Canada Pension Plan Investment Board Reduces Stock Position in Frontier Communications Parent, Inc. (NASDAQ:FYBR)

Canada Pension Plan Investment Board lessened its holdings in Frontier Communications Parent, Inc. (NASDAQ:FYBR) by 1.2% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 13,520,274 shares of the company’s stock after selling 163,691 shares during the quarter. Canada Pension Plan Investment Board owned approximately 5.44% of Frontier Communications Parent worth $353,961,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of FYBR. Vanguard Personalized Indexing Management LLC increased its holdings in Frontier Communications Parent by 44.6% in the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 27,349 shares of the company’s stock valued at $693,000 after buying an additional 8,436 shares during the last quarter. Norges Bank purchased a new position in Frontier Communications Parent in the fourth quarter valued at $50,269,000. Coldstream Capital Management Inc. purchased a new position in Frontier Communications Parent in the fourth quarter valued at $224,000. Trexquant Investment LP purchased a new position in Frontier Communications Parent in the fourth quarter valued at $2,942,000. Finally, Cape Investment Advisory Inc. purchased a new position in Frontier Communications Parent in the fourth quarter valued at $52,000.

Frontier Communications Parent Price Performance

Shares of FYBR opened at $35.39 on Friday. Frontier Communications Parent, Inc. has a fifty-two week low of $13.66 and a fifty-two week high of $39.21. The company has a market capitalization of $8.80 billion, a price-to-earnings ratio of 321.73 and a beta of 1.08. The firm has a 50-day simple moving average of $29.76 and a 200-day simple moving average of $26.53. The company has a debt-to-equity ratio of 2.19, a quick ratio of 0.87 and a current ratio of 0.87.

Frontier Communications Parent (NASDAQ:FYBR) last announced its earnings results on Friday, August 2nd. The company reported ($0.49) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.38). Frontier Communications Parent had a negative return on equity of 1.80% and a negative net margin of 1.62%. The business had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.46 billion. During the same quarter last year, the company posted ($0.01) EPS. Frontier Communications Parent’s quarterly revenue was up 2.1% on a year-over-year basis. On average, equities research analysts anticipate that Frontier Communications Parent, Inc. will post -0.79 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the company. The Goldman Sachs Group raised their price objective on Frontier Communications Parent from $29.00 to $32.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Moffett Nathanson lowered Frontier Communications Parent from a “strong-buy” rating to a “hold” rating in a report on Thursday, September 5th. Benchmark reaffirmed a “buy” rating and set a $37.00 price objective on shares of Frontier Communications Parent in a report on Thursday, September 5th. UBS Group lowered Frontier Communications Parent from a “strong-buy” rating to a “hold” rating in a report on Friday, September 6th. Finally, JPMorgan Chase & Co. lowered Frontier Communications Parent from an “overweight” rating to a “neutral” rating and raised their price objective for the stock from $35.00 to $38.50 in a report on Tuesday. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $35.38.

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.