group Inc. purchased a new stake in shares of Frontier Communications Parent during the second quarter worth about $60,000. Finally, Sunbelt Securities Inc. purchased a new stake in shares of Frontier Communications Parent during the second quarter worth about $54,000.

Frontier Communications Parent Stock Down 2.2 %

Shares of Frontier Communications Parent stock opened at $23.87 on Monday. The company has a quick ratio of 1.22, a current ratio of 1.22 and a debt-to-equity ratio of 2.13. The firm has a market cap of $5.93 billion, a P/E ratio of 198.92 and a beta of 1.05. Frontier Communications Parent, Inc. has a fifty-two week low of $11.65 and a fifty-two week high of $25.89. The business has a 50-day moving average price of $23.50 and a 200 day moving average price of $21.99.

Frontier Communications Parent (NASDAQ:FYBR) last announced its quarterly earnings data on Friday, February 23rd. The company reported $0.07 earnings per share for the quarter, beating the consensus estimate of $0.01 by $0.06. The firm had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.42 billion. Frontier Communications Parent had a return on equity of 0.56% and a net margin of 0.50%. Frontier Communications Parent’s quarterly revenue was down .8% on a year-over-year basis. During the same period in the previous year, the company earned $0.63 earnings per share. On average, sell-side analysts forecast that Frontier Communications Parent, Inc. will post -0.44 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Separately, Bank of America assumed coverage on Frontier Communications Parent in a research report on Tuesday, April 9th. They set a “buy” rating and a $30.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $25.57.

Frontier Communications Parent Company Profile

Frontier Communications Parent, Inc, together with its subsidiaries, provides communication and technology services in the United States. It offers broadband, video, voice, and other value-added services. The company also provides data and Internet, including broadband networking services; data-based voice over internet protocol, unified communications, long-distance, and voice messaging services; video services under the Frontier TV brand; access services; hardware and network solutions; and packages of services.