Sei Investments Co. Makes New $948,000 Investment in Frontline PLC $FRO

Sei Investments Co. bought a new position in Frontline PLC (NYSE:FRO) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 27,195 shares of the shipping company’s stock, valued at approximately $948,000.

A number of other hedge funds also recently made changes to their positions in FRO. Assetmark Inc. increased its position in Frontline by 278.6% during the 1st quarter. Assetmark Inc. now owns 973 shares of the shipping company’s stock worth $34,000 after purchasing an additional 716 shares in the last quarter. University of Texas Texas AM Investment Management Co. acquired a new stake in Frontline in the fourth quarter valued at approximately $25,000. Parallel Advisors LLC grew its stake in shares of Frontline by 58.9% during the first quarter. Parallel Advisors LLC now owns 1,311 shares of the shipping company’s stock worth $46,000 after buying an additional 486 shares during the last quarter. NFSG Corp increased its holdings in shares of Frontline by 50.0% during the first quarter. NFSG Corp now owns 1,500 shares of the shipping company’s stock worth $52,000 after buying an additional 500 shares in the last quarter. Finally, Sunbelt Securities Inc. acquired a new position in shares of Frontline during the third quarter worth $41,000. 22.70% of the stock is currently owned by institutional investors and hedge funds.

Frontline Trading Up 3.7%

Shares of FRO stock opened at $39.56 on Thursday. Frontline PLC has a 1-year low of $18.43 and a 1-year high of $43.10. 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 stock has a market cap of $8.81 billion, a price-to-earnings ratio of 9.74 and a beta of 0.02. The stock has a 50-day moving average of $38.05 and a 200-day moving average of $35.57.

Frontline Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 23rd. Shareholders of record on Friday, June 12th were issued a dividend of $1.55 per share. This represents a $6.20 annualized dividend and a yield of 15.7%. The ex-dividend date was Friday, June 12th. This is a positive change from Frontline’s previous quarterly dividend of $1.03. Frontline’s dividend payout ratio (DPR) is 152.71%.

Wall Street Analyst Weigh In

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