Zacks Investment Research Downgrades Frontier Communications Parent (NASDAQ:FYBR) to Hold

Frontier Communications Parent (NASDAQ:FYBR) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Thursday, Zacks.com reports.

According to Zacks, “Frontier Communications Parent Inc. offers services to residential and business customers over its fiber-optic and copper networks including video, high-speed internet, advanced voice and Frontier Secure(R) digital protection solutions. Frontier Business(TM) offers communications solutions to small, medium and enterprise businesses. Frontier Communications Parent Inc. is based in NORWALK, Conn. “

Several other brokerages have also weighed in on FYBR. Raymond James increased their target price on Frontier Communications Parent from $34.00 to $36.00 and gave the stock an “outperform” rating in a research report on Thursday, November 4th. Moffett Nathanson increased their target price on Frontier Communications Parent from $34.00 to $36.00 and gave the stock a “buy” rating in a research report on Friday, November 5th. Finally, Benchmark increased their target price on Frontier Communications Parent from $40.00 to $56.00 and gave the stock a “buy” rating in a research report on Wednesday, August 11th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, Frontier Communications Parent currently has an average rating of “Buy” and a consensus price target of $41.00.

Shares of Frontier Communications Parent stock traded down $0.02 during trading hours on Thursday, reaching $34.88. 1,880,088 shares of the company’s stock were exchanged, compared to its average volume of 1,526,920. Frontier Communications Parent has a 52-week low of $23.24 and a 52-week high of $35.09. The company’s fifty day moving average is $30.43. The company has a quick ratio of 1.21, a current ratio of 1.21 and a debt-to-equity ratio of 1.60.

Frontier Communications Parent (NASDAQ:FYBR) last issued its quarterly earnings results on Wednesday, November 3rd. The company reported $0.51 earnings per share for the quarter, topping analysts’ consensus estimates of $0.33 by $0.18. The business had revenue of $1.58 billion for the quarter, compared to analysts’ expectations of $1.59 billion. Equities research analysts anticipate that Frontier Communications Parent will post 3.04 EPS for the current year.

In related news, major shareholder Ares Management Llc acquired 424,119 shares of the business’s stock in a transaction on Friday, September 24th. The shares were bought at an average cost of $26.95 per share, with a total value of $11,430,007.05. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Several institutional investors have recently made changes to their positions in the company. Bank of New York Mellon Corp acquired a new stake in shares of Frontier Communications Parent during the third quarter valued at about $2,474,000. Raine Capital LLC grew its stake in shares of Frontier Communications Parent by 100.0% during the third quarter. Raine Capital LLC now owns 350,000 shares of the company’s stock valued at $9,754,000 after acquiring an additional 175,000 shares in the last quarter. Schonfeld Strategic Advisors LLC grew its stake in shares of Frontier Communications Parent by 838.8% during the third quarter. Schonfeld Strategic Advisors LLC now owns 200,000 shares of the company’s stock valued at $5,574,000 after acquiring an additional 178,696 shares in the last quarter. Cetera Advisors LLC grew its stake in shares of Frontier Communications Parent by 8.0% during the third quarter. Cetera Advisors LLC now owns 19,661 shares of the company’s stock valued at $548,000 after acquiring an additional 1,459 shares in the last quarter. Finally, Tabor Asset Management LP acquired a new position in Frontier Communications Parent in the third quarter worth about $3,886,000. Institutional investors own 88.29% of the company’s stock.

Frontier Communications Parent Company Profile

Frontier Communications Parent, Inc, together with its subsidiaries, provides various services to residential and business customers over its fiber-optic and copper networks in 25 states in the United States. It offers video, high-speed Internet, advanced voice, and Frontier Secure digital protection solutions.

See Also: Outstanding Shares

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Analyst Recommendations for Frontier Communications Parent (NASDAQ:FYBR)

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