Frontline Ltd. (NYSE:FRO) shares hit a new 52-week low on Thursday following a dissappointing earnings announcement. The stock traded as low as $4.95 and last traded at $4.93, with a volume of 1,033,611 shares. The stock had previously closed at $5.10.

The shipping company reported ($0.08) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.03) by $0.05. Frontline had a net margin of 9.25% and a return on equity of 8.76%. The company had revenue of $89.99 million for the quarter, compared to the consensus estimate of $86.55 million.

A number of research firms recently issued reports on FRO. BidaskClub upgraded Frontline from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 26th. ValuEngine lowered Frontline from a “buy” rating to a “hold” rating in a research note on Tuesday, August 1st. Evercore ISI lowered Frontline from an “in-line” rating to an “underperform” rating and decreased their price objective for the company from $6.00 to $4.00 in a research note on Friday, July 21st. Zacks Investment Research lowered Frontline from a “hold” rating to a “sell” rating in a research note on Wednesday, May 31st. Finally, Credit Suisse Group decreased their price objective on Frontline from $8.00 to $6.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 31st. Three investment analysts have rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company’s stock. Frontline currently has a consensus rating of “Hold” and a consensus price target of $6.00.

Several hedge funds have recently added to or reduced their stakes in the stock. The Manufacturers Life Insurance Company boosted its position in Frontline by 17.6% in the second quarter. The Manufacturers Life Insurance Company now owns 59,870 shares of the shipping company’s stock valued at $343,000 after buying an additional 8,958 shares during the last quarter. State Street Corp boosted its position 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 buying an additional 196,952 shares during the last quarter. Voya Investment Management LLC boosted its position in Frontline by 24.4% in the second quarter. Voya Investment Management LLC now owns 32,821 shares of the shipping company’s stock valued at $188,000 after buying an additional 6,432 shares during the last quarter. Parametric Portfolio Associates LLC boosted its position in Frontline by 167.0% in the second quarter. Parametric Portfolio Associates LLC now owns 70,841 shares of the shipping company’s stock valued at $406,000 after buying an additional 44,304 shares during the last quarter. Finally, Northern Trust Corp boosted its position 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 buying an additional 1,192,899 shares during the last quarter. Institutional investors own 12.35% of the company’s stock.

The firm has a market capitalization of $828.67 million, a price-to-earnings ratio of 12.74 and a beta of 1.97. The company has a 50-day moving average of $5.60 and a 200-day moving average of $6.17.

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Frontline Company Profile

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