DekaBank Deutsche Girozentrale has decreased its holdings in Frontier Communications Parent, Inc. (NASDAQ:FYBR) by 11.9% during the second quarter of 2023. According to HoldingsChannel.com, the institutional investor sold 12,500 shares, bringing its total ownership to 92,500 shares. As of the latest reporting period, DekaBank’s stake in Frontier Communications was valued at approximately $3.37 million.
This adjustment follows a trend among various institutional investors who are also modifying their positions in Frontier Communications. For example, Geneos Wealth Management Inc. significantly increased its holdings by 957.5% in the first quarter, acquiring an additional 699 shares to reach a total of 772 shares, valued at roughly $28,000. Similarly, Brooklyn Investment Group raised its investment by 46.1% during the same period, now holding 1,137 shares worth about $41,000 after purchasing 359 shares.
Longfellow Investment Management Co. LLC entered a new position in Frontier Communications with an investment of $74,000 in the first quarter. GAMMA Investing LLC also increased its stake by 29.7% in the second quarter, now owning 3,921 shares valued at $143,000 after acquiring 898 shares. CWM LLC further expanded its holdings by 101.9%, resulting in a total of 5,402 shares worth approximately $194,000.
Current Market Performance and Analyst Ratings
As of the latest trading session, shares of Frontier Communications opened at $37.54. The company holds a market capitalization of $9.4 billion, with a current ratio and quick ratio both at 0.36, and a debt-to-equity ratio of 2.49. The stock has fluctuated between a one-year low of $33.72 and a high of $37.87. Its price-to-earnings (P/E) ratio stands at -24.22, indicating the company is currently operating at a loss.
Weiss Ratings has maintained a “sell (d-)” rating for Frontier Communications in a recent research report, reflecting cautious sentiment among analysts. Presently, two analysts recommend a Hold rating, while two have issued Sell ratings, leading to a consensus rating of “Reduce” according to MarketBeat.
About Frontier Communications
Frontier Communications Parent, Inc. offers a variety of communication and technology services across the United States. Its product lineup includes broadband, video, voice, and other value-added services. Additionally, the company provides data and Internet services, including broadband networking, voice over Internet protocol, unified communications, and video services under the Frontier TV brand. Frontier also delivers hardware and network solutions, along with various service packages tailored to customer needs.
Investors interested in monitoring changes in institutional holdings or other financial developments related to Frontier Communications can visit HoldingsChannel.com for the latest updates and insider trades.
