Frontier Communications Parent (NASDAQ:FYBR) Downgraded to Hold Rating by Benchmark

Benchmark cut shares of Frontier Communications Parent (NASDAQ:FYBR - Free Report) from a buy rating to a hold rating in a research report report published on Friday, MarketBeat reports.

A number of other equities research analysts have also recently weighed in on FYBR. JPMorgan Chase & Co. cut shares of Frontier Communications Parent from an "overweight" rating to a "neutral" rating and lifted their price objective for the company from $35.00 to $38.50 in a research note on Tuesday, September 17th. Moffett Nathanson lowered shares of Frontier Communications Parent from a "strong-buy" rating to a "hold" rating in a research note on Thursday, September 5th. BNP Paribas raised Frontier Communications Parent to a "hold" rating in a report on Monday, October 14th. Raymond James lowered Frontier Communications Parent from a "strong-buy" rating to a "market perform" rating in a research note on Monday, October 28th. Finally, Wells Fargo & Company reissued an "equal weight" rating and issued a $38.50 price objective (up previously from $31.00) on shares of Frontier Communications Parent in a research note on Friday, September 6th. Ten equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $35.31.

Frontier Communications Parent Stock Performance

NASDAQ:FYBR traded up $0.12 during mid-day trading on Friday, hitting $34.64. The stock had a trading volume of 1,676,668 shares, compared to its average volume of 2,250,370. Frontier Communications Parent has a 52 week low of $20.51 and a 52 week high of $39.21. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 2.28. The stock has a market capitalization of $8.63 billion, a price-to-earnings ratio of -46.03 and a beta of 1.05. The company has a 50 day simple moving average of $35.21 and a 200-day simple moving average of $30.85.

Frontier Communications Parent (NASDAQ:FYBR - Get Free Report) last issued its quarterly earnings data on Tuesday, November 5th. The company reported ($0.33) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.22) by ($0.11). Frontier Communications Parent had a negative return on equity of 3.61% and a negative net margin of 3.19%. The business had revenue of $1.49 billion for the quarter, compared to analyst estimates of $1.46 billion. During the same quarter in the prior year, the firm posted $0.05 earnings per share. The business's quarterly revenue was up 3.7% on a year-over-year basis. On average, research analysts expect that Frontier Communications Parent will post -0.83 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, EVP John Harrobin sold 23,491 shares of the stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $34.85, for a total value of $818,661.35. Following the completion of the sale, the executive vice president now owns 121,182 shares in the company, valued at $4,223,192.70. This represents a 16.24 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 1.40% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP boosted its stake in shares of Frontier Communications Parent by 24.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 8,088,749 shares of the company's stock valued at $211,758,000 after buying an additional 1,587,145 shares during the period. Slotnik Capital LLC acquired a new stake in Frontier Communications Parent during the third quarter valued at $34,286,000. Sand Grove Capital Management LLP purchased a new position in Frontier Communications Parent in the third quarter valued at about $18,490,000. Anchorage Capital Advisors L.P. increased its position 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 worth $61,451,000 after purchasing an additional 362,888 shares during the last quarter. Finally, Columbus Hill Capital Management L.P. raised its stake in shares of Frontier Communications Parent by 345.7% during the 2nd quarter. Columbus Hill Capital Management L.P. now owns 445,744 shares of the company's stock worth $11,670,000 after purchasing an additional 345,744 shares in the last quarter.

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.