Canada Pension Plan Investment Board Sells 13,576,698 Shares of Frontier Communications Parent, Inc. (NASDAQ:FYBR)

Canada Pension Plan Investment Board cut its stake in shares of Frontier Communications Parent, Inc. (NASDAQ:FYBR - Free Report) by 99.4% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 78,100 shares of the company's stock after selling 13,576,698 shares during the period. Canada Pension Plan Investment Board's holdings in Frontier Communications Parent were worth $2,710,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in FYBR. UMB Bank n.a. grew its position in shares of Frontier Communications Parent by 68.0% during the fourth quarter. UMB Bank n.a. now owns 1,050 shares of the company's stock worth $36,000 after purchasing an additional 425 shares in the last quarter. Russell Investments Group Ltd. grew its holdings in Frontier Communications Parent by 37.9% during the 4th quarter. Russell Investments Group Ltd. now owns 5,091 shares of the company's stock valued at $177,000 after purchasing an additional 1,399 shares during the last quarter. Blue Trust Inc. grew its position in Frontier Communications Parent by 36.8% in the 4th quarter. Blue Trust Inc. now owns 5,883 shares of the company's stock valued at $209,000 after acquiring an additional 1,581 shares during the last quarter. Impact Partnership Wealth LLC bought a new stake in Frontier Communications Parent during the 4th quarter valued at about $228,000. Finally, Vestcor Inc bought a new position in shares of Frontier Communications Parent during the 4th quarter worth $234,000.

Insider Activity

In other news, EVP John Harrobin sold 36,000 shares of the business's stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $36.01, for a total value of $1,296,360.00. Following the completion of the transaction, the executive vice president now directly owns 76,523 shares in the company, valued at approximately $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 can be accessed through this hyperlink. 1.40% of the stock is owned by company insiders.

Frontier Communications Parent Price Performance

Shares of FYBR traded up $0.02 during midday trading on Friday, reaching $36.23. The stock had a trading volume of 1,435,218 shares, compared to its average volume of 2,672,418. The company has a debt-to-equity ratio of 2.28, a current ratio of 0.77 and a quick ratio of 0.77. The company has a market capitalization of $9.07 billion, a P/E ratio of -28.09 and a beta of 1.01. The firm's 50 day moving average price is $35.88 and its 200-day moving average price is $35.45. Frontier Communications Parent, Inc. has a 52 week low of $22.25 and a 52 week high of $39.21.

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 business had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.47 billion. On average, analysts forecast that Frontier Communications Parent, Inc. will post -1.11 earnings per share for the current fiscal year.

Analysts Set New Price Targets

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

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.