GSA Capital Partners LLP Purchases Shares of 101,646 Frontline PLC $FRO

Key Points

• GSA Capital Partners acquired 101,646 Frontline shares in the second quarter, valued at approximately $3.54 million. Institutional investors collectively own 22.7% of the shipping company.
• Frontline raised its quarterly dividend to $1.55 per share, or $6.20 annualized, implying a 15.0% yield. The payout ratio is currently 152.71%.
• FRO recently traded at $41.20, near its $43.10 one-year high. Analysts remain divided, with a consensus “Hold” rating and an average price target of $41.62, although BTIG lifted its target to $55.

GSA Capital Partners LLP purchased a new position in shares of Frontline PLC (NYSE:FRO - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 101,646 shares of the shipping company's stock, valued at approximately $3,536,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Royal Bank of Canada raised its holdings in shares of Frontline by 32.3% during the 1st quarter. Royal Bank of Canada now owns 26,342 shares of the shipping company's stock valued at $392,000 after buying an additional 6,424 shares in the last quarter. Millennium Management LLC purchased a new stake in Frontline in the first quarter worth approximately $7,587,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position 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 acquiring an additional 20,370 shares during the last quarter. American Century Companies Inc. grew its position 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 acquiring an additional 35,078 shares during the last quarter. 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 valued at $1,494,000 after acquiring an additional 62,210 shares during the last quarter. 22.70% of the stock is currently owned by hedge funds and other institutional investors.

Frontline Price Performance

FRO opened at $41.20 on Friday. The company has a debt-to-equity ratio of 0.83, a current ratio of 2.03 and a quick ratio of 2.03. The stock's 50 day simple moving average is $38.30 and its 200 day simple moving average is $35.71. The firm has a market cap of $9.17 billion, a price-to-earnings ratio of 10.15 and a beta of 0.02. Frontline PLC has a 1 year low of $18.43 and a 1 year high of $43.10.

Frontline Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 23rd. Stockholders of record on Friday, June 12th were paid a dividend of $1.55 per share. This represents a $6.20 dividend on an annualized basis and a dividend yield of 15.0%. This is a boost from Frontline's previous quarterly dividend of $1.03. The ex-dividend date of this dividend was Friday, June 12th. Frontline's payout ratio is currently 152.71%.

Analysts Set New Price Targets

FRO has been the subject of a number of recent research reports. Weiss Ratings lowered shares of Frontline from a "buy (b)" rating to a "buy (b-)" rating in a report on Wednesday. BTIG Research increased their target price on shares of Frontline from $45.00 to $55.00 and gave the company a "buy" rating in a report on Wednesday, June 24th. Danske cut shares of Frontline to a "hold" rating in a research report on Tuesday, May 26th. Evercore downgraded shares of Frontline from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, April 21st. Finally, Pareto Securities lowered shares of Frontline from a "buy" rating to a "hold" rating and set a $39.46 price target for the company. in a research report on Monday, May 25th. Four equities 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 currently has a consensus rating of "Hold" and a consensus price target of $41.62.

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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