California Public Employees Retirement System lowered its stake in shares of FairPoint Communications Inc. (NASDAQ:FRP) by 10.1% during the second quarter, Holdings Channel reports. The firm owned 77,200 shares of the company’s stock after selling 8,661 shares during the period. California Public Employees Retirement System owned about 0.29% of FairPoint Communications worth $1,133,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Emerald Acquisition Ltd. acquired a new stake in FairPoint Communications during the second quarter worth about $8,586,000. Mizuho Trust & Banking Co. Ltd. acquired a new stake in FairPoint Communications during the second quarter worth about $1,445,000. Bogle Investment Management L P DE acquired a new stake in FairPoint Communications during the first quarter worth 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 worth $15,907,000 after buying an additional 68,700 shares during the last quarter. Finally, 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 worth $949,000 after buying an additional 44,700 shares during the last quarter. 92.79% of the stock is owned by hedge funds and other institutional investors.
FairPoint Communications Inc. (NASDAQ:FRP) traded down 0.33% during trading on Friday, reaching $15.24. The company’s stock had a trading volume of 114,665 shares. The stock’s 50 day moving average is $14.38 and its 200 day moving average is $14.43. The company has a market cap of $409.32 million, a price-to-earnings ratio of 2.89 and a beta of 0.60. FairPoint Communications Inc. has a 12 month low of $12.69 and a 12 month high of $18.87.
FairPoint Communications (NASDAQ:FRP) last issued 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. The company had revenue of $206.56 million for the quarter, compared to the consensus estimate of $206.95 million. FairPoint Communications had a negative return on equity of 3,416.86% and a net margin of 16.96%. On average, equities analysts expect that FairPoint Communications Inc. will post $4.69 EPS for the current fiscal year.
Several analysts recently weighed in on the company. Zacks Investment Research cut FairPoint Communications from a “hold” rating to a “sell” rating in a report on Thursday, August 4th. Drexel Hamilton cut FairPoint Communications from a “buy” rating to a “hold” rating in a report on Friday, July 29th. Finally, Jefferies Group restated a “hold” rating on shares of FairPoint Communications in a research note on Thursday, August 4th.
About FairPoint Communications
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.
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