Frontline Ltd. (FRO) Shares Bought by American International Group Inc.
American International Group Inc. boosted its position in shares of Frontline Ltd. (NYSE:FRO) by 7.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 40,205 shares of the shipping company’s stock after buying an additional 2,841 shares during the period. American International Group Inc.’s holdings in Frontline were worth $271,000 as of its most recent SEC filing.
Other hedge funds have also recently made changes to their positions in the company. State Street Corp raised its stake in shares of Frontline by 7.4% in the fourth quarter. State Street Corp now owns 990,048 shares of the shipping company’s stock worth $7,041,000 after buying an additional 68,224 shares during the last quarter. Guggenheim Capital LLC raised its stake in shares of Frontline by 60.2% in the fourth quarter. Guggenheim Capital LLC now owns 191,525 shares of the shipping company’s stock worth $1,362,000 after buying an additional 71,997 shares during the last quarter. Wells Fargo & Company MN raised its stake in shares of Frontline by 24.3% in the first quarter. Wells Fargo & Company MN now owns 65,824 shares of the shipping company’s stock worth $444,000 after buying an additional 12,850 shares during the last quarter. First Trust Advisors LP purchased a new stake in shares of Frontline during the first quarter worth approximately $551,000. Finally, Boston Partners purchased a new stake in shares of Frontline during the first quarter worth approximately $2,231,000. 11.57% of the stock is currently owned by hedge funds and other institutional investors.
Frontline Ltd. (NYSE FRO) traded down 0.79% during trading on Friday, hitting $5.02. The company had a trading volume of 445,130 shares. The stock has a market capitalization of $852.44 million, a price-to-earnings ratio of 13.11 and a beta of 1.97. Frontline Ltd. has a 1-year low of $5.00 and a 1-year high of $8.90. The company’s 50 day moving average price is $5.71 and its 200-day moving average price is $6.27.
Frontline (NYSE:FRO) last issued its earnings results on Tuesday, May 30th. The shipping company reported $0.16 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.04. The company had revenue of $121.94 million during the quarter, compared to analysts’ expectations of $103.70 million. Frontline had a return on equity of 8.76% and a net margin of 9.25%. On average, analysts expect that Frontline Ltd. will post $0.05 EPS for the current year.
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FRO has been the topic of a number of recent research reports. Zacks Investment Research lowered Frontline from a “hold” rating to a “sell” rating in a research note on Friday, May 5th. Seaport Global Securities raised Frontline from a “neutral” rating to a “buy” rating and set a $8.00 price target on the stock in a research note on Wednesday, May 31st. Credit Suisse Group cut their price target on Frontline from $8.00 to $6.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 31st. ValuEngine lowered Frontline from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Finally, BidaskClub raised Frontline from a “sell” rating to a “hold” rating in a research note on Wednesday, July 19th. Three equities research analysts have rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company’s stock. Frontline currently has a consensus rating of “Hold” and a consensus target price of $6.25.
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