Sei Investments Co. Purchases Shares of 27,195 Frontline PLC $FRO

Sei Investments Co. acquired a new stake in Frontline PLC (NYSE:FRO) during the first quarter, Holdings Channel.com reports. The firm acquired 27,195 shares of the shipping company’s stock, valued at approximately $948,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Voloridge Investment Management LLC bought a new stake in Frontline in the fourth quarter worth approximately $15,676,000. Balyasny Asset Management L.P. boosted its holdings in shares of Frontline by 44.0% during the 3rd quarter. Balyasny Asset Management L.P. now owns 2,247,120 shares of the shipping company’s stock worth $51,212,000 after buying an additional 686,212 shares in the last quarter. Barclays PLC grew its position in shares of Frontline by 256.9% during the 4th quarter. Barclays PLC now owns 826,343 shares of the shipping company’s stock worth $18,031,000 after buying an additional 594,811 shares during the period. Forest Avenue Capital Management LP acquired a new stake in shares of Frontline during the 4th quarter worth approximately $11,917,000. Finally, Skandinaviska Enskilda Banken AB publ increased its stake in shares of Frontline by 882.4% in the 4th quarter. Skandinaviska Enskilda Banken AB publ now owns 583,166 shares of the shipping company’s stock valued at $12,725,000 after acquiring an additional 523,806 shares in the last quarter. Institutional investors own 22.70% of the company’s stock.

Wall Street Analysts Forecast Growth

FRO has been the topic of several research analyst reports. BTIG Research increased their target price on shares of Frontline from $45.00 to $55.00 and gave the stock a “buy” rating in a research note on Wednesday, June 24th. Pareto Securities downgraded shares of Frontline from a “buy” rating to a “hold” rating and set a $39.46 price target for the company. in a research note on Monday, May 25th. Weiss Ratings raised shares of Frontline from a “hold (c+)” rating to a “buy (b)” rating in a research report on Friday, May 22nd. Evercore downgraded Frontline from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 21st. Finally, Danske lowered Frontline to a “hold” rating in a research report on Tuesday, May 26th. Four equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Frontline presently has a consensus rating of “Hold” and an average price target of $41.62.

Frontline Trading Up 3.7%

NYSE FRO opened at $39.56 on Thursday. The company has a current ratio of 2.03, a quick ratio of 2.03 and a debt-to-equity ratio of 0.83. The business has a fifty day simple moving average of $38.05 and a 200 day simple moving average of $35.57. Frontline PLC has a 12 month low of $18.43 and a 12 month high of $43.10. The firm has a market capitalization of $8.81 billion, a P/E ratio of 9.74 and a beta of 0.02.

Frontline Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 23rd. Stockholders of record on Friday, June 12th were issued a $1.55 dividend. This is an increase from Frontline’s previous quarterly dividend of $1.03. This represents a $6.20 annualized dividend and a dividend yield of 15.7%. The ex-dividend date was Friday, June 12th. Frontline’s dividend payout ratio is currently 152.71%.

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.