Hsbc Holdings PLC Trims Stock Position in Frontline PLC $FRO

Key Points

• HSBC Holdings PLC cut its Frontline position by 37.6% in the first quarter, selling 84,998 shares and leaving it with 141,081 shares valued at about $4.85 million.
• Frontline reported a new quarterly dividend of $1.55 per share, up from $1.03 previously, translating to an annualized yield of 15.8%.
• Analysts remain mixed on the stock: the consensus rating is Hold with an average price target of $41.62, though some firms recently upgraded or raised targets.

Hsbc Holdings PLC decreased its position in Frontline PLC (NYSE:FRO - Free Report) by 37.6% in the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 141,081 shares of the shipping company's stock after selling 84,998 shares during the period. Hsbc Holdings PLC owned 0.06% of Frontline worth $4,849,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in shares of Frontline by 1.1% in the 4th quarter. Vanguard Group Inc. now owns 5,903,785 shares of the shipping company's stock valued at $129,966,000 after purchasing an additional 63,432 shares in the last quarter. Balyasny Asset Management L.P. boosted its stake in shares of Frontline by 44.0% during the third quarter. Balyasny Asset Management L.P. now owns 2,247,120 shares of the shipping company's stock valued at $51,212,000 after purchasing an additional 686,212 shares in the last quarter. UBS Group AG boosted its stake in shares of Frontline by 18.2% during the fourth quarter. UBS Group AG now owns 1,411,265 shares of the shipping company's stock valued at $30,794,000 after purchasing an additional 217,760 shares in the last quarter. The Manufacturers Life Insurance Company increased its holdings in Frontline by 27.3% during the second quarter. The Manufacturers Life Insurance Company now owns 942,698 shares of the shipping company's stock valued at $15,477,000 after buying an additional 202,142 shares during the period. Finally, Barclays PLC increased its holdings in Frontline by 256.9% during the fourth quarter. Barclays PLC now owns 826,343 shares of the shipping company's stock valued at $18,031,000 after buying an additional 594,811 shares during the period. Institutional investors own 22.70% of the company's stock.

Frontline Price Performance

NYSE:FRO opened at $39.25 on Friday. The firm's fifty day moving average is $37.36 and its two-hundred day moving average is $34.21. The firm has a market cap of $8.74 billion, a price-to-earnings ratio of 9.67 and a beta of 0.01. The company has a debt-to-equity ratio of 0.83, a quick ratio of 2.03 and a current ratio of 2.03. Frontline PLC has a one year low of $18.26 and a one year high of $43.10.

Frontline Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 23rd. Investors of record on Friday, June 12th were issued a $1.55 dividend. This represents a $6.20 annualized dividend and a yield of 15.8%. The ex-dividend date of this dividend was Friday, June 12th. This is a boost from Frontline's previous quarterly dividend of $1.03. Frontline's payout ratio is presently 152.71%.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on FRO shares. Danske downgraded shares of Frontline to a "hold" rating in a research report on Tuesday, May 26th. Wall Street Zen raised shares of Frontline from a "buy" rating to a "strong-buy" rating in a research report on Saturday, June 27th. 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. Evercore downgraded shares of Frontline from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, April 21st. Finally, Weiss Ratings raised shares of Frontline from a "hold (c+)" rating to a "buy (b)" rating in a report on Friday, May 22nd. Four investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, Frontline presently has a consensus rating of "Hold" and an average price target of $41.62.

About Frontline

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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