Slotnik Capital LLC Purchases Shares of 965,000 Frontier Communications Parent, Inc. (NASDAQ:FYBR)

Slotnik Capital LLC bought a new position in Frontier Communications Parent, Inc. (NASDAQ:FYBR) in the 3rd quarter, Holdings Channel.com reports. The firm bought 965,000 shares of the company’s stock, valued at approximately $34,286,000. Frontier Communications Parent makes up 11.5% of Slotnik Capital LLC’s portfolio, making the stock its 3rd biggest holding.

Several other institutional investors and hedge funds also recently modified their holdings of the stock. Dimensional Fund Advisors LP boosted its position in shares of Frontier Communications Parent by 24.4% in the second 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. Luxor Capital Group LP boosted its position 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 worth $73,208,000 after buying an additional 43,542 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of Frontier Communications Parent by 5.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,310,952 shares of the company’s stock worth $82,108,000 after acquiring an additional 109,648 shares in the last quarter. American Century Companies Inc. lifted its stake in shares of Frontier Communications Parent by 4.1% in the second quarter. American Century Companies Inc. now owns 2,005,937 shares of the company’s stock worth $52,515,000 after acquiring an additional 79,265 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in shares of Frontier Communications Parent by 2.8% in 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 brokerages have issued reports on FYBR. UBS Group cut Frontier Communications Parent from a “strong-buy” rating to a “hold” rating in a research note on Friday, September 6th. Wells Fargo & Company reissued 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. TD Cowen cut Frontier Communications Parent from a “buy” rating to a “hold” rating and decreased their target price for the stock from $39.00 to $38.50 in a research report on Tuesday, October 8th. The Goldman Sachs Group raised their target price on Frontier Communications Parent from $29.00 to $32.00 and gave the stock a “buy” rating in a research report on Monday, August 5th. Finally, Moffett Nathanson cut Frontier Communications Parent from a “strong-buy” rating to a “hold” rating in a research report on Thursday, September 5th. Nine investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, Frontier Communications Parent currently has an average rating of “Hold” and a consensus price target of $35.31.

Frontier Communications Parent Stock Performance

Shares of Frontier Communications Parent stock opened at $34.81 on Friday. The firm has a fifty day moving average of $35.31 and a two-hundred day moving average of $30.56. The stock has a market capitalization of $8.67 billion, a price-to-earnings ratio of -46.41 and a beta of 1.10. Frontier Communications Parent, Inc. has a 52 week low of $20.51 and a 52 week 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.

Frontier Communications Parent (NASDAQ:FYBR) last released 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 net margin of 3.19% and a negative return on equity of 3.61%. The firm had revenue of $1.49 billion during the quarter, compared to the consensus estimate of $1.46 billion. During the same quarter in the prior year, the company earned $0.05 EPS. Frontier Communications Parent’s quarterly 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 EPS 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 that occurred on Tuesday, November 19th. The shares were sold at an average price of $34.85, for a total transaction of $818,661.35. Following the completion of the sale, the executive vice president now directly owns 121,182 shares in the company, valued at $4,223,192.70. This trade represents a 16.24 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Company insiders own 1.40% of the company’s stock.

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.