CIBC Asset Management Inc Invests $255,000 in Frontier Communications Parent, Inc. (NASDAQ:FYBR)

CIBC Asset Management Inc acquired a new position in Frontier Communications Parent, Inc. (NASDAQ:FYBR) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 7,190 shares of the company’s stock, valued at approximately $255,000.

Several other large investors have also added to or reduced their stakes in FYBR. Vanguard Group Inc. grew its stake in Frontier Communications Parent by 0.5% in the first quarter. Vanguard Group Inc. now owns 24,072,547 shares of the company’s stock valued at $589,777,000 after purchasing an additional 108,344 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Frontier Communications Parent by 24.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 8,088,749 shares of the company’s stock valued at $211,758,000 after buying an additional 1,587,145 shares during the last quarter. Luxor Capital Group LP grew its stake in shares of Frontier Communications Parent by 1.6% in the second quarter. Luxor Capital Group LP now owns 2,796,332 shares of the company’s stock valued at $73,208,000 after buying an additional 43,542 shares in the last quarter. American Century Companies Inc. increased its holdings in Frontier Communications Parent by 4.1% during the second quarter. American Century Companies Inc. now owns 2,005,937 shares of the company’s stock worth $52,515,000 after buying an additional 79,265 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its position in Frontier Communications Parent by 2.8% during the second quarter. Bank of New York Mellon Corp now owns 1,874,245 shares of the company’s stock worth $49,068,000 after acquiring an additional 51,133 shares in the last quarter.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Wells Fargo & Company restated an “equal weight” rating and set a $38.50 price objective (up from $31.00) on shares of Frontier Communications Parent in a research note on Friday, September 6th. JPMorgan Chase & Co. downgraded Frontier Communications Parent from an “overweight” rating to a “neutral” rating and boosted their price target for the stock from $35.00 to $38.50 in a research report on Tuesday, September 17th. Benchmark reaffirmed a “buy” rating and issued a $37.00 price objective on shares of Frontier Communications Parent in a research report on Thursday, September 5th. TD Cowen cut Frontier Communications Parent from a “buy” rating to a “hold” rating and dropped their price target for the company from $39.00 to $38.50 in a research note on Tuesday, October 8th. Finally, Wolfe Research cut shares of Frontier Communications Parent from an “outperform” rating to a “peer perform” rating in a research report on Monday, September 30th. Nine research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $35.31.

Frontier Communications Parent Trading Up 0.2 %

FYBR stock opened at $34.87 on Friday. Frontier Communications Parent, Inc. has a 52 week low of $20.42 and a 52 week high of $39.21. The company has a market capitalization of $8.68 billion, a PE ratio of -46.49 and a beta of 1.10. The company’s 50-day simple moving average is $35.37 and its 200 day simple moving average is $30.31. The company has a debt-to-equity ratio of 2.28, a quick ratio of 0.77 and a current ratio of 0.77.

Frontier Communications Parent (NASDAQ:FYBR) last posted its quarterly earnings data on Tuesday, November 5th. The company reported ($0.33) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.11). Frontier Communications Parent had a negative net margin of 3.19% and a negative return on equity of 3.61%. 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 prior year, the firm earned $0.05 EPS. The business’s revenue for the quarter was up 3.7% on a year-over-year basis. As a group, sell-side analysts anticipate that Frontier Communications Parent, Inc. will post -0.83 earnings per share for the current year.

Insiders Place Their Bets

In other Frontier Communications Parent news, EVP John Harrobin sold 23,491 shares of the firm’s stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $34.85, for a total value of $818,661.35. Following the transaction, the executive vice president now directly owns 121,182 shares of the company’s stock, valued at $4,223,192.70. This trade represents a 16.24 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate 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.