Polymer Capital Management HK LTD acquired a new stake in Frontline PLC (NYSE:FRO - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 486,276 shares of the shipping company's stock, valued at approximately $16,918,000. Frontline accounts for about 0.9% of Polymer Capital Management HK LTD's holdings, making the stock its 14th largest position. Polymer Capital Management HK LTD owned approximately 0.22% of Frontline at the end of the most recent quarter.
A number of other large investors also recently bought and sold shares of the stock. University of Texas Texas AM Investment Management Co. purchased a new position in shares of Frontline during the 4th quarter worth approximately $25,000. Assetmark Inc. grew its stake in shares of Frontline by 278.6% in the first quarter. Assetmark Inc. now owns 973 shares of the shipping company's stock valued at $34,000 after buying an additional 716 shares in the last quarter. Sunbelt Securities Inc. acquired a new stake in shares of Frontline in the third quarter valued at $41,000. Parallel Advisors LLC raised its holdings in shares of Frontline by 58.9% in the 1st quarter. Parallel Advisors LLC now owns 1,311 shares of the shipping company's stock valued at $46,000 after buying an additional 486 shares during the period. Finally, Global Retirement Partners LLC acquired a new position in Frontline during the 2nd quarter worth about $48,000. Institutional investors and hedge funds own 22.70% of the company's stock.
Analyst Ratings Changes
Several research firms have recently commented on FRO. Pareto Securities lowered shares of Frontline from a "buy" rating to a "hold" rating and set a $39.46 price objective for the company. in a research note on Monday, May 25th. BTIG Research upped their price target on Frontline from $45.00 to $55.00 and gave the stock a "buy" rating in a report on Wednesday, June 24th. Danske lowered Frontline from a "hold" rating to a "sell" rating in a research report on Friday. Wall Street Zen cut Frontline from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 15th. Finally, Weiss Ratings downgraded Frontline from a "buy (b)" rating to a "buy (b-)" rating in a research report on Wednesday, August 12th. Four equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $41.62.
View Our Latest Research Report on FRO
Frontline Price Performance
Shares of FRO opened at $43.67 on Monday. The firm has a market capitalization of $9.72 billion, a price-to-earnings ratio of 10.76 and a beta of 0.02. The firm's fifty day simple moving average is $38.97 and its 200-day simple moving average is $36.31. Frontline PLC has a twelve month low of $19.87 and a twelve month high of $45.17. The company has a current ratio of 2.03, a quick ratio of 2.03 and a debt-to-equity ratio of 0.83.
Frontline Profile
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Free Report)
Frontline Ltd. NYSE: FRO is a leading global shipping company specializing in the seaborne transportation of crude oil and petroleum products. The company's core business activities encompass the ownership and operation of very large crude carriers (VLCCs), Suezmax tankers and Aframax vessels. Through long-term charters, spot market operations and time charters, Frontline provides flexible shipping solutions that cater to a diverse set of energy producers, refiners and trading houses worldwide.
Frontline's fleet is geared toward high-capacity, ocean-going tankers capable of carrying large volumes of crude oil over intercontinental distances.
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