Norges Bank Acquires New Position in Frontier Communications Parent, Inc. (NASDAQ:FYBR)

Norges Bank acquired a new position in shares of Frontier Communications Parent, Inc. (NASDAQ:FYBR - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 5,511,432 shares of the company's stock, valued at approximately $191,247,000. Norges Bank owned about 2.21% of Frontier Communications Parent at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. UMB Bank n.a. increased its position in shares of Frontier Communications Parent by 68.0% during the 4th quarter. UMB Bank n.a. now owns 1,050 shares of the company's stock worth $36,000 after purchasing an additional 425 shares during the last quarter. Quarry LP bought a new stake in Frontier Communications Parent during the third quarter worth $91,000. Blue Trust Inc. lifted its stake in Frontier Communications Parent by 36.8% in the fourth 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 acquired a new position in shares of Frontier Communications Parent during the 4th quarter worth about $228,000. Finally, Vestcor Inc bought a new stake in shares of Frontier Communications Parent in the 4th quarter valued at about $234,000.

Frontier Communications Parent Stock Performance

Shares of Frontier Communications Parent stock traded down $0.12 during trading on Thursday, reaching $35.93. The company's stock had a trading volume of 1,195,786 shares, compared to its average volume of 2,580,644. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 2.28. The business's 50-day moving average price is $35.83 and its 200-day moving average price is $35.40. Frontier Communications Parent, Inc. has a 52 week low of $21.31 and a 52 week high of $39.21. The firm has a market cap of $8.97 billion, a PE ratio of -27.85 and a beta of 1.04.

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

Insider Activity at Frontier Communications Parent

In related news, EVP John Harrobin sold 36,000 shares of the business's stock in a transaction dated 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 completion of the transaction, the executive vice president now owns 76,523 shares of the company's stock, valued at $2,755,593.23. The trade was a 31.99 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 1.40% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

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

Frontier Communications Parent 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.