Frontier Communications Corp (FTR)’s Shares Surge Amid Better-than-Expected Quarterly Results

What does the smart money think about Frontier Communications Corp (NASDAQ:FTR)?

As stated earlier, at the end of the first quarter, a total of 22 of the hedge funds tracked by Insider Monkey held long positions in this stock. With hedge funds’ capital changing hands, there exists a select group of noteworthy hedge fund managers who were increasing their holdings significantly.

According to hedge fund intelligence website Insider Monkey, Renaissance Technologies, managed by Jim Simons, held the biggest position in Frontier Communications Corp (NASDAQ:FTR), which contained 8.65 million shares, valued at $61 million. Sitting on the second spot is Darsana Capital Partners, managed by Anand Desai, which held a $42.3 million position with 6 million shares. Remaining hedge funds that are bullish comprise David Harding’s Winton Capital Management, Joel Greenblatt’s Gotham Asset Management and Israel Englander’s Millennium Management.

As one would reasonably expect, several hedge funds disclosed new positions in Frontier Communications Corp (NASDAQ:FTR). Benjamin A. Smith’s Laurion Capital Management initiated a $14.1 million position during the quarter. The other funds with new positions in the stock are Michael A. Price and Amos Meron’s Empyrean Capital Partners, Matthew Tewksbury’s Stevens Capital Management, and Peter Rathjens, Bruce Clarke and John Campbell’s Arrowstreet Capital.

Considering a positive hedge fund outlook and better-than-expected quarterly results, we recommend investors to initiate positions at current weakness.

Disclosure: None