567,041 Shares in FairPoint Communications Inc (NASDAQ:FRP) Acquired by Longfellow Investment Management Co. LLC

Longfellow Investment Management Co. LLC purchased a new stake in shares of FairPoint Communications Inc (NASDAQ:FRP) during the second quarter, according to its most recent 13F filing with the SEC. The firm purchased 567,041 shares of the technology company’s stock, valued at approximately $8,874,000. FairPoint Communications comprises about 2.6% of Longfellow Investment Management Co. LLC’s holdings, making the stock its 13th largest position.

Other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in shares of FairPoint Communications by 4.7% in the first quarter. Vanguard Group Inc. now owns 2,421,232 shares of the technology company’s stock worth $40,193,000 after buying an additional 108,263 shares during the period. Gluskin Sheff & Assoc Inc. boosted its stake in shares of FairPoint Communications by 513.1% in the first quarter. Gluskin Sheff & Assoc Inc. now owns 735,818 shares of the technology company’s stock worth $17,126,000 after buying an additional 615,798 shares during the period. FMR LLC boosted its stake in shares of FairPoint Communications by 17.8% in the first quarter. FMR LLC now owns 706,063 shares of the technology company’s stock worth $11,721,000 after buying an additional 106,913 shares during the period. Wells Fargo & Company MN boosted its stake in shares of FairPoint Communications by 9.5% in the first quarter. Wells Fargo & Company MN now owns 661,337 shares of the technology company’s stock worth $10,978,000 after buying an additional 57,192 shares during the period. Finally, Cowen Group Inc. boosted its stake in shares of FairPoint Communications by 86.2% in the first quarter. Cowen Group Inc. now owns 656,225 shares of the technology company’s stock worth $10,893,000 after buying an additional 303,812 shares during the period. 88.63% of the stock is currently owned by hedge funds and other institutional investors.

FairPoint Communications Inc (FRP) traded up 1.92% during mid-day trading on Tuesday, hitting $15.95. 297,903 shares of the company were exchanged. FairPoint Communications Inc has a 12-month low of $13.04 and a 12-month high of $19.60. The stock’s 50 day moving average is $14.69 and its 200-day moving average is $16.88.

FairPoint Communications (NASDAQ:FRP) last issued its quarterly earnings data on Thursday, May 4th. The technology company reported ($0.88) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.77) by $0.11. The business had revenue of $201.91 million during the quarter, compared to the consensus estimate of $199.98 million. On average, analysts predict that FairPoint Communications Inc will post ($2.03) earnings per share for the current year.

TRADEMARK VIOLATION WARNING: This piece was published by [[site]] and is the sole property of of [[site]]. If you are reading this piece on another publication, it was illegally copied and republished in violation of United States and international trademark & copyright laws. The legal version of this piece can be accessed at [[permalink]].

A number of analysts have weighed in on FRP shares. Zacks Investment Research cut shares of FairPoint Communications from a “buy” rating to a “hold” rating in a report on Monday, May 8th. ValuEngine cut shares of FairPoint Communications from a “strong-buy” rating to a “buy” rating in a report on Friday, June 2nd.

About FairPoint Communications

FairPoint Communications, Inc is a provider of data, voice and communications services to business, wholesale and residential customers within its service territories. The Company offers its customers a suite of services, such as Ethernet, Session Initiation Protocol Trunking (SIP-Trunking), hosted Primary Branch Exchange (hosted PBX), managed services, data center colocation services, high capacity data transport and other Internet protocol (IP)-based services over its fiber-based network.

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).