Amundi Acquires 109,154 Shares of Frontline PLC $FRO

Key Points

• Amundi increased its Frontline stake by 51.1% in the first quarter, purchasing 109,154 shares for a total of 322,684 shares valued at approximately $11.4 million. Institutional investors and hedge funds own 22.7% of the company.
• Analyst sentiment remains mixed: Frontline has a consensus “Hold” rating from nine analysts, with a consensus price target of $41.62. The stock recently opened at $39.01, compared with a 12-month range of $18.26 to $43.10.
• Frontline raised its quarterly dividend to $1.55 per share, equivalent to an annualized $6.20 payout and a 15.9% yield, although its dividend payout ratio is high at 152.71%.

Amundi lifted its holdings in Frontline PLC (NYSE:FRO - Free Report) by 51.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 322,684 shares of the shipping company's stock after purchasing an additional 109,154 shares during the period. Amundi owned 0.14% of Frontline worth $11,436,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the business. University of Texas Texas AM Investment Management Co. acquired a new position in Frontline in the 4th quarter valued at $25,000. Assetmark Inc. increased its stake in shares of Frontline by 278.6% in the first quarter. Assetmark Inc. now owns 973 shares of the shipping company's stock worth $34,000 after purchasing an additional 716 shares during the period. Sunbelt Securities Inc. acquired a new position in shares of Frontline during the 3rd quarter worth about $41,000. Parallel Advisors LLC boosted its stake in Frontline by 58.9% during the 1st quarter. Parallel Advisors LLC now owns 1,311 shares of the shipping company's stock valued at $46,000 after purchasing an additional 486 shares during the period. Finally, NFSG Corp boosted its stake in Frontline by 50.0% during the 1st quarter. NFSG Corp now owns 1,500 shares of the shipping company's stock valued at $52,000 after purchasing an additional 500 shares during the period. 22.70% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have commented on FRO. Wall Street Zen raised Frontline from a "buy" rating to a "strong-buy" rating in a research report on Saturday, June 27th. Danske downgraded shares of Frontline to a "hold" rating in a research note on Tuesday, May 26th. Pareto Securities lowered shares of Frontline from a "buy" rating to a "hold" rating and set a $39.46 target price on the stock. in a research report on Monday, May 25th. Weiss Ratings upgraded shares of Frontline from a "hold (c+)" rating to a "buy (b)" rating in a research note on Friday, May 22nd. Finally, Evercore downgraded shares of Frontline from a "strong-buy" rating to a "hold" rating in a report on Tuesday, April 21st. Four research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $41.62.

Frontline Stock Performance

NYSE:FRO opened at $39.01 on Wednesday. Frontline PLC has a 12-month low of $18.26 and a 12-month high of $43.10. 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 firm has a market capitalization of $8.68 billion, a PE ratio of 9.61 and a beta of 0.02. The firm has a 50-day moving average price of $37.56 and a 200 day moving average price of $35.02.

Frontline Increases Dividend

The business also recently disclosed 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. The ex-dividend date of this dividend was Friday, June 12th. This is a boost from Frontline's previous quarterly dividend of $1.03. This represents a $6.20 dividend on an annualized basis and a dividend yield of 15.9%. Frontline's dividend payout ratio (DPR) is 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.

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