Amundi boosted its holdings in shares of Frontline PLC (NYSE:FRO - Free Report) by 162.6% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 847,488 shares of the shipping company's stock after acquiring an additional 524,804 shares during the period. Amundi owned approximately 0.38% of Frontline worth $29,809,000 as of its most recent filing with the Securities and Exchange Commission.
Several other large investors also recently modified their holdings of the business. University of Texas Texas AM Investment Management Co. acquired a new stake in shares of Frontline in the 4th quarter valued at about $25,000. Fiduciary Financial Advisors acquired a new position in Frontline during the second quarter worth $28,000. Assetmark Inc. grew its position in Frontline by 278.6% in the first quarter. Assetmark Inc. now owns 973 shares of the shipping company's stock valued at $34,000 after purchasing an additional 716 shares in the last quarter. Sunbelt Securities Inc. bought a new stake in Frontline during the third quarter worth about $41,000. Finally, Parallel Advisors LLC boosted its position in Frontline by 58.9% during the first 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 last quarter. 22.70% of the stock is currently owned by institutional investors.
Frontline Stock Performance
NYSE FRO opened at $49.21 on Friday. The company has a market capitalization of $10.96 billion, a price-to-earnings ratio of 7.38 and a beta of 0.05. The company has a quick ratio of 1.87, a current ratio of 1.87 and a debt-to-equity ratio of 0.69. Frontline PLC has a twelve month low of $20.47 and a twelve month high of $49.56. The stock has a fifty day simple moving average of $41.02 and a 200 day simple moving average of $37.82.
Frontline (NYSE:FRO - Get Free Report) last posted 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 company's revenue for the quarter was up 96.5% compared to the same quarter last year. During the same period in the prior year, the company posted $0.36 earnings per share.
Frontline Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Monday, September 28th. Shareholders of record on Friday, September 18th will be paid a $2.61 dividend. This represents a $10.44 annualized dividend and a yield of 21.2%. This is a boost from Frontline's previous quarterly dividend of $1.55. The ex-dividend date of this dividend is Friday, September 18th. Frontline's payout ratio is presently 92.95%.
Wall Street Analysts Forecast Growth
Several research analysts have recently commented on FRO shares. Nordea Equity Research downgraded Frontline to a "hold" rating in a research note on Monday, August 31st. Pareto Securities cut shares of Frontline from a "buy" rating to a "hold" rating and set a $39.46 price target on the stock. in a report on Monday, May 25th. DZ Bank cut Frontline from a "hold" rating to a "sell" rating in a research report on Friday, August 21st. Wall Street Zen upgraded shares of Frontline from a "buy" rating to a "strong-buy" rating in a research note on Saturday, August 29th. Finally, Weiss Ratings upgraded shares of Frontline from a "buy (b-)" rating to a "buy (b)" rating in a research note on Friday, August 28th. Four analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $41.62.
Read Our Latest Report on Frontline
About Frontline
(
Free Report)
Frontline plc is a maritime shipping company that owns and operates tankers engaged primarily in the transportation of crude oil and refined petroleum products. Its fleet has included very large crude carriers (VLCCs), Suezmax tankers and long-range product tankers, which transport energy commodities for oil companies, trading firms and other customers worldwide.
The company's vessels operate on international shipping routes, serving major oil-producing, refining and consuming regions.
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