Sona Asset Management US LLC Acquires New Stake in Frontier Communications Parent, Inc. (NASDAQ:FYBR)

Sona Asset Management US LLC bought a new position in Frontier Communications Parent, Inc. (NASDAQ:FYBR) in the fourth quarter, Holdings Channel.com reports. The fund bought 1,474,887 shares of the company’s stock, valued at approximately $51,179,000. Frontier Communications Parent accounts for 2.0% of Sona Asset Management US LLC’s investment portfolio, making the stock its 13th biggest holding.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in shares of Frontier Communications Parent in the fourth quarter valued at $191,247,000. Tudor Investment Corp ET AL bought a new position in shares of Frontier Communications Parent during the 4th quarter valued at about $114,555,000. Adage Capital Partners GP L.L.C. grew its stake in shares of Frontier Communications Parent by 472.7% in the 4th quarter. Adage Capital Partners GP L.L.C. now owns 3,149,714 shares of the company’s stock worth $109,295,000 after purchasing an additional 2,599,714 shares during the last quarter. FIL Ltd acquired a new position in shares of Frontier Communications Parent in the 4th quarter worth approximately $49,228,000. Finally, Alliancebernstein L.P. raised its holdings in shares of Frontier Communications Parent by 411.3% in the 4th quarter. Alliancebernstein L.P. now owns 1,560,375 shares of the company’s stock worth $54,145,000 after purchasing an additional 1,255,180 shares in the last quarter.

Frontier Communications Parent Stock Up 0.2%

Frontier Communications Parent stock opened at $36.60 on Friday. Frontier Communications Parent, Inc. has a twelve month low of $24.43 and a twelve month 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. The firm has a market cap of $9.16 billion, a PE ratio of -28.37 and a beta of 1.01. The firm’s 50 day moving average price is $36.04 and its two-hundred day moving average price is $35.53.

Frontier Communications Parent (NASDAQ:FYBR) last posted its quarterly earnings results on Tuesday, April 29th. The company reported ($0.26) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.33) by $0.07. The business had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.51 billion. Frontier Communications Parent had a negative net margin of 5.42% and a negative return on equity of 6.25%. The firm’s revenue for the quarter was up 3.5% compared to the same quarter last year. On average, research analysts predict that Frontier Communications Parent, Inc. will post -1.11 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on FYBR shares. New Street Research lowered shares of Frontier Communications Parent from a “strong-buy” rating to a “hold” rating in a research report on Friday, February 21st. Benchmark restated a “hold” rating on shares of Frontier Communications Parent in a report on Tuesday, February 25th. Finally, Raymond James downgraded Frontier Communications Parent from a “market perform” rating to an “underperform” rating in a report on Thursday, February 6th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $36.07.

Insider Activity at Frontier Communications Parent

In related news, EVP John Harrobin sold 36,000 shares of the firm’s stock in a transaction that occurred on Monday, March 3rd. The stock was 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 of the company’s stock, valued at approximately $2,755,593.23. This trade represents a 31.99% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 1.60% of the stock is currently owned by company insiders.

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.