Frontline Ltd. (FRO) Holdings Cut by Russell Investments Group Ltd.
Russell Investments Group Ltd. lowered its stake in shares of Frontline Ltd. (NYSE:FRO) by 6.8% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 121,559 shares of the shipping company’s stock after selling 8,831 shares during the quarter. Russell Investments Group Ltd. owned about 0.07% of Frontline worth $697,000 at the end of the most recent quarter.
Other institutional investors also recently made changes to their positions in the company. Mackenzie Financial Corp bought a new stake in Frontline during the first quarter worth approximately $101,000. Legal & General Group Plc boosted its position in Frontline by 3.8% during the first quarter. Legal & General Group Plc now owns 16,056 shares of the shipping company’s stock worth $108,000 after purchasing an additional 581 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Frontline by 426.8% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 16,564 shares of the shipping company’s stock worth $112,000 after purchasing an additional 13,420 shares during the period. Aperio Group LLC bought a new stake in Frontline during the second quarter worth approximately $124,000. Finally, KCG Holdings Inc. boosted its position in Frontline by 40.3% during the first quarter. KCG Holdings Inc. now owns 25,073 shares of the shipping company’s stock worth $169,000 after purchasing an additional 7,205 shares during the period. 12.35% of the stock is owned by hedge funds and other institutional investors.
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A number of equities research analysts have issued reports on the company. Credit Suisse Group reaffirmed a “neutral” rating on shares of Frontline in a research report on Tuesday, September 5th. BidaskClub raised Frontline from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 26th. ValuEngine cut Frontline from a “buy” rating to a “hold” rating in a research report on Tuesday, August 1st. Evercore ISI cut Frontline from an “in-line” rating to an “underperform” rating and decreased their target price for the stock from $6.00 to $4.00 in a research report on Friday, July 21st. Finally, Zacks Investment Research cut Frontline from a “hold” rating to a “sell” rating in a research report on Wednesday, May 31st. Three research analysts have rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $6.00.
Frontline Ltd. (NYSE FRO) remained flat at $5.58 during midday trading on Friday. 632,827 shares of the company traded hands. The company has a market capitalization of $947.53 million, a price-to-earnings ratio of 29.06 and a beta of 2.04. Frontline Ltd. has a 12-month low of $4.87 and a 12-month high of $8.05. The stock has a 50-day moving average price of $5.44 and a 200-day moving average price of $6.07.
Frontline (NYSE:FRO) last posted its quarterly earnings results on Wednesday, August 30th. The shipping company reported ($0.08) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.03) by ($0.05). The company had revenue of $89.99 million for the quarter, compared to analyst estimates of $86.55 million. Frontline had a return on equity of 4.41% and a net margin of 4.74%. Equities analysts predict that Frontline Ltd. will post ($0.05) EPS for the current year.
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