Solus Alternative Asset Management LP Has $56.62 Million Stake in Frontier Communications Parent, Inc. (NASDAQ:FYBR)

Solus Alternative Asset Management LP trimmed its stake in shares of Frontier Communications Parent, Inc. (NASDAQ:FYBR) by 18.0% during the 3rd quarter, Holdings Channel.com reports. The fund owned 1,593,498 shares of the company’s stock after selling 350,000 shares during the quarter. Frontier Communications Parent accounts for approximately 16.1% of Solus Alternative Asset Management LP’s portfolio, making the stock its 2nd largest position. Solus Alternative Asset Management LP’s holdings in Frontier Communications Parent were worth $56,617,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. International Assets Investment Management LLC bought a new position in shares of Frontier Communications Parent during the second quarter valued at about $37,000. Capital Performance Advisors LLP bought a new position in Frontier Communications Parent during the 3rd quarter valued at approximately $50,000. Meeder Asset Management Inc. bought a new position in Frontier Communications Parent during the 3rd quarter valued at approximately $52,000. Farther Finance Advisors LLC lifted its holdings in Frontier Communications Parent by 80.8% in the 3rd quarter. Farther Finance Advisors LLC now owns 1,815 shares of the company’s stock worth $64,000 after buying an additional 811 shares during the period. Finally, Blue Trust Inc. grew its position in shares of Frontier Communications Parent by 224,400.0% in the 2nd quarter. Blue Trust Inc. now owns 2,245 shares of the company’s stock worth $55,000 after buying an additional 2,244 shares during the last quarter.

Frontier Communications Parent Stock Performance

Shares of NASDAQ:FYBR opened at $34.78 on Friday. Frontier Communications Parent, Inc. has a 12-month low of $20.42 and a 12-month high of $39.21. The stock has a fifty day simple moving average of $35.32 and a two-hundred day simple moving average of $30.53. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 2.28.

Frontier Communications Parent (NASDAQ:FYBR) last announced its quarterly earnings results 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 during the quarter, compared to the consensus estimate of $1.46 billion. Frontier Communications Parent had a negative return on equity of 3.61% and a negative net margin of 3.19%. The business’s revenue for the quarter was up 3.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.05 EPS. As a group, equities research analysts expect that Frontier Communications Parent, Inc. will post -0.83 EPS for the current fiscal year.

Insider Transactions at Frontier Communications Parent

In other Frontier Communications Parent news, EVP John Harrobin sold 23,491 shares of Frontier Communications Parent stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $34.85, for a total value 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 approximately $4,223,192.70. This trade represents a 16.24 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.40% of the company’s stock.

Analyst Upgrades and Downgrades

FYBR has been the subject of a number of research analyst reports. Wolfe Research lowered Frontier Communications Parent from an “outperform” rating to a “peer perform” rating in a research note on Monday, September 30th. Raymond James cut shares of Frontier Communications Parent from a “strong-buy” rating to a “market perform” rating in a research report on Monday, October 28th. Wells Fargo & Company restated an “equal weight” rating and issued a $38.50 price objective (up from $31.00) on shares of Frontier Communications Parent in a report on Friday, September 6th. UBS Group lowered Frontier Communications Parent from a “strong-buy” rating to a “hold” rating in a research report on Friday, September 6th. Finally, TD Cowen lowered Frontier Communications Parent from a “buy” rating to a “hold” rating and dropped their price target for the company from $39.00 to $38.50 in a research report on Tuesday, October 8th. Nine analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $35.31.

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.