Maverick Capital Ltd. Invests $2.64 Million in Frontier Communications Parent, Inc. (NASDAQ:FYBR)

Maverick Capital Ltd. bought a new stake in shares of Frontier Communications Parent, Inc. (NASDAQ:FYBR) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 74,323 shares of the company’s stock, valued at approximately $2,641,000.

Several other institutional investors also recently bought and sold shares of FYBR. Dimensional Fund Advisors LP raised its position in 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 purchasing an additional 1,587,145 shares during the last quarter. Anchorage Capital Advisors L.P. raised its position in Frontier Communications Parent by 26.6% during 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 purchasing an additional 362,888 shares during the last quarter. Columbus Hill Capital Management L.P. raised its position in 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 valued at $11,670,000 after purchasing an additional 345,744 shares during the last quarter. Alpine Associates Management Inc. bought a new position in Frontier Communications Parent during the 3rd quarter valued at approximately $9,855,000. Finally, Marshall Wace LLP raised its position in Frontier Communications Parent by 49.5% during the 2nd quarter. Marshall Wace LLP now owns 420,227 shares of the company’s stock valued at $11,002,000 after purchasing an additional 139,215 shares during the last quarter.

Frontier Communications Parent Price Performance

NASDAQ:FYBR opened at $34.81 on Friday. 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 company has a market capitalization of $8.67 billion, a P/E ratio of -46.41 and a beta of 1.10. Frontier Communications Parent, Inc. has a 12 month low of $20.51 and a 12 month high of $39.21. The business’s 50-day moving average is $35.31 and its 200 day moving average is $30.56.

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

Insider Buying and Selling

In other Frontier Communications Parent news, EVP John Harrobin sold 23,491 shares of the business’s stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $34.85, for a total transaction of $818,661.35. Following the sale, the executive vice president now directly owns 121,182 shares of the company’s stock, valued at $4,223,192.70. The trade was a 16.24 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 1.40% of the stock is owned by company insiders.

Analysts Set New Price Targets

FYBR has been the subject of several research reports. TD Cowen lowered Frontier Communications Parent from a “buy” rating to a “hold” rating and decreased their target price for the stock from $39.00 to $38.50 in a research report on Tuesday, October 8th. JPMorgan Chase & Co. lowered Frontier Communications Parent from an “overweight” rating to a “neutral” rating and increased their target price for the stock from $35.00 to $38.50 in a research report on Tuesday, September 17th. BNP Paribas raised Frontier Communications Parent to a “hold” rating in a research report on Monday, October 14th. Moffett Nathanson lowered Frontier Communications Parent from a “strong-buy” rating to a “hold” rating in a research report on Thursday, September 5th. Finally, Wolfe Research lowered Frontier Communications Parent from an “outperform” rating to a “peer perform” rating in a research report on Monday, September 30th. Nine equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $35.31.

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.