Renaissance Technologies LLC Has $32.34 Million Holdings in Frontline PLC $FRO

Renaissance Technologies LLC increased its stake in Frontline PLC (NYSE:FRO) by 133.5% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 927,838 shares of the shipping company’s stock after purchasing an additional 530,500 shares during the quarter. Renaissance Technologies LLC’s holdings in Frontline were worth $32,344,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in FRO. Royal Bank of Canada increased its holdings in Frontline by 32.3% during the first quarter. Royal Bank of Canada now owns 26,342 shares of the shipping company’s stock worth $392,000 after buying an additional 6,424 shares during the last quarter. Millennium Management LLC acquired a new stake in Frontline in the first quarter valued at $7,587,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Frontline by 12.4% in 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 valued at $2,751,000 after acquiring an additional 20,370 shares during the last quarter. American Century Companies Inc. grew its position in shares of Frontline by 93.6% in the 2nd 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. grew its position in shares of Frontline by 215.8% in the 2nd 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 owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on FRO. Weiss Ratings upgraded shares of Frontline from a “hold (c+)” rating to a “buy (b)” rating in a research note on Friday, May 22nd. Danske downgraded shares of Frontline to a “hold” rating in a research note on Tuesday, May 26th. Pareto Securities cut Frontline from a “buy” rating to a “hold” rating and set a $39.46 price target for the company. in a report on Monday, May 25th. Evercore downgraded Frontline from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, April 21st. Finally, Wall Street Zen upgraded Frontline from a “buy” rating to a “strong-buy” rating in a research note on Saturday, June 27th. Four research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $41.62.

Frontline Trading Up 0.6%

Shares of Frontline stock opened at $38.82 on Wednesday. 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 business has a fifty day simple moving average of $37.40 and a two-hundred day simple moving average of $34.53. Frontline PLC has a 1 year low of $18.26 and a 1 year high of $43.10. The company has a market capitalization of $8.64 billion, a price-to-earnings ratio of 9.56 and a beta of 0.01.

Frontline Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 23rd. Stockholders of record on Friday, June 12th were given a $1.55 dividend. The ex-dividend date of this dividend was Friday, June 12th. This is a boost from Frontline’s previous quarterly dividend of $1.03. This represents a $6.20 annualized dividend and a dividend yield of 16.0%. Frontline’s payout ratio is currently 152.71%.

Frontline Company 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.