Connor Clark & Lunn Investment Management Ltd. Trims Stock Position in Frontier Group Holdings, Inc. (NASDAQ:ULCC)

Connor Clark & Lunn Investment Management Ltd. cut its stake in shares of Frontier Group Holdings, Inc. (NASDAQ:ULCC) by 24.5% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 699,495 shares of the company’s stock after selling 226,598 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.31% of Frontier Group worth $3,036,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. JPMorgan Chase & Co. boosted its stake in Frontier Group by 162.2% in the fourth quarter. JPMorgan Chase & Co. now owns 50,902 shares of the company’s stock valued at $362,000 after acquiring an additional 31,492 shares in the last quarter. Geode Capital Management LLC boosted its stake in Frontier Group by 2.2% in the fourth quarter. Geode Capital Management LLC now owns 1,625,953 shares of the company’s stock valued at $11,564,000 after acquiring an additional 35,355 shares in the last quarter. Wells Fargo & Company MN boosted its stake in Frontier Group by 223.1% in the fourth quarter. Wells Fargo & Company MN now owns 41,974 shares of the company’s stock valued at $298,000 after acquiring an additional 28,984 shares in the last quarter. Legal & General Group Plc boosted its stake in Frontier Group by 54.4% in the fourth quarter. Legal & General Group Plc now owns 49,832 shares of the company’s stock valued at $354,000 after acquiring an additional 17,558 shares in the last quarter. Finally, Barclays PLC boosted its stake in Frontier Group by 12.1% in the fourth quarter. Barclays PLC now owns 81,710 shares of the company’s stock valued at $581,000 after acquiring an additional 8,844 shares in the last quarter.

Analyst Ratings Changes

Several equities research analysts have weighed in on the stock. Bank of America lowered their target price on shares of Frontier Group from $4.75 to $4.00 and set a “neutral” rating for the company in a research note on Tuesday, July 1st. UBS Group lowered their price objective on shares of Frontier Group from $4.00 to $3.50 and set a “neutral” rating for the company in a research note on Wednesday, August 6th. Finally, Morgan Stanley lowered their price objective on shares of Frontier Group from $10.00 to $9.00 and set an “equal weight” rating for the company in a research note on Monday, May 19th. Nine equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $5.61.

Insider Activity

In other news, SVP Alexandre Clerc sold 12,000 shares of the business’s stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $3.89, for a total value of $46,680.00. Following the sale, the senior vice president directly owned 11,912 shares of the company’s stock, valued at approximately $46,337.68. The trade was a 50.18% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 48.00% of the company’s stock.

Frontier Group Price Performance

Frontier Group stock opened at $4.62 on Thursday. The company’s 50 day simple moving average is $3.93 and its 200-day simple moving average is $4.89. The company has a market capitalization of $1.05 billion, a price-to-earnings ratio of -28.88 and a beta of 2.62. Frontier Group Holdings, Inc. has a 1 year low of $2.89 and a 1 year high of $10.26. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.36 and a current ratio of 0.41.

Frontier Group (NASDAQ:ULCC) last released its quarterly earnings results on Tuesday, August 5th. The company reported ($0.31) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.03). The company had revenue of $929.00 million during the quarter, compared to analysts’ expectations of $951.92 million. Frontier Group had a negative net margin of 0.87% and a negative return on equity of 12.56%. Frontier Group’s revenue was down 4.5% on a year-over-year basis. During the same period last year, the firm posted $0.14 earnings per share. As a group, equities research analysts expect that Frontier Group Holdings, Inc. will post 0.91 earnings per share for the current year.

About Frontier Group

Frontier Group Holdings, Inc, provides low-fare passenger airline services to leisure travelers in the United States and Latin America. The company sells its products through direct distribution channels, including its website, mobile app, and contact centers. As of December 31, 2023, it had a fleet of 136 Airbus single-aisle aircrafts.