Arrowstreet Capital Limited Partnership Decreases Stake in Frontier Communications Parent, Inc. $FYBR

Arrowstreet Capital Limited Partnership lowered its stake in Frontier Communications Parent, Inc. (NASDAQ:FYBR) by 28.6% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 295,344 shares of the company’s stock after selling 118,342 shares during the quarter. Arrowstreet Capital Limited Partnership’s holdings in Frontier Communications Parent were worth $10,751,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Norges Bank bought a new stake in Frontier Communications Parent during the 2nd quarter valued at $207,593,000. Pentwater Capital Management LP purchased a new position in shares of Frontier Communications Parent in the first quarter valued at about $161,370,000. Millennium Management LLC raised its stake in shares of Frontier Communications Parent by 56.2% during the first quarter. Millennium Management LLC now owns 4,487,109 shares of the company’s stock valued at $160,908,000 after acquiring an additional 1,615,356 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in shares of Frontier Communications Parent by 129.1% during the first quarter. Goldman Sachs Group Inc. now owns 2,336,646 shares of the company’s stock worth $83,792,000 after purchasing an additional 1,316,597 shares during the period. Finally, Adage Capital Partners GP L.L.C. boosted its holdings in shares of Frontier Communications Parent by 39.0% during the first quarter. Adage Capital Partners GP L.L.C. now owns 4,378,238 shares of the company’s stock worth $157,004,000 after purchasing an additional 1,228,524 shares during the period.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings restated a “sell (d-)” rating on shares of Frontier Communications Parent in a report on Wednesday, October 8th. Two analysts have rated the stock with a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Reduce”.

Frontier Communications Parent Stock Performance

Frontier Communications Parent stock opened at $37.93 on Wednesday. Frontier Communications Parent, Inc. has a fifty-two week low of $34.51 and a fifty-two week high of $38.05. The stock’s 50 day simple moving average is $37.71 and its two-hundred day simple moving average is $37.10. The company has a debt-to-equity ratio of 2.56, a quick ratio of 0.30 and a current ratio of 0.30. The stock has a market cap of $9.50 billion, a price-to-earnings ratio of -24.95 and a beta of 0.94.

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