Frontier Communications Parent, Inc. (NASDAQ:FYBR) Position Raised by Water Island Capital LLC

Water Island Capital LLC raised its holdings in shares of Frontier Communications Parent, Inc. (NASDAQ:FYBR - Free Report) by 118.9% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 760,304 shares of the company's stock after purchasing an additional 413,026 shares during the period. Frontier Communications Parent accounts for about 2.9% of Water Island Capital LLC's portfolio, making the stock its 13th largest position. Water Island Capital LLC owned 0.31% of Frontier Communications Parent worth $26,383,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the business. New York Life Investment Management LLC purchased a new position in shares of Frontier Communications Parent in the 4th quarter worth approximately $9,148,000. Tokio Marine Asset Management Co. Ltd. acquired a new stake in shares of Frontier Communications Parent in the 4th quarter worth $9,948,000. Raymond James Financial Inc. acquired a new position in Frontier Communications Parent during the 4th quarter valued at about $2,065,000. Alpine Associates Management Inc. raised its stake in Frontier Communications Parent by 275.9% in the fourth quarter. Alpine Associates Management Inc. now owns 1,042,630 shares of the company's stock valued at $36,179,000 after buying an additional 765,250 shares during the last quarter. Finally, Proficio Capital Partners LLC acquired a new stake in Frontier Communications Parent in the fourth quarter worth about $1,583,000.

Insider Transactions at Frontier Communications Parent

In other news, EVP John Harrobin sold 36,000 shares of the business's stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $36.01, for a total transaction of $1,296,360.00. Following the completion of the sale, the executive vice president now directly owns 76,523 shares of the company's stock, valued at $2,755,593.23. The trade was a 31.99 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 1.40% of the company's stock.

Analysts Set New Price Targets

FYBR has been the subject of a number of recent analyst reports. Benchmark reiterated a "hold" rating on shares of Frontier Communications Parent in a research note on Tuesday, February 25th. Raymond James downgraded shares of Frontier Communications Parent from a "market perform" rating to an "underperform" rating in a report on Thursday, February 6th. Finally, New Street Research downgraded shares of Frontier Communications Parent from a "strong-buy" rating to a "hold" rating in a research report on Friday, February 21st. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and one has given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $36.07.

Frontier Communications Parent Trading Up 0.4 %

Frontier Communications Parent stock traded up $0.15 during midday trading on Thursday, reaching $36.10. 1,407,339 shares of the stock traded hands, compared to its average volume of 2,664,146. The company has a 50-day simple moving average of $35.83 and a two-hundred day simple moving average of $35.42. 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, Inc. has a 12-month low of $21.31 and a 12-month high of $39.21. The firm has a market cap of $9.03 billion, a PE ratio of -27.99 and a beta of 1.01.

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 the consensus estimate of ($0.19) by ($0.28). The company had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.47 billion. Frontier Communications Parent had a negative net margin of 5.42% and a negative return on equity of 6.25%. Research 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.