The Algert Global LLC Raises Stake in FairPoint Communications Inc. (FRP)

The Algert Global LLC Raises Stake in FairPoint Communications Inc. (FRP)

Algert Global LLC raised its position in shares of FairPoint Communications Inc. (NASDAQ:FRP) by 84.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 216,057 shares of the company’s stock after buying an additional 98,853 shares during the period. FairPoint Communications comprises approximately 0.9% of Algert Global LLC’s investment portfolio, making the stock its 7th largest position. Algert Global LLC’s holdings in FairPoint Communications were worth $3,247,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. GSA Capital Partners LLP increased its position in shares of FairPoint Communications by 165.3% in the second quarter. GSA Capital Partners LLP now owns 93,801 shares of the company’s stock valued at $1,377,000 after buying an additional 58,451 shares during the last quarter. Polaris Capital Management LLC increased its position in shares of FairPoint Communications by 0.8% in the second quarter. Polaris Capital Management LLC now owns 470,538 shares of the company’s stock valued at $6,907,000 after buying an additional 3,800 shares during the last quarter. Emerald Acquisition Ltd. purchased a new position in shares of FairPoint Communications during the second quarter valued at approximately $8,586,000. Mizuho Trust & Banking Co. Ltd. purchased a new position in shares of FairPoint Communications during the second quarter valued at approximately $1,445,000. Finally, California State Teachers Retirement System increased its position in shares of FairPoint Communications by 0.9% in the second quarter. California State Teachers Retirement System now owns 44,517 shares of the company’s stock valued at $654,000 after buying an additional 385 shares during the last quarter. Institutional investors and hedge funds own 92.79% of the company’s stock.

Shares of FairPoint Communications Inc. (NASDAQ:FRP) opened at 15.43 on Wednesday. The stock’s 50 day moving average is $14.26 and its 200-day moving average is $14.42. The company has a market capitalization of $414.42 million, a P/E ratio of 2.93 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 announced its earnings results 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 business had revenue of $206.56 million for the quarter, compared to analysts’ expectations of $206.95 million. Analysts anticipate that FairPoint Communications Inc. will post $4.69 earnings per share for the current year.

FRP has been the subject of several analyst reports. Jefferies Group reissued a “hold” rating on shares of FairPoint Communications in a report on Thursday, August 4th. Drexel Hamilton downgraded shares of FairPoint Communications from a “buy” rating to a “hold” rating in a report on Friday, July 29th. Finally, Zacks Investment Research downgraded shares of FairPoint Communications from a “hold” rating to a “sell” rating in a report on Thursday, August 4th.

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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