Public Employees Retirement System of Ohio Has $2.77 Million Position in Frontline PLC $FRO

Public Employees Retirement System of Ohio boosted its stake in shares of Frontline PLC (NYSE:FRO) by 73.7% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 79,474 shares of the shipping company’s stock after purchasing an additional 33,712 shares during the quarter. Public Employees Retirement System of Ohio’s holdings in Frontline were worth $2,772,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Arrowstreet Capital Limited Partnership raised its position in shares of Frontline by 4,659.9% in the first quarter. Arrowstreet Capital Limited Partnership now owns 5,783,681 shares of the shipping company’s stock valued at $202,080,000 after purchasing an additional 5,662,172 shares during the period. Voloridge Investment Management LLC acquired a new stake in shares of Frontline in the fourth quarter worth $15,676,000. Balyasny Asset Management L.P. boosted its holdings in shares of Frontline by 44.0% during the 3rd quarter. Balyasny Asset Management L.P. now owns 2,247,120 shares of the shipping company’s stock worth $51,212,000 after buying an additional 686,212 shares during the period. Barclays PLC boosted its holdings in shares of Frontline by 256.9% during the 4th quarter. Barclays PLC now owns 826,343 shares of the shipping company’s stock worth $18,031,000 after buying an additional 594,811 shares during the period. Finally, Forest Avenue Capital Management LP acquired a new position in Frontline in the 4th quarter valued at $11,917,000. Institutional investors and hedge funds own 22.70% of the company’s stock.

Frontline Trading Up 0.7%

Shares of Frontline stock opened at $39.36 on Friday. Frontline PLC has a 1 year low of $18.26 and a 1 year high of $43.10. The company’s fifty day simple moving average is $37.46 and its 200-day simple moving average is $34.77. The company has a market cap of $8.76 billion, a price-to-earnings ratio of 9.69 and a beta of 0.01. 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 Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 23rd. Shareholders of record on Friday, June 12th were given a $1.55 dividend. The ex-dividend date was Friday, June 12th. This represents a $6.20 annualized dividend and a yield of 15.8%. This is a positive change from Frontline’s previous quarterly dividend of $1.03. Frontline’s dividend payout ratio (DPR) is 152.71%.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on FRO shares. Evercore lowered shares of Frontline from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, April 21st. Pareto Securities downgraded Frontline from a “buy” rating to a “hold” rating and set a $39.46 price target on the stock. in a research report on Monday, May 25th. Weiss Ratings upgraded Frontline from a “hold (c+)” rating to a “buy (b)” rating in a research note on Friday, May 22nd. BTIG Research lifted their price objective on Frontline from $45.00 to $55.00 and gave the stock a “buy” rating in a research note on Wednesday, June 24th. Finally, Danske cut Frontline to a “hold” rating in a research report on Tuesday, May 26th. Four analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $41.62.

Frontline Profile

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.