Engineers Gate Manager LP Sells 80,393 Shares of Frontline PLC $FRO

Key Points

• Engineers Gate Manager LP cut its Frontline position by 45.6%, selling 80,393 shares and retaining 96,064 shares valued at approximately $3.34 million. Institutional ownership overall stands at 22.7%.
• Analyst sentiment is mixed, with Frontline carrying a consensus “Hold” rating and an average price target of $41.62, below its recent $49.21 share price.
• Frontline reported quarterly revenue of $943.3 million, up 96.5% year over year, but missed EPS estimates. The company raised its quarterly dividend to $2.61, implying a 21.2% annualized yield.

Engineers Gate Manager LP lowered its position in shares of Frontline PLC (NYSE:FRO - Free Report) by 45.6% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 96,064 shares of the shipping company's stock after selling 80,393 shares during the period. Engineers Gate Manager LP's holdings in Frontline were worth $3,342,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of FRO. Royal Bank of Canada boosted its holdings in Frontline by 32.3% in the 1st quarter. Royal Bank of Canada now owns 26,342 shares of the shipping company's stock valued at $392,000 after purchasing an additional 6,424 shares during the period. Millennium Management LLC purchased a new stake in shares of Frontline in the first quarter worth $7,587,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in 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. boosted its stake in 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. grew its position in Frontline by 215.8% during the second quarter. Invesco Ltd. now owns 91,039 shares of the shipping company's stock worth $1,494,000 after buying an additional 62,210 shares in the last quarter. 22.70% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. Pareto Securities lowered Frontline from a "buy" rating to a "hold" rating and set a $39.46 target price on the stock. in a research note on Monday, May 25th. Weiss Ratings upgraded Frontline from a "buy (b-)" rating to a "buy (b)" rating in a research report on Friday, August 28th. Danske cut shares of Frontline from a "hold" rating to a "sell" rating in a research report on Friday, August 21st. DZ Bank downgraded shares of Frontline from a "hold" rating to a "sell" rating in a research note on Friday, August 21st. Finally, BTIG Research raised their target price on shares of Frontline from $45.00 to $55.00 and gave the company a "buy" rating in a research note on Wednesday, June 24th. Four equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $41.62.

Frontline Trading Up 0.0%

NYSE FRO opened at $49.21 on Monday. The stock's 50-day simple moving average is $41.02 and its two-hundred day simple moving average is $37.84. Frontline PLC has a twelve month low of $20.47 and a twelve month high of $49.56. The company has a quick ratio of 1.87, a current ratio of 1.87 and a debt-to-equity ratio of 0.69. The company has a market capitalization of $10.96 billion, a price-to-earnings ratio of 7.38 and a beta of 0.05.

Frontline (NYSE:FRO - Get Free Report) last posted its quarterly earnings data on Friday, August 28th. The shipping company reported $2.61 earnings per share (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 analysts' expectations of $758.89 million. Frontline had a return on equity of 44.24% and a net margin of 49.47%.Frontline's revenue for the quarter was up 96.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.36 earnings per share.

Frontline Increases Dividend

The company also recently announced 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 is an increase from Frontline's previous quarterly dividend of $1.55. This represents a $10.44 annualized dividend and a yield of 21.2%. The ex-dividend date of this dividend is Friday, September 18th. Frontline's payout ratio is currently 92.95%.

Frontline Company Profile

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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