John Harrobin, Executive Vice President of Consumer at Frontier Communications (OTC:FTRCQ) Parent, Inc. (NASDAQ:FYBR), recently sold 23,491 shares of the company's common stock. The transaction, completed on November 19, 2024, was executed at a price of $34.85 per share, amounting to a total sale value of $818,661. Following this transaction, Harrobin holds 121,182 shares in the company.
In other recent news, Frontier Communications' shareholders have approved the merger with Verizon Communications (NYSE:VZ), a significant step in the process of Frontier becoming a wholly owned subsidiary of Verizon. During the second quarter of 2024, Frontier reported a 2% revenue increase, reaching $1.48 billion, alongside a 5% growth in EBITDA. However, Raymond (NS:RYMD) James downgraded Frontier's stock due to concerns about the shareholder vote, amidst opposition from Carronade Capital and Cooper Investors who argue that Verizon's offer undervalues Frontier.
In addition, Frontier secured over $23 million in grants to expand high-speed fiber broadband service in Connecticut, San Bernardino, and Riverside counties. On the other hand, Verizon Communications maintained a Buy rating from TD (TSX:TD) Cowen following third-quarter results. These are the recent developments.
InvestingPro Insights
As John Harrobin's recent stock sale draws attention to Frontier Communications Parent, Inc. (NASDAQ:FYBR), it's worth examining some key financial metrics and insights provided by InvestingPro to gain a more comprehensive view of the company's current position.
According to InvestingPro data, Frontier Communications has a market capitalization of $8.65 billion, reflecting its significant presence in the telecommunications industry. The company's revenue for the last twelve months as of Q3 2024 stands at $5.86 billion, with a modest growth of 1.65% over the same period.
One of the InvestingPro Tips highlights that Frontier has experienced a strong return over the last three months, which aligns with the stock's 19.71% price total return over the same period. This positive momentum is further underscored by the impressive 63.68% one-year price total return, indicating substantial investor confidence in the company's trajectory.
However, it's important to note that another InvestingPro Tip suggests that Frontier operates with a significant debt burden. This factor may be influencing executive decisions, such as Harrobin's recent stock sale, and could impact the company's financial flexibility moving forward.
For investors seeking a more comprehensive analysis, InvestingPro offers additional tips and insights that could provide valuable context to Frontier's financial health and market position. The platform currently lists 7 more tips for FYBR, which could be crucial for making informed investment decisions.
Frontier Communications Parent, Inc. (NASDAQ:FYBR) is a leading telecommunications company in the United States, providing a range of services including broadband internet, digital voice, and video services to residential and business customers. The company has been undergoing significant transformations in recent years, focusing on expanding its fiber network and improving customer service.
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