Commonwealth of Pennsylvania Public School Empls Retrmt SYS Acquires New Stake in Frontline PLC $FRO

Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new stake in Frontline PLC (NYSE:FRO) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 15,620 shares of the shipping company’s stock, valued at approximately $545,000.

A number of other institutional investors also recently modified their holdings of FRO. Range Financial Group LLC increased its position in shares of Frontline by 0.7% in the first quarter. Range Financial Group LLC now owns 83,007 shares of the shipping company’s stock valued at $2,894,000 after acquiring an additional 557 shares during the last quarter. Quantum Portfolio Management LLC acquired a new position in Frontline during the first quarter valued at approximately $654,000. Integrated Advisors Network LLC bought a new position in Frontline in the first quarter valued at approximately $278,000. World Investment Advisors acquired a new position in shares of Frontline during the 1st quarter worth approximately $238,000. Finally, Y Intercept Hong Kong Ltd acquired a new position in shares of Frontline during the 1st quarter worth approximately $1,151,000. 22.70% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

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

Frontline Trading Down 1.7%

FRO opened at $36.53 on Friday. Frontline PLC has a twelve month low of $18.06 and a twelve month high of $43.10. The company has a 50-day simple moving average of $37.28 and a 200 day simple moving average of $33.63. The company has a quick ratio of 2.03, a current ratio of 2.03 and a debt-to-equity ratio of 0.83. The stock has a market capitalization of $8.13 billion, a price-to-earnings ratio of 9.00 and a beta of 0.01.

Frontline Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 23rd. Stockholders of record on Friday, June 12th were issued a dividend of $1.55 per share. This represents a $6.20 annualized dividend and a dividend yield of 17.0%. This is an increase from Frontline’s previous quarterly dividend of $1.03. The ex-dividend date was Friday, June 12th. Frontline’s dividend payout ratio (DPR) is presently 152.71%.

About Frontline

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.