Pinpoint Asset Management Singapore Pte. Ltd. Reduces Stake in Frontline PLC $FRO

Pinpoint Asset Management Singapore Pte. Ltd. reduced its holdings in Frontline PLC (NYSE:FRO) by 12.6% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 312,128 shares of the shipping company’s stock after selling 45,073 shares during the quarter. Frontline comprises 1.3% of Pinpoint Asset Management Singapore Pte. Ltd.’s investment portfolio, making the stock its 15th largest position. Pinpoint Asset Management Singapore Pte. Ltd.’s holdings in Frontline were worth $7,113,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Financial Gravity Companies Inc. purchased a new stake in Frontline in the second quarter worth $25,000. State of Wyoming purchased a new stake in shares of Frontline in the 2nd quarter worth about $105,000. Steward Partners Investment Advisory LLC boosted its stake in shares of Frontline by 17.5% during the 2nd quarter. Steward Partners Investment Advisory LLC now owns 9,730 shares of the shipping company’s stock valued at $160,000 after purchasing an additional 1,447 shares in the last quarter. State of Alaska Department of Revenue bought a new stake in shares of Frontline during the 3rd quarter valued at about $184,000. Finally, Cozad Asset Management Inc. purchased a new position in shares of Frontline during the second quarter valued at about $200,000. Institutional investors own 22.70% of the company’s stock.

Analyst Upgrades and Downgrades

FRO has been the subject of a number of research reports. Dnb Carnegie lowered shares of Frontline from a “strong-buy” rating to a “hold” rating in a report on Monday, March 2nd. Clarkson Capital upgraded Frontline from a “neutral” rating to a “buy” rating in a report on Monday, January 12th. BTIG Research increased their target price on Frontline from $35.00 to $42.00 and gave the stock a “buy” rating in a research report on Friday, February 27th. Weiss Ratings restated a “hold (c)” rating on shares of Frontline in a research report on Monday, December 29th. Finally, Evercore reiterated an “outperform” rating and issued a $42.00 price objective on shares of Frontline in a report on Friday, February 27th. Four analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Frontline currently has a consensus rating of “Hold” and a consensus target price of $31.62.

Frontline Trading Down 1.2%

Frontline stock opened at $34.49 on Monday. Frontline PLC has a 12 month low of $12.40 and a 12 month high of $39.89. The company has a market capitalization of $7.68 billion and a price-to-earnings ratio of 20.29. The business’s fifty day simple moving average is $28.87 and its two-hundred day simple moving average is $25.11. The company has a current ratio of 1.43, a quick ratio of 1.37 and a debt-to-equity ratio of 1.09.

Frontline (NYSE:FRO) last issued its quarterly earnings results on Friday, February 27th. The shipping company reported $1.03 earnings per share for the quarter, missing the consensus estimate of $1.13 by ($0.10). The company had revenue of $424.51 million for the quarter, compared to the consensus estimate of $456.90 million. Frontline had a net margin of 19.31% and a return on equity of 16.51%. Frontline’s revenue was up 46.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.20 earnings per share. As a group, equities analysts predict that Frontline PLC will post 1.78 earnings per share for the current fiscal year.

Frontline Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 19th. Stockholders of record on Thursday, March 12th will be paid a $1.03 dividend. This is an increase from Frontline’s previous quarterly dividend of $0.19. This represents a $4.12 annualized dividend and a dividend yield of 11.9%. The ex-dividend date is Thursday, March 12th. Frontline’s dividend payout ratio (DPR) is presently 44.71%.

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.