$199.24 Million in Sales Expected for FairPoint Communications Inc (FRP) This Quarter
Analysts expect FairPoint Communications Inc (NASDAQ:FRP) to post sales of $199.24 million for the current fiscal quarter, Zacks Investment Research reports. Two analysts have made estimates for FairPoint Communications’ earnings, with estimates ranging from $199 million to $199.48 million. FairPoint Communications reported sales of $206.56 million in the same quarter last year, which would suggest a negative year over year growth rate of 3.5%. The firm is expected to issue its next quarterly earnings results on Wednesday, August 2nd.
According to Zacks, analysts expect that FairPoint Communications will report full-year sales of $199.24 million for the current financial year, with estimates ranging from $794.91 million to $799.2 million. For the next financial year, analysts forecast that the firm will report sales of $763.77 million per share, with estimates ranging from $753.74 million to $773.8 million. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research analysts that cover FairPoint Communications.
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 analysts’ consensus estimates of ($0.77) by $0.11. FairPoint Communications had a negative return on equity of 627.47% and a net margin of 15.70%. The firm had revenue of $201.91 million for the quarter, compared to the consensus estimate of $199.98 million.
Several brokerages have recently issued reports on FRP. Zacks Investment Research lowered shares of FairPoint Communications from a “buy” rating to a “hold” rating in a research note on Monday, May 8th. Jefferies Group LLC decreased their price target on shares of FairPoint Communications from $20.00 to $17.00 and set a “hold” rating for the company in a research note on Tuesday, March 7th.
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Shares of FairPoint Communications (NASDAQ:FRP) traded down 0.880% during midday trading on Friday, hitting $14.075. The stock had a trading volume of 26,394 shares. The company has a market cap of $379.48 million, a price-to-earnings ratio of 6.152 and a beta of 0.32. The stock’s 50-day moving average price is $16.20 and its 200 day moving average price is $17.26. FairPoint Communications has a 52 week low of $12.81 and a 52 week high of $19.60.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BlackRock Advisors LLC increased its position in FairPoint Communications by 1.1% in the third quarter. BlackRock Advisors LLC now owns 46,586 shares of the technology company’s stock valued at $700,000 after buying an additional 529 shares during the period. Akanthos Capital Management LLC acquired a new position in FairPoint Communications during the third quarter valued at approximately $1,127,000. Connor Clark & Lunn Investment Management Ltd. increased its position in FairPoint Communications by 31.2% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 137,215 shares of the technology company’s stock valued at $2,062,000 after buying an additional 32,615 shares during the period. Russell Investments Group Ltd. acquired a new position in FairPoint Communications during the fourth quarter valued at approximately $521,000. Finally, State Board of Administration of Florida Retirement System acquired a new position in FairPoint Communications during the fourth quarter valued at approximately $221,000. 92.22% of the stock is owned by institutional investors.
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.
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