Frontier up 0.9% premarket; Stephens launches at Overweight

• Frontier Communications (NYSE:FTR) is up 0.9% premarket after Stephens initiated coverage of the stock, at Overweight.
• Shares have gained 5.5% over the past month.
• With funds releasing their 13F filings for Q2, Seth Klarman's Baupost Group took one of its largest new stakes in Frontier, acquiring 13.5M shares (about $66M worth) to take a place among the company's top institutional investors.
• Another group that added Frontier heavily in Q2 was Ken Griffin's Citadel Advisors (14.75M shares added in Q2).