The Vanguard Group, Inc. has recently announced that it has increased stake in Frontier Communications Parent Inc. (NASDAQ:FYBR) by 1.94%. After grabbing 23.12 million shares, the institutional investor is now in possession of 0.44 million shares of the Communication Services Company. The new investment brought the stake of investor firm to 9.44% having worth around $632.66 million. Moreover, BlackRock Fund Advisors increased its share by 10.38 million to have a control over 18.66 million shares. And Capital Research & Management Co raised its holdings to 1.32 million shares by acquiring 15.26 million shares or 6.23% of the stake.
Frontier Communications Parent Inc. (FYBR) concluded trading on 03/16/23 at a closing price of $23.68, with 2.57 million shares of worth about $60.9 million changed hands on the day. Half year performance of the stock remained negative as price took a plunge of -6.48% during that period and on Thursday the price saw a loss of about -1.25%. Currently the company’s common shares owned by public are about 244.99M shares, out of which, 244.48M shares are available for trading.
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A deeper look into what the analysts at Wall Street are thinking about the price target of this stock provides us with the following: 10 analysts are covering the FYBR stock and their offered price forecasts bring an average price target of $37.64. Over the next 12 months, analysts forecasted that the stock’s price could jump as high as $69.00 and could fall to a lowest price of $23.00. The stock’s current price level is 36.43% above of average price target set by the analysts, while a rise to estimated low would result in loss of -2.96% for the stock. However, touching the estimated high of $69.00 would mean a gain of 65.68% for the stock.
According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 23 times over the past 12 months. They bought 47,962 shares in 8 of the transactions. In 15 selling transactions, insiders dumped 177,431 shares.
American Funds Growth Fund of Ame, Vanguard Total Stock Market Index, and iShares Core S&P Mid Cap ETF are the top 3 mutual funds which are holding stakes in Frontier Communications Parent Inc. American Funds Growth Fund of Ame is currently holding 8.0 million shares of worth totaling $218.76 million. The company recently came buying 0.0 shares which brought its stake up to 3.26% of the company’s outstanding shares. Vanguard Total Stock Market Index bought 62231.0 shares, after which its hold over company’s outstanding shares expand to 3.07%, leaving 7.52 million shares with the mutual fund that have a worth of about $205.63 million. iShares Core S&P Mid Cap ETF, after buying 6.96 million shares, have now control over 2.84% of the stake in the company. It holds 15768.0 shares of worth $190.39 million.
Frontier Communications Parent Inc. (NASDAQ: FYBR) started trading at $23.81, below -$0.17 from concluding price of the previous day. However, the stock later moved at a day high price of 24.11, or with a loss of -1.25%. Stock saw a price change of -7.61% in past 5 days and over the past one month there was a price change of -16.88%. Year-to-date (YTD), FYBR shares are showing a performance of -7.06% which decreased to -10.71% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $20.83 but also hit the highest price of $30.83 during that period. The average intraday trading volume for Frontier Communications Parent Inc. shares is 1.19 million. The stock is currently trading -11.36% below its 20-day simple moving average (SMA20), while that difference is down -14.88% for SMA50 and it goes to -7.12% lower than SMA200.
The Vanguard Group, Inc. acquired 23.12 million shares of Frontier Communications Parent Inc. having value of about $632.66 million. Data submitted at the U.S SEC by The Vanguard Group, Inc. revealed that the firm now holds 0.44 million shares in the company valued at close to $10413540.48, or have control over 1.94% stake in the company. Holding of mutual funds in the company is about 31.15% while other institutional holders and individual stake holders have control over 60.37% and 15.25% of the stake respectively.
The stock has a current market capitalization of $6.11B. PE ratio of stock for trailing 12 months is 13.17, while it has posted earnings per share of $1.80 in the same period. It has Quick Ratio of 1.10 while making debt-to-equity ratio of 1.78. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for FYBR, volatility over the week remained 4.10% while standing at 3.55% over the month.
Analysts are in expectations that Frontier Communications Parent Inc. (FYBR) stock would likely to be making an EPS of $0.19 in the current quarter, while forecast for next quarter EPS is $0.12 and it is $0.4 for next year. For the current quarter EPS, analysts have given the company a lowest target $0.09 which is $0.33 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of $0.77 in the same quarter a year ago. Stock’s fiscal year EPS is expected to drop by -91.10% while it is estimated to decrease by -33.18% in next year.
Analysts at 10 brokerage firms have issued recommendations for the Frontier Communications Parent Inc. (FYBR)’s stock and average of those rates the stock at a “Moderate Buy” and assign it a score of 2.00. Out of those 10 Wall Street analysts, 8 recommended a “Buy” rating, while 2 were in favor recommending the stock as a “Hold” and 0 analyst recommended the stock as “Sell”.
Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by Raymond James on February 27, 2023 offering a Strong buy rating for the stock and assigned a target price of $37 to it. Coverage by Credit Suisse stated Frontier Communications Parent Inc. (FYBR) stock as a Neutral in their note to investors on September 09, 2022, suggesting a price target of $25 for the stock. On May 26, 2022, Morgan Stanley Upgrade their recommendations, while on April 26, 2022, Citigroup Initiated their ratings for the stock with a price target of $36. Stock get an Overweight rating from Wells Fargo on April 07, 2022.
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