Alpine Associates Management Inc. Grows Holdings in Frontier Communications Parent, Inc. (NASDAQ:FYBR)

Alpine Associates Management Inc. lifted its position in Frontier Communications Parent, Inc. (NASDAQ:FYBR - Free Report) by 275.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,042,630 shares of the company's stock after purchasing an additional 765,250 shares during the quarter. Frontier Communications Parent comprises 2.2% of Alpine Associates Management Inc.'s holdings, making the stock its 11th largest position. Alpine Associates Management Inc. owned approximately 0.42% of Frontier Communications Parent worth $36,179,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Slotnik Capital LLC acquired a new stake in Frontier Communications Parent during the 3rd quarter valued at approximately $34,286,000. Alberta Investment Management Corp acquired a new position in Frontier Communications Parent during the fourth quarter valued at $24,863,000. Amundi grew its holdings in Frontier Communications Parent by 1,363.0% in the fourth quarter. Amundi now owns 746,109 shares of the company's stock valued at $26,345,000 after purchasing an additional 695,109 shares during the period. Sand Grove Capital Management LLP purchased a new position in shares of Frontier Communications Parent during the 3rd quarter valued at approximately $18,490,000. Finally, Anchorage Capital Advisors L.P. grew its stake in Frontier Communications Parent by 26.6% in the 3rd quarter. Anchorage Capital Advisors L.P. now owns 1,729,555 shares of the company's stock valued at $61,451,000 after acquiring an additional 362,888 shares during the period.

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Insider Activity

In related news, EVP John Harrobin sold 36,000 shares of the company's stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $36.01, for a total value of $1,296,360.00. Following the transaction, the executive vice president now directly owns 76,523 shares in the company, valued at approximately $2,755,593.23. This represents a 31.99 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 1.40% of the company's stock.

Frontier Communications Parent Trading Down 0.0 %

NASDAQ:FYBR traded down $0.01 during trading hours on Thursday, hitting $35.84. The company had a trading volume of 3,263,932 shares, compared to its average volume of 2,415,143. Frontier Communications Parent, Inc. has a 1 year low of $21.31 and a 1 year high of $39.21. The company has a market cap of $8.95 billion, a P/E ratio of -27.78 and a beta of 1.04. The company has a 50-day moving average of $35.69 and a 200 day moving average of $35.06. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 2.28.

Frontier Communications Parent (NASDAQ:FYBR - Get Free Report) last announced its quarterly earnings data on Thursday, February 20th. The company reported ($0.47) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.19) by ($0.28). Frontier Communications Parent had a negative net margin of 5.42% and a negative return on equity of 6.25%. The firm had revenue of $1.51 billion during the quarter, compared to analysts' expectations of $1.47 billion. Sell-side analysts expect that Frontier Communications Parent, Inc. will post -1.11 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. Raymond James downgraded shares of Frontier Communications Parent from a "market perform" rating to an "underperform" rating in a report on Thursday, February 6th. Benchmark reiterated a "hold" rating on shares of Frontier Communications Parent in a report on Tuesday, February 25th. Finally, New Street Research cut Frontier Communications Parent from a "strong-buy" rating to a "hold" rating in a report on Friday, February 21st. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $35.31.

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.