Bank of New York Mellon Corp boosted its position in FairPoint Communications Inc. (NASDAQ:FRP) by 0.2% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 271,369 shares of the company’s stock after buying an additional 534 shares during the period. Bank of New York Mellon Corp owned about 1.01% of FairPoint Communications worth $3,984,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Bogle Investment Management L P DE bought a new stake in FairPoint Communications during the first quarter valued at about $1,156,000. Renaissance Technologies LLC boosted its stake in FairPoint Communications by 6.9% in the first quarter. Renaissance Technologies LLC now owns 1,069,000 shares of the company’s stock valued at $15,907,000 after buying an additional 68,700 shares in the last quarter. Spark Investment Management LLC boosted its stake in FairPoint Communications by 234.0% in the first quarter. Spark Investment Management LLC now owns 63,800 shares of the company’s stock valued at $949,000 after buying an additional 44,700 shares in the last quarter. Jacobs Levy Equity Management Inc. bought a new stake in FairPoint Communications during the first quarter valued at about $575,000. Finally, American Century Companies Inc. boosted its stake in FairPoint Communications by 9.3% in the second quarter. American Century Companies Inc. now owns 377,187 shares of the company’s stock valued at $5,537,000 after buying an additional 32,044 shares in the last quarter. 92.79% of the stock is currently owned by institutional investors and hedge funds.
FairPoint Communications Inc. (NASDAQ:FRP) traded up 0.83% during mid-day trading on Tuesday, reaching $14.52. 255,113 shares of the company’s stock traded hands. FairPoint Communications Inc. has a 12 month low of $12.69 and a 12 month high of $18.87. The stock has a market capitalization of $389.98 million, a PE ratio of 2.76 and a beta of 0.98. The firm’s 50-day moving average price is $13.93 and its 200 day moving average price is $14.44.
FairPoint Communications (NASDAQ:FRP) last released its quarterly earnings data on Wednesday, August 3rd. The company reported $1.08 EPS for the quarter, missing analysts’ consensus estimates of $1.36 by $0.28. FairPoint Communications had a negative return on equity of 3,416.86% and a net margin of 16.96%. The firm earned $206.56 million during the quarter, compared to analyst estimates of $206.95 million. Equities research analysts predict that FairPoint Communications Inc. will post $4.69 EPS for the current year.
Several research firms recently issued reports on FRP. Jefferies Group reaffirmed a “hold” rating on shares of FairPoint Communications in a report on Thursday, August 4th. Zacks Investment Research cut shares of FairPoint Communications from a “hold” rating to a “sell” rating in a report on Thursday, August 4th. Finally, Drexel Hamilton cut shares of FairPoint Communications from a “buy” rating to a “hold” rating in a report on Friday, July 29th.
FairPoint Communications Company Profile
FairPoint Communications, Inc is a provider of communications services to business, wholesale and residential customers within its service territories. The Company operates through providing data, voice and communications services to business, wholesale and residential customers segment. The Company provides services, such as Data and Internet Services, which include optical, Ethernet, IP services, Ethernet virtual circuit technology for cellular backhaul and private line special access services; Voice Services, which include Local Calling Services, Long Distance Services and 9-1-1 Services; Access, which include Network Transport Services, Network Switched Access Service, Interstate Access Charges and Intrastate Access Charges, and Other services, which include video services, including cable television and video-over- digital subscriber line (DSL), and directory services.
Want to see what other hedge funds are holding FRP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for FairPoint Communications Inc. (NASDAQ:FRP).
Receive News & Ratings for FairPoint Communications Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for FairPoint Communications Inc. and related companies with MarketBeat.com's FREE daily email newsletter.