Magnetar Financial LLC lifted its position in shares of Frontline PLC (NYSE:FRO – Free Report) by 1,223.1% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 203,017 shares of the shipping company’s stock after buying an additional 187,673 shares during the quarter. Magnetar Financial LLC’s holdings in Frontline were worth $4,430,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also modified their holdings of FRO. Royal Bank of Canada lifted its stake 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 valued at $392,000 after buying an additional 6,424 shares during the period. Millennium Management LLC purchased a new position in shares of Frontline during the first quarter valued at approximately $7,587,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of Frontline by 12.4% during the first 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 buying an additional 20,370 shares during the period. American Century Companies Inc. lifted its stake in shares of Frontline by 93.6% during the second quarter. American Century Companies Inc. now owns 72,539 shares of the shipping company’s stock valued at $1,190,000 after buying an additional 35,078 shares during the period. Finally, Invesco Ltd. lifted its stake in shares of Frontline by 215.8% during the second quarter. Invesco Ltd. now owns 91,039 shares of the shipping company’s stock valued at $1,494,000 after buying an additional 62,210 shares during the period. Hedge funds and other institutional investors own 22.70% of the company’s stock.
Frontline Stock Performance
NYSE:FRO opened at $39.41 on Wednesday. The company has a current ratio of 2.03, a quick ratio of 2.03 and a debt-to-equity ratio of 0.83. The firm has a market capitalization of $8.77 billion, a price-to-earnings ratio of 9.71 and a beta of 0.02. The firm’s fifty day simple moving average is $36.42 and its 200 day simple moving average is $31.23. Frontline PLC has a twelve month low of $16.25 and a twelve month high of $40.17.
Frontline Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 23rd. Investors of record on Friday, June 12th will be issued a dividend of $1.55 per share. This represents a $6.20 annualized dividend and a dividend yield of 15.7%. The ex-dividend date is Friday, June 12th. This is a positive change from Frontline’s previous quarterly dividend of $1.03. Frontline’s dividend payout ratio (DPR) is presently 152.71%.
Wall Street Analysts Forecast Growth
Several equities analysts recently issued reports on the stock. Weiss Ratings raised shares of Frontline from a “hold (c+)” rating to a “buy (b)” rating in a research note on Friday, May 22nd. Pareto Securities downgraded shares of Frontline from a “buy” rating to a “hold” rating and set a $39.46 price objective on the stock. in a research note on Monday, May 25th. Danske downgraded shares of Frontline to a “hold” rating in a research note on Tuesday, May 26th. Evercore downgraded shares of Frontline from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 21st. Finally, BTIG Research increased their price target on shares of Frontline from $42.00 to $45.00 and gave the stock a “buy” rating in a research note on Wednesday, April 22nd. Four equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $39.12.
Check Out Our Latest Research Report on FRO
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.
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