Arrowstreet Capital Limited Partnership Purchases 5,662,172 Shares of Frontline PLC $FRO

Arrowstreet Capital Limited Partnership boosted its holdings in shares of Frontline PLC (NYSE:FRO) by 4,659.9% during the 1st quarter, Holdings Channel reports. The fund owned 5,783,681 shares of the shipping company’s stock after buying an additional 5,662,172 shares during the period. Arrowstreet Capital Limited Partnership’s holdings in Frontline were worth $202,080,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Royal Bank of Canada increased its position in Frontline by 32.3% during the 1st quarter. Royal Bank of Canada now owns 26,342 shares of the shipping company’s stock valued at $392,000 after buying an additional 6,424 shares in the last quarter. Millennium Management LLC purchased a new position in Frontline during the first quarter worth approximately $7,587,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings 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 purchasing an additional 20,370 shares during the period. American Century Companies Inc. raised its position in Frontline by 93.6% during the second quarter. American Century Companies Inc. now owns 72,539 shares of the shipping company’s stock worth $1,190,000 after acquiring an additional 35,078 shares during the period. Finally, Invesco Ltd. lifted its holdings 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 purchasing an additional 62,210 shares in the last quarter. 22.70% of the stock is currently owned by hedge funds and other institutional investors.

Frontline Price Performance

Shares of FRO opened at $39.25 on Friday. Frontline PLC has a fifty-two week low of $18.26 and a fifty-two week high of $43.10. The company has a market cap of $8.74 billion, a P/E ratio of 9.67 and a beta of 0.01. 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 firm’s 50 day moving average price is $37.36 and its 200 day moving average price is $34.21.

Frontline Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 23rd. Shareholders of record on Friday, June 12th were given a $1.55 dividend. The ex-dividend date of this dividend was Friday, June 12th. This represents a $6.20 dividend on an annualized basis and a dividend yield of 15.8%. This is a boost from Frontline’s previous quarterly dividend of $1.03. Frontline’s payout ratio is currently 152.71%.

Wall Street Analyst Weigh In

FRO has been the subject of a number of research reports. Wall Street Zen raised shares of Frontline from a “buy” rating to a “strong-buy” rating in a research note on Saturday, June 27th. BTIG Research increased their price objective on Frontline from $45.00 to $55.00 and gave the company a “buy” rating in a research note on Wednesday, June 24th. Weiss Ratings raised shares of Frontline from a “hold (c+)” rating to a “buy (b)” rating in a research note on Friday, May 22nd. Evercore lowered shares of Frontline from a “strong-buy” rating to a “hold” rating in a report on Tuesday, April 21st. Finally, Danske cut shares of Frontline to a “hold” rating in a research report on Tuesday, May 26th. Four research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $41.62.

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.