Arrowstreet Capital Limited Partnership Has $202.08 Million Holdings in Frontline PLC $FRO

Arrowstreet Capital Limited Partnership raised its holdings in shares of Frontline PLC (NYSE:FRO) by 4,659.9% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 5,783,681 shares of the shipping company’s stock after acquiring an additional 5,662,172 shares during the quarter. Arrowstreet Capital Limited Partnership owned approximately 2.60% of Frontline worth $202,080,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the company. Vanguard Group Inc. increased its stake in Frontline by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 5,903,785 shares of the shipping company’s stock worth $129,966,000 after acquiring an additional 63,432 shares during the period. Balyasny Asset Management L.P. raised its holdings in shares of Frontline by 44.0% during the third quarter. Balyasny Asset Management L.P. now owns 2,247,120 shares of the shipping company’s stock valued at $51,212,000 after purchasing an additional 686,212 shares during the period. UBS Group AG grew its stake in shares of Frontline by 18.2% in the 4th quarter. UBS Group AG now owns 1,411,265 shares of the shipping company’s stock valued at $30,794,000 after buying an additional 217,760 shares during the period. The Manufacturers Life Insurance Company grew its stake in shares of Frontline by 27.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 942,698 shares of the shipping company’s stock valued at $15,477,000 after buying an additional 202,142 shares during the period. Finally, Barclays PLC raised its stake in 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. 22.70% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

FRO has been the subject of a number of recent analyst reports. Pareto Securities downgraded Frontline from a “buy” rating to a “hold” rating and set a $39.46 price objective for the company. in a research note on Monday, May 25th. Weiss Ratings raised shares of Frontline from a “hold (c+)” rating to a “buy (b)” rating in a research report on Friday, May 22nd. Wall Street Zen raised shares of Frontline from a “buy” rating to a “strong-buy” rating in a research report on Saturday, June 27th. Evercore cut shares of Frontline from a “strong-buy” rating to a “hold” rating in a report on Tuesday, April 21st. Finally, Danske lowered shares of Frontline to a “hold” rating in a research report on Tuesday, May 26th. Four equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $41.62.

Frontline Price Performance

Shares of FRO opened at $39.25 on Friday. The firm has a fifty day simple moving average of $37.36 and a two-hundred day simple moving average of $34.21. The firm has a market cap of $8.74 billion, a PE ratio of 9.67 and a beta of 0.01. Frontline PLC has a 1-year low of $18.26 and a 1-year high of $43.10. 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 issued a dividend of $1.55 per share. This is a boost from Frontline’s previous quarterly dividend of $1.03. This represents a $6.20 annualized dividend and a yield of 15.8%. The ex-dividend date of this dividend was Friday, June 12th. Frontline’s dividend payout ratio is presently 152.71%.

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.