Geode Capital Management LLC Has $3.59 Million Position in FairPoint Communications Inc (FRP)

Geode Capital Management LLC increased its stake in shares of FairPoint Communications Inc (NASDAQ:FRP) by 26.1% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 216,496 shares of the technology company’s stock after buying an additional 44,855 shares during the period. Geode Capital Management LLC owned about 0.80% of FairPoint Communications worth $3,593,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently made changes to their positions in FRP. Parametric Portfolio Associates LLC boosted its position in FairPoint Communications by 43.0% in the first quarter. Parametric Portfolio Associates LLC now owns 154,923 shares of the technology company’s stock worth $2,572,000 after buying an additional 46,593 shares during the period. State Street Corp boosted its position in FairPoint Communications by 8.2% in the fourth quarter. State Street Corp now owns 387,199 shares of the technology company’s stock worth $7,240,000 after buying an additional 29,412 shares during the period. Dimensional Fund Advisors LP boosted its position in FairPoint Communications by 37.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 229,160 shares of the technology company’s stock worth $4,285,000 after buying an additional 62,200 shares during the period. Yakira Capital Management Inc. acquired a new position in FairPoint Communications during the first quarter worth approximately $861,000. Finally, Wells Fargo & Company MN boosted its position in 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. 88.63% of the stock is owned by hedge funds and other institutional investors.

FairPoint Communications Inc (NASDAQ:FRP) traded up 1.92% during trading on Friday, hitting $15.95. The stock had a trading volume of 297,903 shares. The company has a 50-day moving average of $14.69 and a 200-day moving average of $16.88. FairPoint Communications Inc has a 52 week low of $13.04 and a 52 week high of $19.60.

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

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.