Evermore Global Advisors LLC Has $30.43 Million Stake in Frontline Ltd. (FRO)
Evermore Global Advisors LLC raised its stake in Frontline Ltd. (NYSE:FRO) by 30.3% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 5,037,514 shares of the shipping company’s stock after acquiring an additional 1,170,522 shares during the quarter. Frontline makes up 11.5% of Evermore Global Advisors LLC’s portfolio, making the stock its 4th biggest holding. Evermore Global Advisors LLC owned approximately 2.97% of Frontline worth $30,427,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Northern Trust Corp increased its stake in Frontline by 197.8% in the second quarter. Northern Trust Corp now owns 1,795,843 shares of the shipping company’s stock valued at $10,290,000 after purchasing an additional 1,192,899 shares during the last quarter. State Street Corp increased its stake in Frontline by 18.1% in the second quarter. State Street Corp now owns 1,282,370 shares of the shipping company’s stock valued at $7,351,000 after purchasing an additional 196,952 shares during the last quarter. Cipher Capital LP increased its stake in Frontline by 24.9% in the second quarter. Cipher Capital LP now owns 500,614 shares of the shipping company’s stock valued at $2,868,000 after purchasing an additional 99,785 shares during the last quarter. Amerigo Asset Management acquired a new position in Frontline in the third quarter valued at $2,897,000. Finally, Bank of New York Mellon Corp increased its stake in Frontline by 7.7% in the second quarter. Bank of New York Mellon Corp now owns 257,954 shares of the shipping company’s stock valued at $1,479,000 after purchasing an additional 18,354 shares during the last quarter. 12.52% of the stock is owned by institutional investors.
Frontline Ltd. (NYSE FRO) traded up $0.03 during mid-day trading on Wednesday, reaching $5.86. The company’s stock had a trading volume of 539,200 shares, compared to its average volume of 770,188. Frontline Ltd. has a 1 year low of $4.87 and a 1 year high of $7.83. The company has a debt-to-equity ratio of 1.07, a quick ratio of 1.66 and a current ratio of 1.66. The stock has a market capitalization of $7,840.00, a P/E ratio of 14.22 and a beta of 1.94.
Frontline (NYSE:FRO) last posted its quarterly earnings results on Wednesday, August 30th. The shipping company reported ($0.08) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.03) by ($0.05). Frontline had a net margin of 4.74% and a return on equity of 4.42%. The firm had revenue of $89.99 million for the quarter, compared to analysts’ expectations of $86.55 million. equities analysts predict that Frontline Ltd. will post -0.03 earnings per share for the current fiscal year.
Several equities analysts recently commented on the company. Zacks Investment Research lowered Frontline from a “hold” rating to a “sell” rating in a research note on Wednesday, November 1st. ValuEngine lowered Frontline from a “buy” rating to a “hold” rating in a research note on Tuesday, August 1st. BidaskClub upgraded Frontline from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 26th. Finally, Credit Suisse Group reiterated a “neutral” rating on shares of Frontline in a research note on Tuesday, September 5th. Three research analysts have rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the company’s stock. Frontline has an average rating of “Hold” and a consensus price target of $6.00.
Frontline Company Profile
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