Renaissance Technologies LLC Buys 530,500 Shares of Frontline PLC $FRO

Key Points

• Renaissance Technologies increased its Frontline stake by 133.5% in the first quarter, acquiring 530,500 shares for a total holding of 927,838 shares valued at approximately $32.3 million.
• Frontline shares recently traded at $38.82, while the company raised its quarterly dividend to $1.55, equivalent to an annualized $6.20 payout and a 16.0% yield.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $41.62, despite BTIG Research raising its target to $55.

Renaissance Technologies LLC lifted its stake in shares of Frontline PLC (NYSE:FRO - Free Report) by 133.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 927,838 shares of the shipping company's stock after acquiring an additional 530,500 shares during the period. Renaissance Technologies LLC owned approximately 0.42% of Frontline worth $32,344,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the stock. Bank of Montreal Can boosted its stake in Frontline by 0.6% in the 4th quarter. Bank of Montreal Can now owns 73,544 shares of the shipping company's stock worth $1,605,000 after purchasing an additional 460 shares during the period. Parallel Advisors LLC raised its stake in shares of Frontline by 58.9% in the 1st quarter. Parallel Advisors LLC now owns 1,311 shares of the shipping company's stock valued at $46,000 after purchasing an additional 486 shares during the period. NFSG Corp lifted 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 purchasing an additional 500 shares in the last quarter. Integrated Wealth Concepts LLC lifted its holdings in shares of Frontline by 3.5% in the third quarter. Integrated Wealth Concepts LLC now owns 16,204 shares of the shipping company's stock valued at $369,000 after purchasing an additional 552 shares in the last quarter. Finally, Range Financial Group LLC boosted its position in shares of Frontline by 0.7% during the first quarter. Range Financial Group LLC now owns 83,007 shares of the shipping company's stock worth $2,894,000 after buying an additional 557 shares during the period. 22.70% of the stock is owned by institutional investors.

Frontline Trading Up 0.6%

Shares of NYSE:FRO opened at $38.82 on Wednesday. The company's 50-day moving average price is $37.40 and its two-hundred day moving average price is $34.53. Frontline PLC has a one year low of $18.26 and a one year high of $43.10. 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 has a market capitalization of $8.64 billion, a PE ratio of 9.56 and a beta of 0.01.

Frontline Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 23rd. Investors of record on Friday, June 12th were given a $1.55 dividend. This is an increase from Frontline's previous quarterly dividend of $1.03. This represents a $6.20 dividend on an annualized basis and a dividend yield of 16.0%. The ex-dividend date of this dividend was Friday, June 12th. Frontline's dividend payout ratio (DPR) is presently 152.71%.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Pareto Securities downgraded Frontline from a "buy" rating to a "hold" rating and set a $39.46 price objective for the company. in a report on Monday, May 25th. Wall Street Zen upgraded Frontline from a "buy" rating to a "strong-buy" rating in a research note on Saturday, June 27th. BTIG Research upped their price target on Frontline from $45.00 to $55.00 and gave the stock a "buy" rating in a research report on Wednesday, June 24th. Evercore cut 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 research note on Friday, May 22nd. Four investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the company 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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