Public Employees Retirement System of Ohio Invests $4.32 Million in Frontline PLC $FRO

Key Points

• Public Employees Retirement System of Ohio acquired 124,153 Frontline shares worth approximately $4.32 million, giving it a 0.06% stake. Institutional investors and hedge funds collectively own 22.7% of the company.
• Frontline reported quarterly revenue of $943.3 million, up 96.5% year over year, although earnings per share of $2.61 fell short of the $2.74 consensus estimate.
• The company increased its quarterly dividend to $2.61, implying an annualized payout of $10.44 and a 23% dividend yield. Analysts remain divided, with a consensus “Hold” rating and an average price target of $41.62.

Public Employees Retirement System of Ohio bought a new stake in Frontline PLC (NYSE:FRO - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 124,153 shares of the shipping company's stock, valued at approximately $4,315,000. Public Employees Retirement System of Ohio owned about 0.06% of Frontline at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Cozad Asset Management Inc. raised its position in Frontline by 3.5% in the 1st quarter. Cozad Asset Management Inc. now owns 13,152 shares of the shipping company's stock valued at $458,000 after purchasing an additional 445 shares during the last quarter. Bank of Montreal Can increased its stake in shares of Frontline by 0.6% in the fourth quarter. Bank of Montreal Can now owns 73,544 shares of the shipping company's stock valued at $1,605,000 after buying an additional 460 shares in the last quarter. Parallel Advisors LLC raised its holdings in shares of Frontline by 58.9% in the first quarter. Parallel Advisors LLC now owns 1,311 shares of the shipping company's stock valued at $46,000 after buying an additional 486 shares during the last quarter. NFSG Corp raised its holdings in shares of Frontline by 50.0% in the first quarter. NFSG Corp now owns 1,500 shares of the shipping company's stock valued at $52,000 after buying an additional 500 shares during the last quarter. Finally, Integrated Wealth Concepts LLC lifted its position in Frontline by 3.5% during the 3rd quarter. Integrated Wealth Concepts LLC now owns 16,204 shares of the shipping company's stock worth $369,000 after buying an additional 552 shares in the last quarter. 22.70% of the stock is owned by institutional investors and hedge funds.

Frontline Price Performance

Shares of FRO stock opened at $45.47 on Friday. The company has a quick ratio of 2.03, a current ratio of 1.87 and a debt-to-equity ratio of 0.69. Frontline PLC has a 12-month low of $20.47 and a 12-month high of $45.95. The firm has a fifty day moving average of $39.63 and a 200-day moving average of $37.24. The firm has a market capitalization of $10.12 billion, a price-to-earnings ratio of 6.82 and a beta of 0.05.

Frontline (NYSE:FRO - Get Free Report) last posted its earnings results on Friday, August 28th. The shipping company reported $2.61 earnings per share for the quarter, missing the consensus estimate of $2.74 by ($0.13). Frontline had a return on equity of 44.24% and a net margin of 49.47%.The business had revenue of $943.30 million for the quarter, compared to the consensus estimate of $758.89 million. During the same quarter in the prior year, the firm posted $0.36 earnings per share. The business's revenue was up 96.5% on a year-over-year basis.

Frontline Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 28th. Investors of record on Friday, September 18th will be given a $2.61 dividend. The ex-dividend date is Friday, September 18th. This represents a $10.44 annualized dividend and a dividend yield of 23.0%. This is a boost from Frontline's previous quarterly dividend of $1.55. Frontline's payout ratio is presently 92.95%.

Wall Street Analyst Weigh In

FRO has been the subject of several research reports. Pareto Securities cut shares of Frontline from a "buy" rating to a "hold" rating and set a $39.46 price objective for the company. in a research report on Monday, May 25th. BTIG Research upped their price target on Frontline from $45.00 to $55.00 and gave the company a "buy" rating in a research note on Wednesday, June 24th. Wall Street Zen upgraded shares of Frontline from a "buy" rating to a "strong-buy" rating in a research report on Saturday, August 29th. DZ Bank cut shares of Frontline from a "hold" rating to a "sell" rating in a research note on Friday, August 21st. Finally, Danske cut shares of Frontline from a "hold" rating to a "sell" rating in a research report on Friday, August 21st. Four investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price 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.

Want to see what other hedge funds are holding FRO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Frontline PLC (NYSE:FRO - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.