FairPoint Communications Inc. (NASDAQ:FRP) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Wednesday.

According to Zacks, “FairPoint Communications, Inc. operates as a provider of communications services to rural and small urban communities, primarily in northern New England. Services offered by the Company includes including local and long distance voice, data, Internet, television and broadband services. The Company operates local exchange companies and also offers video services to its customers by reselling DirectTV content and providing cable and IP television video over digital subscriber line (DSL). FairPoint Communications, Inc. is headquartered in Charlotte, North Carolina. “

Other research analysts have also recently issued reports about the stock. Jefferies Group reissued a “hold” rating on shares of FairPoint Communications in a research note on Thursday, August 4th. Drexel Hamilton cut shares of FairPoint Communications from a “buy” rating to a “hold” rating in a research note on Friday, July 29th.

FairPoint Communications (NASDAQ:FRP) opened at 16.40 on Wednesday. The firm has a market cap of $440.47 million, a P/E ratio of 3.11 and a beta of 0.27. The stock has a 50 day moving average price of $15.35 and a 200-day moving average price of $14.60. FairPoint Communications has a 1-year low of $12.69 and a 1-year high of $18.87.

FairPoint Communications (NASDAQ:FRP) last released its quarterly earnings results on Wednesday, November 2nd. The company reported $1.48 earnings per share for the quarter, missing analysts’ consensus estimates of $1.60 by $0.12. FairPoint Communications had a net margin of 15.70% and a negative return on equity of 627.47%. The business earned $207.10 million during the quarter, compared to analyst estimates of $206.60 million. Equities research analysts forecast that FairPoint Communications will post $4.54 EPS for the current year.

A number of hedge funds and other institutional investors have recently made changes to their positions in FRP. Rhumbline Advisers boosted its stake in FairPoint Communications by 0.5% in the third quarter. Rhumbline Advisers now owns 21,776 shares of the company’s stock worth $327,000 after buying an additional 110 shares during the last quarter. Smith Asset Management Group LP boosted its stake in FairPoint Communications by 1.9% in the third quarter. Smith Asset Management Group LP now owns 8,460 shares of the company’s stock worth $127,000 after buying an additional 160 shares during the last quarter. Guggenheim Capital LLC boosted its stake in FairPoint Communications by 1.2% in the second quarter. Guggenheim Capital LLC now owns 17,417 shares of the company’s stock worth $256,000 after buying an additional 210 shares during the last quarter. Teachers Advisors LLC boosted its stake in FairPoint Communications by 0.7% in the third quarter. Teachers Advisors LLC now owns 36,092 shares of the company’s stock worth $542,000 after buying an additional 249 shares during the last quarter. Finally, California State Teachers Retirement System boosted its stake in FairPoint Communications by 0.9% in the second quarter. California State Teachers Retirement System now owns 44,517 shares of the company’s stock worth $654,000 after buying an additional 385 shares during the last quarter. 93.37% of the stock is currently owned by institutional investors and hedge funds.

About FairPoint Communications

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.

5 Day Chart for NASDAQ:FRP

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