ClariVest Asset Management LLC Buys 7,800 Shares of FairPoint Communications Inc. (FRP)
ClariVest Asset Management LLC boosted its position in shares of FairPoint Communications Inc. (NASDAQ:FRP) by 15.4% during the second quarter, according to its most recent disclosure with the SEC. The firm owned 58,484 shares of the company’s stock after buying an additional 7,800 shares during the period. ClariVest Asset Management LLC’s holdings in FairPoint Communications were worth $860,000 as of its most recent SEC filing.
A number of other hedge funds have also recently added to or reduced their stakes in FRP. 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. Bogle Investment Management L P DE bought a new stake in shares of FairPoint Communications during the first quarter worth $1,156,000. Renaissance Technologies LLC boosted its stake in shares of 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 in the last quarter. Jacobs Levy Equity Management Inc. bought a new stake in shares of FairPoint Communications during the first quarter worth $575,000. Finally, Smith Asset Management Group LP boosted its stake in shares of FairPoint Communications by 101.0% in the second quarter. Smith Asset Management Group LP now owns 8,300 shares of the company’s stock worth $122,000 after buying an additional 4,170 shares in 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, hitting $15.24. The stock had a trading volume of 114,665 shares. The company has a market capitalization of $409.32 million, a price-to-earnings ratio of 2.89 and a beta of 0.60. The stock has a 50 day moving average price of $14.38 and a 200 day moving average price of $14.43. FairPoint Communications Inc. has a 12-month low of $12.69 and a 12-month high of $18.87.
FairPoint Communications (NASDAQ:FRP) last released its quarterly earnings data on Wednesday, August 3rd. The company reported $1.08 EPS for the quarter, missing the Zacks’ consensus estimate of $1.36 by $0.28. FairPoint Communications had a net margin of 16.96% and a negative return on equity of 3,416.86%. The firm earned $206.56 million during the quarter, compared to the consensus estimate of $206.95 million. Equities research analysts forecast that FairPoint Communications Inc. will post $4.69 earnings per share for the current year.
FRP has been the subject of a number of analyst reports. Zacks Investment Research cut FairPoint Communications from a “hold” rating to a “sell” rating in a research report on Thursday, August 4th. Jefferies Group reaffirmed a “hold” rating on shares of FairPoint Communications in a research report on Thursday, August 4th. Finally, Drexel Hamilton cut FairPoint Communications from a “buy” rating to a “hold” rating in a research 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.
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