Bank of New York Mellon Corp Boosts Position in Frontier Communications Parent, Inc. (NASDAQ:FYBR)

Bank of New York Mellon Corp raised its stake in Frontier Communications Parent, Inc. (NASDAQ:FYBR) by 2.8% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,874,245 shares of the company’s stock after buying an additional 51,133 shares during the period. Bank of New York Mellon Corp owned about 0.75% of Frontier Communications Parent worth $49,068,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also added to or reduced their stakes in the stock. SummerHaven Investment Management LLC boosted its holdings in shares of Frontier Communications Parent by 1.3% in the second quarter. SummerHaven Investment Management LLC now owns 44,797 shares of the company’s stock valued at $1,173,000 after purchasing an additional 585 shares during the period. Fifth Third Wealth Advisors LLC bought a new position in shares of Frontier Communications Parent during the 2nd quarter worth $185,000. Raymond James & Associates grew its position in shares of Frontier Communications Parent by 7.0% during the 2nd quarter. Raymond James & Associates now owns 56,833 shares of the company’s stock worth $1,488,000 after buying an additional 3,728 shares in the last quarter. Blue Trust Inc. increased its stake in shares of Frontier Communications Parent by 224,400.0% during the second quarter. Blue Trust Inc. now owns 2,245 shares of the company’s stock valued at $55,000 after buying an additional 2,244 shares during the period. Finally, Wedmont Private Capital raised its holdings in shares of Frontier Communications Parent by 6.8% in the second quarter. Wedmont Private Capital now owns 10,075 shares of the company’s stock valued at $275,000 after acquiring an additional 640 shares in the last quarter.

Wall Street Analysts Forecast Growth

A number of research firms have commented on FYBR. Citigroup raised their target price on shares of Frontier Communications Parent from $32.00 to $35.00 and gave the company a “buy” rating in a research report on Thursday, August 8th. The Goldman Sachs Group boosted their price objective on shares of Frontier Communications Parent from $29.00 to $32.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. TD Cowen dropped their target price on Frontier Communications Parent from $41.00 to $39.00 and set a “buy” rating on the stock in a research report on Monday, May 6th. JPMorgan Chase & Co. boosted their price target on Frontier Communications Parent from $33.00 to $35.00 and gave the stock an “overweight” rating in a research report on Monday, August 5th. Finally, UBS Group assumed coverage on Frontier Communications Parent in a research note on Thursday, July 18th. They issued a “buy” rating and a $33.00 target price on the stock. One research analyst has rated the stock with a sell rating and seven have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $32.13.

Frontier Communications Parent Stock Up 1.0 %

Shares of FYBR stock opened at $28.80 on Friday. The stock’s fifty day moving average price is $27.40 and its 200 day moving average price is $25.43. The company has a debt-to-equity ratio of 2.14, a current ratio of 1.07 and a quick ratio of 1.07. Frontier Communications Parent, Inc. has a 1-year low of $13.66 and a 1-year high of $29.83. The company has a market cap of $7.16 billion, a price-to-earnings ratio of 261.82 and a beta of 1.08.

Frontier Communications Parent (NASDAQ:FYBR) last posted its quarterly earnings data on Friday, August 2nd. The company reported ($0.49) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.38). The company had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.46 billion. Frontier Communications Parent had a net margin of 0.47% and a return on equity of 0.52%. The business’s revenue was up 2.1% compared to the same quarter last year. During the same quarter last year, the company earned ($0.01) EPS. On average, research analysts expect that Frontier Communications Parent, Inc. will post -0.44 earnings per share for the current fiscal year.

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.