The Manufacturers Life Insurance Company Sells 324,972 Shares of Frontline PLC $FRO

The Manufacturers Life Insurance Company cut its holdings in shares of Frontline PLC (NYSE:FRO) by 47.6% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 357,928 shares of the shipping company’s stock after selling 324,972 shares during the quarter. The Manufacturers Life Insurance Company owned 0.16% of Frontline worth $12,468,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in FRO. Royal Bank of Canada grew 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 valued at $392,000 after purchasing an additional 6,424 shares during the last quarter. Millennium Management LLC purchased a new position in Frontline in the 1st quarter worth $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 worth $2,751,000 after purchasing an additional 20,370 shares during the last quarter. American Century Companies Inc. lifted its stake in Frontline by 93.6% in the second quarter. American Century Companies Inc. now owns 72,539 shares of the shipping company’s stock worth $1,190,000 after purchasing an additional 35,078 shares during the last quarter. Finally, Invesco Ltd. boosted its position 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 buying an additional 62,210 shares during the period. 22.70% of the stock is currently owned by institutional investors.

Frontline Trading Down 0.0%

Shares of FRO opened at $39.36 on Monday. The stock has a market capitalization of $8.76 billion, a P/E ratio of 9.69 and a beta of 0.02. 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 has a fifty day simple moving average of $37.46 and a two-hundred day simple moving average of $34.83. Frontline PLC has a twelve month low of $18.26 and a twelve month high of $43.10.

Frontline Increases Dividend

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

Analyst Ratings Changes

A number of brokerages have recently issued reports on FRO. Weiss Ratings raised Frontline from a “hold (c+)” rating to a “buy (b)” rating in a research note on Friday, May 22nd. Evercore lowered Frontline from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 21st. Wall Street Zen upgraded Frontline from a “buy” rating to a “strong-buy” rating in a report on Saturday, June 27th. Pareto Securities lowered Frontline from a “buy” rating to a “hold” rating and set a $39.46 price target on the stock. in a research report on Monday, May 25th. Finally, BTIG Research raised their price target on Frontline from $45.00 to $55.00 and gave the stock a “buy” rating in a research report on Wednesday, June 24th. Four equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $41.62.

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.