Principal Financial Group Inc. Cuts Stake in Frontier Communications Parent, Inc. (NASDAQ:FYBR)

Principal Financial Group Inc. decreased its stake in Frontier Communications Parent, Inc. (NASDAQ:FYBR) by 31.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 513,638 shares of the company’s stock after selling 232,906 shares during the period. Principal Financial Group Inc. owned approximately 0.21% of Frontier Communications Parent worth $18,250,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of the stock. Redwood Investment Management LLC purchased a new position in Frontier Communications Parent in the 1st quarter worth approximately $641,000. Luxor Capital Group LP grew its holdings in Frontier Communications Parent by 1.6% during the 2nd quarter. Luxor Capital Group LP now owns 2,796,332 shares of the company’s stock valued at $73,208,000 after purchasing an additional 43,542 shares in the last quarter. Dimensional Fund Advisors LP increased its stake 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 worth $211,758,000 after buying an additional 1,587,145 shares during the period. Vanguard Group Inc. lifted its holdings in Frontier Communications Parent by 0.5% in the 1st quarter. Vanguard Group Inc. now owns 24,072,547 shares of the company’s stock worth $589,777,000 after buying an additional 108,344 shares in the last quarter. Finally, Affinity Wealth Management LLC purchased a new position in Frontier Communications Parent in the 3rd quarter valued at about $4,060,000.

Analyst Ratings Changes

Several research analysts recently commented on FYBR shares. Moffett Nathanson cut Frontier Communications Parent from a “strong-buy” rating to a “hold” rating in a research note on Thursday, September 5th. The Goldman Sachs Group increased their target price on Frontier Communications Parent from $29.00 to $32.00 and gave the company a “buy” rating in a research note on Monday, August 5th. Wolfe Research lowered shares of Frontier Communications Parent from an “outperform” rating to a “peer perform” rating in a research note on Monday, September 30th. BNP Paribas raised shares of Frontier Communications Parent to a “hold” rating in a report on Monday, October 14th. Finally, UBS Group downgraded shares of Frontier Communications Parent from a “strong-buy” rating to a “hold” rating in a research report on Friday, September 6th. Nine analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $35.31.

Frontier Communications Parent Stock Performance

Shares of FYBR stock opened at $34.75 on Friday. Frontier Communications Parent, Inc. has a 12-month low of $20.41 and a 12-month high of $39.21. The company has a debt-to-equity ratio of 2.28, a current ratio of 0.77 and a quick ratio of 0.77. The firm has a market capitalization of $8.65 billion, a price-to-earnings ratio of -46.33 and a beta of 1.10. The business has a 50 day simple moving average of $35.49 and a 200 day simple moving average of $29.88.

Frontier Communications Parent (NASDAQ:FYBR) last released its quarterly earnings results 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 during the quarter, compared to the consensus estimate of $1.46 billion. During the same period in the previous year, the company posted $0.05 EPS. The company’s revenue for the quarter was up 3.7% compared to the same quarter last year. On average, equities research analysts anticipate that Frontier Communications Parent, Inc. will post -0.83 EPS for the current year.

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.