Hsbc Holdings PLC Has $2.98 Million Stock Holdings in Frontline PLC $FRO

Hsbc Holdings PLC decreased its position in Frontline PLC (NYSE:FRO - Free Report) by 39.5% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 85,295 shares of the shipping company's stock after selling 55,786 shares during the quarter. Hsbc Holdings PLC's holdings in Frontline were worth $2,985,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in FRO. Arrowstreet Capital Limited Partnership increased its holdings in shares of Frontline by 4,659.9% during the first quarter. Arrowstreet Capital Limited Partnership now owns 5,783,681 shares of the shipping company's stock worth $202,080,000 after buying an additional 5,662,172 shares in the last quarter. Balyasny Asset Management L.P. grew its position in Frontline by 44.0% during the 3rd quarter. Balyasny Asset Management L.P. now owns 2,247,120 shares of the shipping company's stock worth $51,212,000 after acquiring an additional 686,212 shares during the last quarter. BlackRock Inc. bought a new stake in Frontline during the 2nd quarter worth approximately $50,846,000. The Manufacturers Life Insurance Company increased its holdings in Frontline by 27.3% during 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 purchasing an additional 202,142 shares in the last quarter. Finally, Renaissance Technologies LLC raised its position in Frontline by 133.5% in the 1st quarter. Renaissance Technologies LLC now owns 927,838 shares of the shipping company's stock valued at $32,344,000 after purchasing an additional 530,500 shares during the last quarter. 22.70% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. Weiss Ratings upgraded Frontline from a "buy (b-)" rating to a "buy (b)" rating in a report on Friday, August 28th. Danske cut Frontline from a "hold" rating to a "sell" rating in a report on Friday, August 21st. DZ Bank downgraded shares of Frontline from a "hold" rating to a "sell" rating in a research report on Friday, August 21st. Wall Street Zen raised shares of Frontline from a "buy" rating to a "strong-buy" rating in a report on Saturday, August 29th. Finally, BTIG Research raised their price objective on shares of Frontline from $45.00 to $55.00 and gave the company a "buy" rating in a research report on Wednesday, June 24th. Four equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, Frontline presently has a consensus rating of "Hold" and an average price target of $41.62.

Frontline Stock Up 2.5%

Shares of FRO stock opened at $48.38 on Friday. Frontline PLC has a 12-month low of $20.47 and a 12-month high of $48.72. 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 firm has a fifty day moving average of $40.77 and a 200-day moving average of $37.74. The company has a market capitalization of $10.77 billion, a price-to-earnings ratio of 7.25 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 EPS for the quarter, missing the consensus estimate of $2.74 by ($0.13). The company 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 was up 96.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.36 earnings per share.

Frontline Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 28th. Stockholders of record on Friday, September 18th will be given a dividend of $2.61 per share. This is an increase from Frontline's previous quarterly dividend of $1.55. This represents a $10.44 annualized dividend and a dividend yield of 21.6%. The ex-dividend date of this dividend is Friday, September 18th. Frontline's payout ratio is currently 92.95%.

About Frontline

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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