Bridgefront Capital LLC Buys New Shares in Frontline plc (NYSE:FRO)

Bridgefront Capital LLC bought a new stake in shares of Frontline plc (NYSE:FRO – Get Rating) during the 3rd quarter, Holdings Channel reports. The firm bought 11,986 shares of the shipping company’s stock, valued at approximately $131,000.

Several other institutional investors and hedge funds also recently bought and sold shares of FRO. Amundi lifted its position in Frontline by 46.2% during the second quarter. Amundi now owns 4,389 shares of the shipping company’s stock valued at $37,000 after purchasing an additional 1,386 shares in the last quarter. Quantbot Technologies LP lifted its position in shares of Frontline by 3,051.6% in the second quarter. Quantbot Technologies LP now owns 9,644 shares of the shipping company’s stock valued at $85,000 after acquiring an additional 9,338 shares in the last quarter. First Republic Investment Management Inc. purchased a new position in shares of Frontline in the second quarter valued at about $89,000. Bank of Nova Scotia purchased a new position in shares of Frontline in the second quarter valued at about $90,000. Finally, Point72 Hong Kong Ltd purchased a new position in shares of Frontline in the second quarter valued at about $94,000. 35.91% of the stock is currently owned by hedge funds and other institutional investors.

Frontline Price Performance

NYSE:FRO opened at $15.90 on Friday. The company has a current ratio of 2.25, a quick ratio of 1.63 and a debt-to-equity ratio of 0.93. The company has a market capitalization of $3.54 billion, a P/E ratio of 7.40 and a beta of 0.21. Frontline plc has a 12 month low of $7.48 and a 12 month high of $19.29. The business’s 50-day moving average is $15.82 and its 200 day moving average is $13.75.

Frontline (NYSE:FRO – Get Rating) last posted its earnings results on Tuesday, February 28th. The shipping company reported $0.97 EPS for the quarter, missing analysts’ consensus estimates of $1.08 by ($0.11). The firm had revenue of $530.10 million during the quarter, compared to analysts’ expectations of $363.39 million. Frontline had a return on equity of 17.21% and a net margin of 33.05%. Frontline’s quarterly revenue was up 148.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.02) earnings per share. On average, equities research analysts forecast that Frontline plc will post 3.26 earnings per share for the current fiscal year.

Frontline Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 31st. Shareholders of record on Thursday, March 16th will be paid a dividend of $0.30 per share. This is a boost from Frontline’s previous quarterly dividend of $0.15. This represents a $1.20 annualized dividend and a yield of 7.55%. The ex-dividend date of this dividend is Wednesday, March 15th. Frontline’s payout ratio is presently 6.98%.

Analyst Ratings Changes

Several brokerages have recently commented on FRO. TheStreet upgraded Frontline from a “c” rating to a “b-” rating in a research report on Wednesday, November 30th. StockNews.com began coverage on Frontline in a research report on Friday. They issued a “hold” rating on the stock. Deutsche Bank Aktiengesellschaft boosted their price objective on Frontline from $16.50 to $19.00 and gave the company a “hold” rating in a research report on Monday, March 6th. Finally, Jefferies Financial Group restated a “buy” rating and issued a $22.00 price objective on shares of Frontline in a research report on Tuesday, February 28th. Three analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, Frontline currently has a consensus rating of “Hold” and a consensus target price of $17.00.

Frontline Company Profile

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Frontline Plc is an international shipping company, which engages in the ownership and operation of oil and product tankers. It also offers the seaborne transportation of crude oil and oil products. The company was founded in 1985 and is headquartered in Limmasol, Cyprus.