California Public Employees Retirement System raised its stake in shares of FairPoint Communications Inc (NASDAQ:FRP) by 10.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 105,700 shares of the technology company’s stock after buying an additional 10,200 shares during the period. California Public Employees Retirement System owned approximately 0.39% of FairPoint Communications worth $1,755,000 at the end of the most recent quarter.
Several other large investors have also made changes to their positions in the stock. American International Group Inc. raised its stake in shares of FairPoint Communications by 7.0% in the first quarter. American International Group Inc. now owns 13,066 shares of the technology company’s stock valued at $217,000 after buying an additional 858 shares during the last quarter. State Board of Administration of Florida Retirement System acquired a new stake in shares of FairPoint Communications during the fourth quarter valued at approximately $221,000. Texas Permanent School Fund acquired a new stake in shares of FairPoint Communications during the first quarter valued at approximately $271,000. Engineers Gate Manager LP acquired a new stake in shares of FairPoint Communications during the first quarter valued at approximately $320,000. Finally, TFS Capital LLC acquired a new stake in shares of FairPoint Communications during the first quarter valued at approximately $372,000. Institutional investors own 88.63% of the company’s stock.
Shares of FairPoint Communications Inc (NASDAQ:FRP) traded up 1.92% on Thursday, reaching $15.95. The company’s stock had a trading volume of 297,903 shares. FairPoint Communications Inc has a 12-month low of $13.04 and a 12-month high of $19.60. The company’s 50 day moving average price is $14.69 and its 200 day moving average price is $16.88.
FairPoint Communications (NASDAQ:FRP) last announced its quarterly earnings results on Thursday, May 4th. The technology company reported ($0.88) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.77) by $0.11. The company had revenue of $201.91 million during the quarter, compared to the consensus estimate of $199.98 million. Analysts predict that FairPoint Communications Inc will post ($2.03) earnings per share for the current year.
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Several equities research analysts recently commented on the company. ValuEngine lowered FairPoint Communications from a “strong-buy” rating to a “buy” rating in a research report on Friday, June 2nd. Zacks Investment Research lowered FairPoint Communications from a “buy” rating to a “hold” rating in a report on Monday, May 8th.
FairPoint Communications Company Profile
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.
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