Harvest Management LLC Buys Shares of 31,700 Frontier Communications Parent, Inc. (NASDAQ:FYBR)

Harvest Management LLC acquired a new stake in Frontier Communications Parent, Inc. (NASDAQ:FYBR) during the third quarter, HoldingsChannel.com reports. The fund acquired 31,700 shares of the company’s stock, valued at approximately $1,126,000. Frontier Communications Parent accounts for about 0.6% of Harvest Management LLC’s holdings, making the stock its 23rd biggest position.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP raised its stake in shares of Frontier Communications Parent by 24.4% during the second quarter. Dimensional Fund Advisors LP now owns 8,088,749 shares of the company’s stock worth $211,758,000 after purchasing an additional 1,587,145 shares during the last quarter. Slotnik Capital LLC acquired a new stake in shares of Frontier Communications Parent during the 3rd quarter worth about $34,286,000. Anchorage Capital Advisors L.P. increased its stake in Frontier Communications Parent by 26.6% in the third quarter. Anchorage Capital Advisors L.P. now owns 1,729,555 shares of the company’s stock valued at $61,451,000 after purchasing an additional 362,888 shares during the last quarter. Columbus Hill Capital Management L.P. boosted its holdings in shares of Frontier Communications Parent by 345.7% in the 2nd quarter. Columbus Hill Capital Management L.P. now owns 445,744 shares of the company’s stock valued at $11,670,000 after purchasing an additional 345,744 shares during the last quarter. Finally, Alpine Associates Management Inc. acquired a new stake in Frontier Communications Parent during the 3rd quarter worth approximately $9,855,000.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. TD Cowen downgraded Frontier Communications Parent from a “buy” rating to a “hold” rating and reduced their price target for the company from $39.00 to $38.50 in a report on Tuesday, October 8th. Raymond James lowered shares of Frontier Communications Parent from a “strong-buy” rating to a “market perform” rating in a research note on Monday, October 28th. JPMorgan Chase & Co. downgraded shares of Frontier Communications Parent from an “overweight” rating to a “neutral” rating and lifted their target price for the stock from $35.00 to $38.50 in a report on Tuesday, September 17th. The Goldman Sachs Group lifted 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, BNP Paribas upgraded Frontier Communications Parent to a “hold” rating in a research report on Monday, October 14th. Nine analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, Frontier Communications Parent has an average rating of “Hold” and a consensus target price of $35.31.

Frontier Communications Parent Stock Performance

NASDAQ:FYBR opened at $34.72 on Tuesday. The company has a debt-to-equity ratio of 2.28, a current ratio of 0.77 and a quick ratio of 0.77. The company has a 50 day simple moving average of $35.29 and a two-hundred day simple moving average of $30.68. Frontier Communications Parent, Inc. has a fifty-two week low of $20.51 and a fifty-two week high of $39.21.

Frontier Communications Parent (NASDAQ:FYBR) last posted its quarterly earnings data on Tuesday, November 5th. The company reported ($0.33) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.11). The firm had revenue of $1.49 billion for the quarter, compared to analysts’ expectations of $1.46 billion. Frontier Communications Parent had a negative return on equity of 3.61% and a negative net margin of 3.19%. Frontier Communications Parent’s revenue was up 3.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.05 earnings per share. On average, analysts forecast that Frontier Communications Parent, Inc. will post -0.83 earnings per share for the current year.

Insider Activity at Frontier Communications Parent

In other Frontier Communications Parent news, EVP John Harrobin sold 23,491 shares of the stock in a transaction 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 owns 121,182 shares of the company’s stock, valued at $4,223,192.70. This represents a 16.24 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 1.40% of the stock is owned by corporate insiders.

Frontier Communications Parent 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.