Victory Capital Management Inc. Cuts Position in Frontier Communications Parent, Inc. (NASDAQ:FYBR)

Victory Capital Management Inc. trimmed its holdings in shares of Frontier Communications Parent, Inc. (NASDAQ:FYBR) by 13.6% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 57,494 shares of the company’s stock after selling 9,035 shares during the quarter. Victory Capital Management Inc.’s holdings in Frontier Communications Parent were worth $1,995,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of FYBR. Charles Schwab Investment Management Inc. increased its holdings in Frontier Communications Parent by 0.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,323,203 shares of the company’s stock worth $80,615,000 after buying an additional 12,251 shares during the last quarter. Silphium Asset Management Ltd purchased a new stake in shares of Frontier Communications Parent during the 4th quarter worth approximately $10,410,000. Proficio Capital Partners LLC purchased a new stake in shares of Frontier Communications Parent during the 4th quarter worth approximately $1,583,000. New York Life Investment Management LLC bought a new stake in shares of Frontier Communications Parent in the 4th quarter worth approximately $9,148,000. Finally, Oregon Public Employees Retirement Fund lifted its stake in Frontier Communications Parent by 0.8% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 45,105 shares of the company’s stock valued at $1,565,000 after purchasing an additional 344 shares during the last quarter.

Frontier Communications Parent Trading Down 0.2 %

Shares of FYBR opened at $35.76 on Tuesday. Frontier Communications Parent, Inc. has a twelve month low of $21.31 and a twelve month high of $39.21. The stock has a market cap of $8.93 billion, a PE ratio of -27.72 and a beta of 1.04. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 2.28. The business’s 50-day moving average price is $35.74 and its 200-day moving average price is $35.26.

Frontier Communications Parent (NASDAQ:FYBR) last posted its earnings results on Thursday, February 20th. The company reported ($0.47) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.28). Frontier Communications Parent had a negative return on equity of 6.25% and a negative net margin of 5.42%. The firm had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.47 billion. On average, equities analysts forecast that Frontier Communications Parent, Inc. will post -1.11 EPS for the current fiscal year.

Insider Buying and Selling

In related news, EVP John Harrobin sold 36,000 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $36.01, for a total value of $1,296,360.00. Following the transaction, the executive vice president now directly owns 76,523 shares in the company, valued at approximately $2,755,593.23. This represents a 31.99 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 1.40% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on FYBR. New Street Research cut Frontier Communications Parent from a “strong-buy” rating to a “hold” rating in a research report on Friday, February 21st. Benchmark reaffirmed a “hold” rating on shares of Frontier Communications Parent in a report on Tuesday, February 25th. Finally, Raymond James lowered shares of Frontier Communications Parent from a “market perform” rating to an “underperform” rating in a research report on Thursday, February 6th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and two have given a buy rating to the company. According to MarketBeat, the stock currently has an average 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.