Handelsbanken Fonder AB has raised its holdings in Frontier Communications Parent, Inc. (NASDAQ:FYBR) by 12.7% during the second quarter of 2023. The increase comes as part of the fund’s latest 13F filing with the Securities and Exchange Commission (SEC). Following this acquisition, Handelsbanken now owns a total of 54,100 shares of Frontier, valued at approximately $1,969,000.
This move reflects a broader trend among institutional investors, with several funds adjusting their positions in Frontier Communications. Notably, Greenland Capital Management LP boosted its stake by an impressive 49.1%, now holding 73,851 shares valued at around $2,688,000 after purchasing an additional 24,326 shares in the same quarter. Similarly, Universal Beteiligungs und Servicegesellschaft mbH increased its holdings by 52.1%, owning 38,615 shares worth $1,406,000 after acquiring an additional 13,224 shares.
Other Institutional Investments in Frontier Communications
Other significant transactions include Mint Tower Capital Management B.V., which established a new position valued at about $728,000, and Alberta Investment Management Corp, which slightly raised its holdings by 0.3%. Alberta now owns 408,832 shares valued at $14,881,000 after acquiring an additional 1,032 shares. Additionally, Intech Investment Management LLC lifted its position by 1.1%, now holding 26,171 shares worth $953,000.
As for Frontier’s stock performance, it opened at $37.87 on Thursday. The company’s shares have experienced fluctuations over the past year, with a 52-week low of $34.39 and a high of $37.98. Frontier has a market capitalization of $9.48 billion, a price-to-earnings ratio of -24.91, and a beta of 0.94.
Analyst Ratings and Future Outlook
In terms of analyst ratings, Weiss Ratings reaffirmed a “sell (d-)” rating for Frontier Communications on October 8, 2023. Currently, two investment analysts have rated the stock as Hold, while two have issued a Sell rating. According to data from MarketBeat, the consensus rating for Frontier Communications is categorized as “Reduce,” indicating a cautious outlook among analysts.
Frontier Communications Parent, Inc., along with its subsidiaries, provides a range of communication and technology services across the United States. Its offerings include broadband, video, and voice services, encompassing broadband networking and various data-based communication solutions.
For those interested in tracking further developments, insights on Frontier Communications and its institutional holdings can be found at HoldingsChannel.com, where the latest 13F filings and insider trades are regularly updated.
