Man Group plc Takes Position in Frontline PLC $FRO

Man Group plc purchased a new position in shares of Frontline PLC (NYSE:FRO) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 21,289 shares of the shipping company’s stock, valued at approximately $741,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Hsbc Holdings PLC bought a new position in Frontline in the 2nd quarter valued at $2,985,000. Canada Pension Plan Investment Board acquired a new position in Frontline during the 2nd quarter worth about $22,849,000. Manatuck Hill Partners LLC bought a new stake in Frontline during the 2nd quarter worth about $731,000. Legal & General Group Plc bought a new stake in Frontline during the 2nd quarter worth about $10,355,000. Finally, The Manufacturers Life Insurance Company acquired a new stake in Frontline in the 2nd quarter valued at about $12,581,000. 22.70% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Pareto Securities downgraded shares of Frontline from a “buy” rating to a “hold” rating and set a $39.46 target price for the company. in a research note on Monday, May 25th. DZ Bank lowered shares of Frontline from a “hold” rating to a “sell” rating in a report on Friday, August 21st. Wall Street Zen upgraded shares of Frontline from a “buy” rating to a “strong-buy” rating in a research report on Saturday, August 29th. Weiss Ratings raised Frontline from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, August 28th. Finally, BTIG Research increased their price objective on Frontline from $45.00 to $55.00 and gave the company a “buy” rating in a research report on Wednesday, June 24th. Four equities research 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, the company presently has an average rating of “Hold” and an average price target of $41.62.

Frontline Stock Performance

Shares of NYSE:FRO opened at $45.47 on Friday. The company has a current ratio of 1.87, a quick ratio of 2.03 and a debt-to-equity ratio of 0.69. Frontline PLC has a 1-year low of $20.47 and a 1-year high of $45.95. The stock has a market capitalization of $10.12 billion, a P/E ratio of 6.82 and a beta of 0.05. The business has a 50-day moving average price of $39.63 and a two-hundred day moving average price of $37.24.

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

Frontline Increases Dividend

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

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.