124,153 Shares in Frontline PLC $FRO Bought by Public Employees Retirement System of Ohio

Public Employees Retirement System of Ohio bought a new position in shares of Frontline PLC (NYSE:FRO) in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 124,153 shares of the shipping company’s stock, valued at approximately $4,315,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Royal Bank of Canada boosted its position in shares of Frontline by 32.3% during the first quarter. Royal Bank of Canada now owns 26,342 shares of the shipping company’s stock worth $392,000 after buying an additional 6,424 shares during the period. Millennium Management LLC bought a new stake in Frontline in the 1st quarter valued at approximately $7,587,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Frontline by 12.4% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 185,226 shares of the shipping company’s stock valued at $2,751,000 after acquiring an additional 20,370 shares in the last quarter. American Century Companies Inc. boosted its position in Frontline by 93.6% during the 2nd quarter. American Century Companies Inc. now owns 72,539 shares of the shipping company’s stock worth $1,190,000 after acquiring an additional 35,078 shares during the last quarter. Finally, Invesco Ltd. boosted its position in Frontline by 215.8% during the 2nd quarter. Invesco Ltd. now owns 91,039 shares of the shipping company’s stock worth $1,494,000 after acquiring an additional 62,210 shares during the last quarter. Institutional investors and hedge funds own 22.70% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. DZ Bank cut shares of Frontline from a “hold” rating to a “sell” rating in a research note on Friday, August 21st. Pareto Securities cut shares of Frontline from a “buy” rating to a “hold” rating and set a $39.46 target price for the company. in a report on Monday, May 25th. Danske downgraded shares of Frontline from a “hold” rating to a “sell” rating in a research report on Friday, August 21st. BTIG Research lifted their price target on shares of Frontline from $45.00 to $55.00 and gave the company a “buy” rating in a research note on Wednesday, June 24th. Finally, Nordea Equity Research cut shares of Frontline to a “hold” rating in a research report on Monday. Four investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, Frontline presently has a consensus rating of “Hold” and a consensus price target of $41.62.

Frontline Stock Performance

NYSE FRO opened at $45.47 on Friday. The firm has a market capitalization of $10.12 billion, a P/E ratio of 6.82 and a beta of 0.05. The company has a current ratio of 1.87, a quick ratio of 2.03 and a debt-to-equity ratio of 0.69. The firm’s fifty day moving average price is $39.63 and its two-hundred day moving average price is $37.24. Frontline PLC has a 1 year low of $20.47 and a 1 year high of $45.95.

Frontline (NYSE:FRO) last announced its quarterly earnings data on Friday, August 28th. The shipping company reported $2.61 EPS for the quarter, missing analysts’ consensus estimates of $2.74 by ($0.13). The firm had revenue of $943.30 million during the quarter, compared to the consensus estimate of $758.89 million. Frontline had a net margin of 49.47% and a return on equity of 44.24%. The business’s revenue was up 96.5% on a year-over-year basis. During the same period last year, the business earned $0.36 EPS.

Frontline Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 28th. Investors of record on Friday, September 18th will be issued a dividend of $2.61 per share. The ex-dividend date is Friday, September 18th. This is an increase from Frontline’s previous quarterly dividend of $1.55. This represents a $10.44 dividend on an annualized basis and a yield of 23.0%. Frontline’s dividend payout ratio is 92.95%.

Frontline Company 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.