Mackenzie Financial Corp Boosts Holdings in Frontline Ltd. (FRO)

Mackenzie Financial Corp grew its position in Frontline Ltd. (NYSE:FRO) by 42.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 56,523 shares of the shipping company’s stock after buying an additional 16,844 shares during the quarter. Mackenzie Financial Corp’s holdings in Frontline were worth $259,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the business. Parametric Portfolio Associates LLC grew its holdings in Frontline by 167.0% during the second quarter. Parametric Portfolio Associates LLC now owns 70,841 shares of the shipping company’s stock valued at $406,000 after purchasing an additional 44,304 shares during the last quarter. Voya Investment Management LLC grew its stake in shares of Frontline by 24.4% in the second quarter. Voya Investment Management LLC now owns 32,821 shares of the shipping company’s stock worth $188,000 after acquiring an additional 6,432 shares during the last quarter. State Street Corp grew its stake in shares of Frontline by 18.1% in the second quarter. State Street Corp now owns 1,282,370 shares of the shipping company’s stock worth $7,351,000 after acquiring an additional 196,952 shares during the last quarter. The Manufacturers Life Insurance Company boosted its stake in Frontline by 17.6% during the second quarter. The Manufacturers Life Insurance Company now owns 59,870 shares of the shipping company’s stock worth $343,000 after buying an additional 8,958 shares in the last quarter. Finally, Evermore Global Advisors LLC boosted its stake in Frontline by 30.3% during the third quarter. Evermore Global Advisors LLC now owns 5,037,514 shares of the shipping company’s stock worth $30,427,000 after buying an additional 1,170,522 shares in the last quarter. Institutional investors own 14.41% of the company’s stock.

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A number of research analysts have issued reports on FRO shares. Zacks Investment Research raised Frontline from a “sell” rating to a “hold” rating in a report on Friday. DNB Markets raised Frontline from a “hold” rating to a “buy” rating in a report on Tuesday, March 6th. ValuEngine cut Frontline from a “sell” rating to a “strong sell” rating in a report on Thursday, March 1st. Finally, Seaport Global Securities set a $7.00 target price on Frontline and gave the stock a “buy” rating in a research report on Thursday, January 4th. Three equities research analysts have rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the company’s stock. Frontline presently has a consensus rating of “Hold” and a consensus price target of $5.67.

NYSE FRO traded down $0.23 during trading on Friday, hitting $4.29. The stock had a trading volume of 464,377 shares, compared to its average volume of 633,777. Frontline Ltd. has a 12 month low of $3.79 and a 12 month high of $6.95. The stock has a market capitalization of $759.02, a price-to-earnings ratio of -143.00 and a beta of 1.68. The company has a debt-to-equity ratio of 1.45, a quick ratio of 1.17 and a current ratio of 1.45.

Frontline (NYSE:FRO) last posted its quarterly earnings results on Wednesday, February 28th. The shipping company reported $0.03 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.11. Frontline had a negative return on equity of 0.31% and a negative net margin of 40.98%. The business had revenue of $99.20 million for the quarter, compared to analysts’ expectations of $88.40 million. equities research analysts forecast that Frontline Ltd. will post -0.34 EPS for the current year.

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Frontline Profile

Frontline Ltd. is a shipping company. The Company is engaged in the seaborne transportation of crude oil and oil products. Its tankers segment includes crude oil tankers and product tankers. As of December 31, 2016, the Company’s fleet consisted of 28 vessels owned by the Company (seven very large crude carriers (VLCCs), 10 Suezmax tankers and 11 Aframax/LR2 tankers); 13 vessels that are under capital leases (11 VLCCs and two Suezmax tankers); one VLCC that is recorded as an investment in finance lease; four vessels chartered-in for periods of 12 months, including extension options (two VLCCs and two Suezmax tankers); two VLCCs where cost/revenue is split equally with a third party (of which one is chartered-in by it and one by a third party); three medium range product tankers that are chartered-in on short term time charters with a remaining duration of less than two months, and five vessels that are under commercial management (two Suezmax tankers and three Aframax oil tankers).

Institutional Ownership by Quarter for Frontline (NYSE:FRO)

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