Sand Grove Capital Management LLP Takes Position in Frontier Communications Parent, Inc. (NASDAQ:FYBR)

Sand Grove Capital Management LLP purchased a new stake in shares of Frontier Communications Parent, Inc. (NASDAQ:FYBR) during the 3rd quarter, Holdings Channel.com reports. The fund purchased 520,406 shares of the company’s stock, valued at approximately $18,490,000. Frontier Communications Parent accounts for about 7.2% of Sand Grove Capital Management LLP’s portfolio, making the stock its 7th biggest position.

Several other hedge funds have also modified their holdings of the stock. International Assets Investment Management LLC bought a new position in Frontier Communications Parent in the second quarter valued at approximately $37,000. Capital Performance Advisors LLP bought a new position in Frontier Communications Parent in the third quarter valued at approximately $50,000. Meeder Asset Management Inc. bought a new position in Frontier Communications Parent in the third quarter valued at approximately $52,000. Blue Trust Inc. boosted its stake in Frontier Communications Parent by 224,400.0% in the second quarter. Blue Trust Inc. now owns 2,245 shares of the company’s stock valued at $55,000 after acquiring an additional 2,244 shares during the last quarter. Finally, Farther Finance Advisors LLC boosted its stake in Frontier Communications Parent by 80.8% in the third quarter. Farther Finance Advisors LLC now owns 1,815 shares of the company’s stock valued at $64,000 after acquiring an additional 811 shares during the last quarter.

Frontier Communications Parent Stock Up 0.1 %

Shares of NASDAQ:FYBR opened at $34.49 on Thursday. Frontier Communications Parent, Inc. has a 12 month low of $20.51 and a 12 month high of $39.21. The company has a debt-to-equity ratio of 2.28, a quick ratio of 0.77 and a current ratio of 0.77. The company’s fifty day simple moving average is $35.25 and its 200 day simple moving average is $30.79.

Frontier Communications Parent (NASDAQ:FYBR) last issued its quarterly earnings data on Tuesday, November 5th. The company reported ($0.33) EPS for the quarter, missing analysts’ consensus estimates 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 company had revenue of $1.49 billion for the quarter, compared to analyst estimates of $1.46 billion. During the same quarter in the previous year, the business earned $0.05 earnings per share. The company’s revenue was up 3.7% on a year-over-year basis. As a group, equities research analysts predict that Frontier Communications Parent, Inc. will post -0.83 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. Raymond James cut shares of Frontier Communications Parent from a “strong-buy” rating to a “market perform” rating in a research note on Monday, October 28th. Wells Fargo & Company reiterated an “equal weight” rating and issued a $38.50 target price (up from $31.00) on shares of Frontier Communications Parent in a report on Friday, September 6th. UBS Group lowered shares of Frontier Communications Parent from a “strong-buy” rating to a “hold” rating in a report on Friday, September 6th. JPMorgan Chase & Co. lowered shares of 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 report on Tuesday, September 17th. Finally, TD Cowen lowered shares of Frontier Communications Parent from a “buy” rating to a “hold” rating and cut their target price for the stock from $39.00 to $38.50 in a report on Tuesday, October 8th. Nine analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $35.31.

Insiders Place Their Bets

In other news, EVP John Harrobin sold 23,491 shares of the firm’s stock in a transaction dated 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 transaction, the executive vice president now owns 121,182 shares in the company, valued at $4,223,192.70. This trade represents a 16.24 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.40% of the company’s stock.

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.