Renaissance Technologies LLC has recently announced that it has increased stake in Frontline Ltd. (NYSE:FRO) by 345.40%. After grabbing 4.54 million shares, the institutional investor is now in possession of 3.52 million shares of the Energy Company. The new investment brought the stake of investor firm to 2.23% having worth around $56.97 million. Moreover, Antipodes Partners Ltd. increased its share by 4.38 million to have a control over 4.38 million shares. And The Vanguard Group, Inc. raised its holdings to 0.15 million shares by acquiring 3.74 million shares or 1.84% of the stake.
Frontline Ltd. (FRO) concluded trading on 11/23/22 at a closing price of $13.84, with 3.12 million shares of worth about $43.21 million changed hands on the day. Half year performance of the stock remained positive as price took a surge of 31.81% during that period and on Wednesday the price saw a loss of about -2.40%. Currently the company’s common shares owned by public are about 206.98M shares, out of which, 142.78M shares are available for trading.
iShares Russell 2000 ETF, Vanguard Total International Stoc, and DFA International Small Cap Value are the top 3 mutual funds which are holding stakes in Frontline Ltd. iShares Russell 2000 ETF is currently holding 2.75 million shares of worth totaling $34.53 million. The company recently came selling 51039.0 shares which brought its stake up to 1.35% of the company’s outstanding shares. Vanguard Total International Stoc sold 728.0 shares, after which its hold over company’s outstanding shares shrunk to 0.80%, leaving 1.64 million shares with the mutual fund that have a worth of about $20.55 million. DFA International Small Cap Value, after selling 1.35 million shares, have now control over 0.67% of the stake in the company. It holds -0.24 million shares of worth $16.99 million.
However, the stock later moved at a day high price of 14.50, or with a loss of -2.40%. Stock saw a price change of -1.42% in past 5 days and over the past one month there was a price change of 8.21%. Year-to-date (YTD), FRO shares are showing a performance of 95.76% which increased to 96.87% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $6.10 but also hit the highest price of $14.74 during that period. The average intraday trading volume for Frontline Ltd. shares is 3.64 million. The stock is currently trading 2.37% above its 20-day simple moving average (SMA20), while that difference is up 10.09% for SMA50 and it goes to 35.43% higher than SMA200.
Renaissance Technologies LLC acquired 4.54 million shares of Frontline Ltd. having value of about $56.97 million. Data submitted at the U.S SEC by Renaissance Technologies LLC revealed that the firm now holds 3.52 million shares in the company valued at close to $48682947.36, or have control over 345.40% stake in the company. Frontline Ltd. (NYSE: FRO) currently have 206.98M outstanding shares and institutions hold larger chunk of about 21.10% of that. Holding of mutual funds in the company is about 16.36% while other institutional holders and individual stake holders have control over 26.60% and — of the stake respectively.
The stock has a current market capitalization of $3.15B and its 3Y-monthly beta is at 0.27. PE ratio of stock for trailing 12 months is 44.65, while it has posted earnings per share of $0.31 in the same period. It has a debt-to-equity ratio of 1.22. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for FRO, volatility over the week remained 4.53% while standing at 4.05% over the month.
Analysts are in expectations that Frontline Ltd. (FRO) stock would likely to be making an EPS of $4.69 in the current quarter, while forecast for next quarter EPS is $7.39 and it is $20.21 for next year. For the current quarter EPS, analysts have given the company a lowest target $3.68 which is $6.04 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of -$1.53 in the same quarter a year ago. Stock’s fiscal year EPS is expected to drop by -102.70% while it is estimated to increase by 41.23% in next year.
Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by Jefferies on September 06, 2022 offering a Buy rating for the stock and assigned a target price range of between $11 and $16 to it. Coverage by Jefferies stated Frontline Ltd. (FRO) stock as a Hold in their note to investors on July 21, 2022, suggesting a price target of $9 for the stock. Stock get a Neutral rating from H.C. Wainwright on March 29, 2021.