NewEdge Advisors LLC Invests $912,000 in Frontline PLC $FRO

NewEdge Advisors LLC acquired a new stake in Frontline PLC (NYSE:FRO) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 26,158 shares of the shipping company’s stock, valued at approximately $912,000.

Several other large investors have also recently bought and sold shares of the stock. Royal Bank of Canada increased 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 worth $392,000 after purchasing an additional 6,424 shares during the period. Millennium Management LLC bought a new stake in shares of Frontline in the first quarter valued at about $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 worth $2,751,000 after buying an additional 20,370 shares in the last quarter. American Century Companies Inc. increased its stake 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 period. Finally, Invesco Ltd. increased its stake 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 period. 22.70% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have commented on FRO. Pareto Securities downgraded 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. Evercore cut Frontline from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, April 21st. BTIG Research upped their target price 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 cut Frontline from a “strong-buy” rating to a “buy” rating in a research report on Saturday. Finally, Weiss Ratings downgraded shares of Frontline from a “buy (b)” rating to a “buy (b-)” rating in a research note on Wednesday, August 12th. Four analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $41.62.

Frontline Stock Up 3.1%

Shares of FRO opened at $43.49 on Wednesday. The company has a quick ratio of 2.03, a current ratio of 2.03 and a debt-to-equity ratio of 0.83. The company has a 50-day moving average price of $38.59 and a two-hundred day moving average price of $35.98. The stock has a market cap of $9.68 billion, a price-to-earnings ratio of 10.71 and a beta of 0.02. Frontline PLC has a 12 month low of $18.43 and a 12 month high of $43.89.

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 dividend of $1.55 per share. This is a boost from Frontline’s previous quarterly dividend of $1.03. The ex-dividend date was Friday, June 12th. This represents a $6.20 annualized dividend and a dividend yield of 14.3%. Frontline’s dividend payout ratio is 152.71%.

Frontline 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.