Investors Purchase Large Volume of Put Options on Frontier Communications Parent (NASDAQ:FYBR)

Frontier Communications Parent, Inc. (NASDAQ:FYBR) saw unusually large options trading on Tuesday. Stock investors purchased 15,942 put options on the company. This represents an increase of 489% compared to the average volume of 2,707 put options.

Institutional Investors Weigh In On Frontier Communications Parent

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FYBR. JANA Partners Management LP bought a new position in shares of Frontier Communications Parent during the third quarter valued at $129,569,000. State Street Corp lifted its position in shares of Frontier Communications Parent by 97.5% during the 3rd quarter. State Street Corp now owns 6,134,736 shares of the company’s stock valued at $143,737,000 after buying an additional 3,028,313 shares in the last quarter. Norges Bank purchased a new position in shares of Frontier Communications Parent during the 4th quarter valued at about $54,468,000. Capital International Investors lifted its position in shares of Frontier Communications Parent by 19.8% during the 1st quarter. Capital International Investors now owns 10,953,760 shares of the company’s stock valued at $303,091,000 after buying an additional 1,809,275 shares in the last quarter. Finally, Glendon Capital Management LP raised its stake in Frontier Communications Parent by 6.2% during the 3rd quarter. Glendon Capital Management LP now owns 24,215,909 shares of the company’s stock valued at $378,979,000 after purchasing an additional 1,417,609 shares during the period.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on FYBR. Bank of America began coverage on Frontier Communications Parent in a research note on Tuesday, April 9th. They set a “buy” rating and a $30.00 price objective on the stock. Citigroup upgraded Frontier Communications Parent from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $28.00 to $30.00 in a research note on Monday. One investment analyst has rated the stock with a sell rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $27.43.

Frontier Communications Parent Stock Performance

Shares of FYBR opened at $23.68 on Wednesday. The stock has a 50-day moving average price of $23.49 and a 200-day moving average price of $22.11. The company has a market cap of $5.89 billion, a PE ratio of 197.33 and a beta of 1.05. Frontier Communications Parent has a 12-month low of $11.65 and a 12-month high of $25.89. The company has a current ratio of 1.22, a quick ratio of 1.22 and a debt-to-equity ratio of 2.13.

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. Frontier Communications Parent had a return on equity of 0.56% and a net margin of 0.50%. The firm had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.42 billion. During the same quarter in the previous year, the company posted $0.63 earnings per share. The business’s revenue was down .8% on a year-over-year basis. As a group, equities analysts forecast that Frontier Communications Parent will post -0.44 earnings per share for the current fiscal year.

About Frontier Communications Parent

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.