Balyasny Asset Management L.P. Purchases 2,577,691 Shares of Frontier Communications Parent, Inc. $FYBR

Balyasny Asset Management L.P. grew its position in shares of Frontier Communications Parent, Inc. (NASDAQ:FYBR) by 130.5% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 4,552,418 shares of the company’s stock after acquiring an additional 2,577,691 shares during the quarter. Balyasny Asset Management L.P. owned 1.82% of Frontier Communications Parent worth $165,708,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the business. Norges Bank bought a new stake in shares of Frontier Communications Parent in the second quarter worth $207,593,000. Pentwater Capital Management LP bought a new position in Frontier Communications Parent in the first quarter valued at $161,370,000. Qube Research & Technologies Ltd increased its stake in Frontier Communications Parent by 52.9% in the 2nd quarter. Qube Research & Technologies Ltd now owns 6,238,099 shares of the company’s stock valued at $227,067,000 after buying an additional 2,157,594 shares during the last quarter. Millennium Management LLC lifted its position in Frontier Communications Parent by 56.2% during the 1st quarter. Millennium Management LLC now owns 4,487,109 shares of the company’s stock worth $160,908,000 after buying an additional 1,615,356 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its stake in shares of Frontier Communications Parent by 129.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,336,646 shares of the company’s stock worth $83,792,000 after buying an additional 1,316,597 shares during the last quarter.

Analyst Ratings Changes

Separately, Weiss Ratings reaffirmed a “sell (d)” rating on shares of Frontier Communications Parent in a research report on Thursday. Two analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Reduce”.

Frontier Communications Parent Stock Performance

Shares of FYBR opened at $38.03 on Friday. The company has a market cap of $9.52 billion, a PE ratio of -25.02 and a beta of 0.94. The firm has a 50-day moving average of $37.74 and a 200-day moving average of $37.12. Frontier Communications Parent, Inc. has a one year low of $34.60 and a one year high of $38.05. The company has a debt-to-equity ratio of 2.56, a current ratio of 0.30 and a quick ratio of 0.30.

Frontier Communications Parent (NASDAQ:FYBR) last issued its earnings results on Tuesday, October 28th. The company reported ($0.30) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.40) by $0.10. Frontier Communications Parent had a negative net margin of 6.24% and a negative return on equity of 7.91%. The company had revenue of $1.55 billion for the quarter, compared to analysts’ expectations of $1.54 billion. During the same period in the prior year, the firm earned ($0.33) EPS. Frontier Communications Parent’s quarterly revenue was up 4.1% compared to the same quarter last year. As a group, equities analysts forecast that Frontier Communications Parent, Inc. will post -1.11 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 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.