New Generation Advisors buys $22 Million stake in FairPoint Communications Inc (FRP)

FairPoint Communications Inc (FRP) : New Generation Advisors scooped up 16,620 additional shares in FairPoint Communications Inc during the most recent quarter end , the firm said in a disclosure report filed with the SEC on May 12, 2016. The investment management firm now holds a total of 1,548,205 shares of FairPoint Communications Inc which is valued at $22 Million.FairPoint Communications Inc makes up approximately 13.72% of New Generation Advisors’s portfolio.

Other Hedge Funds, Including , Segantii Capital Management Ltd sold out all of its stake in FRP during the most recent quarter. The investment firm sold 237,217 shares of FRP which is valued $3.4 Million.New York State Common Retirement Fund reduced its stake in FRP by selling 196,545 shares or 65.6% in the most recent quarter. The Hedge Fund company now holds 103,070 shares of FRP which is valued at $1.5 Million. Smith Asset Management Group Lp added FRP to its portfolio by purchasing 4,130 company shares during the most recent quarter which is valued at $58,687.

FairPoint Communications Inc opened for trading at $13.63 and hit $13.849 on the upside on Friday, eventually ending the session at $13.58, with a gain of 0.30% or 0.04 points. The heightened volatility saw the trading volume jump to 60,977 shares. Company has a market cap of $367,556 M.

Many Wall Street Analysts have commented on FairPoint Communications Inc. FairPoint Communications Inc was Upgraded by Drexel Hamilton to ” Buy” on May 5, 2016.

FairPoint Communications Inc. is a provider of communications services to business wholesale and residential customers within its service territories. The Company offers its customers a suite of data services such as Ethernet high capacity data transport and other Internet Protocol (IP)-based services over its Next Generation Network in addition to Internet access high-speed data (HSD) and local and long distance voice services. Its service territory spans approximately 17 states where the Company is a communications provider primarily serving rural communities and small urban markets. The Company provides services such as Data and Internet Services Voice Services Access and Other services. The Company operated with approximately 1.1 million access line equivalents including approximately 322000 broadband subscribers in service as of December 31 2014.

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