Vanguard Group Inc. Trims Position in Frontline Ltd (NYSE:FRO)
Vanguard Group Inc. trimmed its holdings in Frontline Ltd (NYSE:FRO) by 4.9% in the second quarter, according to its most recent disclosure with the SEC. The fund owned 2,192,207 shares of the shipping company’s stock after selling 113,403 shares during the period. Vanguard Group Inc. owned 1.29% of Frontline worth $17,538,000 at the end of the most recent reporting period.
Other large investors have also made changes to their positions in the company. Tower Research Capital LLC TRC acquired a new position in shares of Frontline during the second quarter worth about $76,000. Bank of Montreal Can increased its stake in shares of Frontline by 24.7% during the second quarter. Bank of Montreal Can now owns 10,048 shares of the shipping company’s stock worth $80,000 after acquiring an additional 1,993 shares during the period. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Frontline during the second quarter worth about $89,000. Teza Capital Management LLC acquired a new position in Frontline during the second quarter worth about $99,000. Finally, LPL Financial LLC acquired a new position in Frontline during the second quarter worth about $128,000. 18.37% of the stock is owned by institutional investors and hedge funds.
Several research analysts have weighed in on the stock. BTIG Research upgraded shares of Frontline from a “neutral” rating to a “buy” rating and set a $12.00 target price on the stock in a research report on Thursday, September 12th. Jefferies Financial Group set a $8.00 target price on shares of Frontline and gave the stock a “hold” rating in a research report on Friday, July 5th. Nordea Equity Research upgraded shares of Frontline from a “sell” rating to a “buy” rating in a research report on Wednesday, August 28th. Evercore ISI upgraded shares of Frontline from an “in-line” rating to an “outperform” rating and set a $14.00 target price on the stock in a research report on Friday. Finally, ValuEngine upgraded shares of Frontline from a “strong sell” rating to a “sell” rating in a research report on Tuesday, October 8th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $8.98.
Frontline (NYSE:FRO) last issued its earnings results on Tuesday, August 27th. The shipping company reported $0.02 earnings per share for the quarter, hitting the consensus estimate of $0.02. The company had revenue of $102.74 million for the quarter, compared to analyst estimates of $102.98 million. Frontline had a net margin of 8.21% and a return on equity of 5.73%. During the same period in the prior year, the business posted ($0.16) earnings per share. Analysts forecast that Frontline Ltd will post 0.51 EPS for the current fiscal year.
Frontline Ltd., a shipping company, engages in the seaborne transportation of crude oil and oil products worldwide. It owns and operates oil and product tankers. As of December 31, 2018, the company's fleet consisted of 61 vessels, which included very large crude carrier, Suezmax, and LR2/Aframax tankers with an aggregate capacity of approximately 11.6 million deadweight ton.
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