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

Solus Alternative Asset Management LP trimmed its position in shares of Frontier Communications Parent, Inc. (NASDAQ:FYBR) by 18.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). 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 holding. Solus Alternative Asset Management LP owned about 0.64% of Frontier Communications Parent worth $56,617,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. GAMMA Investing LLC grew its position in Frontier Communications Parent by 18.9% during the third quarter. GAMMA Investing LLC now owns 2,799 shares of the company’s stock valued at $99,000 after buying an additional 444 shares during the period. Jag Capital Management LLC increased its stake in shares of Frontier Communications Parent by 5.2% during the 3rd quarter. Jag Capital Management LLC now owns 9,010 shares of the company’s stock worth $320,000 after purchasing an additional 445 shares during the last quarter. Game Plan Financial Advisors LLC raised its holdings in shares of Frontier Communications Parent by 23.8% in the 2nd quarter. Game Plan Financial Advisors LLC now owns 2,600 shares of the company’s stock worth $68,000 after purchasing an additional 500 shares during the period. SummerHaven Investment Management LLC raised its holdings in shares of Frontier Communications Parent by 1.3% in the 2nd quarter. SummerHaven Investment Management LLC now owns 44,797 shares of the company’s stock worth $1,173,000 after purchasing an additional 585 shares during the period. Finally, US Bancorp DE grew its holdings in Frontier Communications Parent by 8.4% during the third quarter. US Bancorp DE now owns 7,750 shares of the company’s stock valued at $275,000 after purchasing an additional 598 shares during the period.

Frontier Communications Parent Trading Down 0.2 %

Shares of NASDAQ:FYBR opened at $34.78 on Friday. The company’s fifty day moving average price is $35.32 and its 200-day moving average price is $30.53. The company has a debt-to-equity ratio of 2.28, a current ratio of 0.77 and a quick ratio of 0.77. Frontier Communications Parent, Inc. has a one year low of $20.42 and a one year high of $39.21.

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

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. BNP Paribas upgraded Frontier Communications Parent to a “hold” rating in a research note on Monday, October 14th. Moffett Nathanson downgraded Frontier Communications Parent from a “strong-buy” rating to a “hold” rating in a research note on Thursday, September 5th. TD Cowen cut Frontier Communications Parent from a “buy” rating to a “hold” rating and decreased their price target for the company from $39.00 to $38.50 in a research 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 report on Monday, October 28th. Finally, JPMorgan Chase & Co. lowered shares of Frontier Communications Parent from an “overweight” rating to a “neutral” rating and upped their target price for the stock from $35.00 to $38.50 in a report on Tuesday, September 17th. Nine investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, Frontier Communications Parent currently has an average rating of “Hold” and an average price target of $35.31.

Insider Activity

In other news, EVP John Harrobin sold 23,491 shares of the company’s stock in a transaction on Tuesday, November 19th. The shares were 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 represents a 16.24 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 1.40% of the company’s stock.

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.