JPMorgan Chase & Co. reduced its stake in shares of Frontline Ltd. (NYSE:FRO) by 2.7% during the second quarter, Holdings Channel reports. The firm owned 673,916 shares of the company’s stock after selling 18,935 shares during the period. JPMorgan Chase & Co. owned 0.43% of Frontline worth $5,303,000 as of its most recent SEC filing.
Several other institutional investors have also recently made changes to their positions in the stock. Capital Fund Management S.A. purchased a new position in shares of Frontline during the second quarter valued at about $129,000. Strs Ohio raised its position in shares of Frontline by 38.6% in the second quarter. Strs Ohio now owns 21,600 shares of the company’s stock valued at $169,000 after buying an additional 6,020 shares during the period. Emerald Acquisition Ltd. purchased a new position in shares of Frontline during the second quarter valued at about $178,000. Palo Capital Inc. raised its position in shares of Frontline by 112.6% in the second quarter. Palo Capital Inc. now owns 51,358 shares of the company’s stock valued at $404,000 after buying an additional 27,197 shares during the period. Finally, A.R.T. Advisors LLC purchased a new position in shares of Frontline during the first quarter valued at about $872,000. 9.12% of the stock is owned by institutional investors.
Shares of Frontline Ltd. (NYSE:FRO) traded down 2.431% during trading on Thursday, reaching $7.425. 516,175 shares of the company were exchanged. The stock’s 50-day moving average is $7.41 and its 200-day moving average is $7.95. The firm has a market cap of $1.16 billion, a price-to-earnings ratio of 4.862 and a beta of 2.30. Frontline Ltd. has a 52-week low of $6.80 and a 52-week high of $17.05.
Frontline (NYSE:FRO) last issued its quarterly earnings results on Wednesday, August 31st. The company reported $0.09 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.27 by $0.18. Frontline had a return on equity of 20.67% and a net margin of 31.41%. Equities research analysts predict that Frontline Ltd. will post $1.13 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Monday, September 19th. Investors of record on Monday, September 12th were paid a $0.20 dividend. The ex-dividend date was Thursday, September 8th. This represents a $0.80 annualized dividend and a dividend yield of 10.51%.
FRO has been the subject of several research analyst reports. Zacks Investment Research raised shares of Frontline from a “hold” rating to a “buy” rating and set a $8.50 price target for the company in a report on Wednesday, July 6th. Clarkson Capital reissued a “buy” rating on shares of Frontline in a report on Friday, June 17th. Morgan Stanley reissued an “equal weight” rating and issued a $7.00 price target (down previously from $10.00) on shares of Frontline in a report on Friday, August 26th. Finally, Wells Fargo & Co. reissued a “hold” rating on shares of Frontline in a report on Tuesday, September 27th. Seven investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $11.90.
Frontline Ltd. is a shipping company. The Company is engaged in the seaborne transportation of crude oil and oil products. The Company operates through the tankers segment. The tankers segment includes crude oil tankers and product tankers. The Company operates through subsidiaries and partnerships located in Bermuda, India, the Philippines, Liberia, Norway, the United Kingdom and Singapore.
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