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Ares Management (NYSE:ARES) LLC, a significant shareholder in Frontier Communications (OTC:FTRCQ) Parent, Inc. (NASDAQ:FYBR), has recently executed stock sales totaling $6.6 million. The transactions took place over two days, with shares sold at prices ranging from $34.8039 to $34.8522. According to InvestingPro data, these sales occurred near FYBR's current trading price of $34.81, with the stock showing remarkable strength, having gained over 35% in the past six months.
On November 26, Ares Management sold 106,648 shares of Frontier Communications at an average price of $34.8522. The following day, the firm sold an additional 83,491 shares at an average price of $34.8039. After these transactions, Ares Management's ownership in the company stands at 37,347,708 shares. The sales come as FYBR trades significantly above its 52-week low of $20.51, though InvestingPro analysis suggests the stock may be overvalued at current levels.
These sales are part of Ares Management's ongoing management of its investment portfolio. The firm, along with its affiliates, maintains a substantial stake in Frontier Communications, a company known for providing telecommunications services across the United States. For deeper insights into FYBR's financial health, valuation metrics, and growth prospects, investors can access comprehensive analysis through InvestingPro's detailed research reports, which cover over 1,400 US stocks.
In other recent news, Frontier Communications' shareholders have overwhelmingly approved a merger agreement with Verizon Communications Inc (NYSE:VZ). This approval marks a significant step in the process of Frontier becoming a wholly owned subsidiary of Verizon. The merger was first announced in September 2024 and is expected to further consolidate the telecommunications industry. This development comes after Frontier reported a 2% revenue increase in Q2 2024, reaching $1.48 billion, along with a 5% growth in EBITDA. However, the company faced a stock downgrade from Raymond (NS:RYMD) James due to concerns about the shareholder vote. This downgrade was also influenced by opposition from Carronade Capital and Cooper Investors, who argue that Verizon's offer undervalues Frontier. In addition to these developments, Frontier was awarded seven ConneCTed Communities grants and secured over $23 million in grants to expand high-speed fiber broadband service in Connecticut, San Bernardino, and Riverside counties. Meanwhile, Verizon Communications maintained a Buy rating from TD Cowen following third-quarter results. These are the recent developments for Frontier Communications and Verizon Communications Inc.
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