Marnell Management LLC Invests $2.39 Million in Frontline PLC $FRO

Marnell Management LLC purchased a new position in shares of Frontline PLC (NYSE:FRO) during the fourth quarter, Holdings Channel.com reports. The fund purchased 109,319 shares of the shipping company’s stock, valued at approximately $2,385,000. Frontline comprises about 1.2% of Marnell Management LLC’s portfolio, making the stock its 22nd largest position.

A number of other large investors have also modified their holdings of FRO. Royal Bank of Canada grew its stake in shares of Frontline by 32.3% during the first quarter. Royal Bank of Canada now owns 26,342 shares of the shipping company’s stock worth $392,000 after acquiring an additional 6,424 shares during the last quarter. Millennium Management LLC purchased a new stake in shares of Frontline during the first quarter worth about $7,587,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Frontline by 12.4% during 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 acquiring an additional 20,370 shares during the last quarter. American Century Companies Inc. grew its stake in shares of 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 last quarter. Finally, Invesco Ltd. grew its stake in shares of Frontline by 215.8% during the second quarter. Invesco Ltd. now owns 91,039 shares of the shipping company’s stock worth $1,494,000 after acquiring an additional 62,210 shares during the last quarter. Hedge funds and other institutional investors own 22.70% of the company’s stock.

Frontline Trading Down 0.2%

Frontline stock opened at $39.01 on Monday. The company has a quick ratio of 2.03, a current ratio of 2.03 and a debt-to-equity ratio of 0.83. Frontline PLC has a 52 week low of $16.25 and a 52 week high of $39.89. The company has a market capitalization of $8.68 billion, a price-to-earnings ratio of 9.61 and a beta of 0.02. The stock has a 50-day moving average price of $36.31 and a 200 day moving average price of $31.01.

Frontline (NYSE:FRO) last released its earnings results on Friday, May 22nd. The shipping company reported $1.55 EPS for the quarter, missing analysts’ consensus estimates of $1.58 by ($0.03). Frontline had a return on equity of 27.80% and a net margin of 36.70%.The firm had revenue of $714.24 million for the quarter, compared to analyst estimates of $579.59 million. During the same period last year, the firm earned $0.18 EPS. The company’s revenue for the quarter was up 66.9% compared to the same quarter last year.

Frontline Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 23rd. Shareholders of record on Friday, June 12th will be given a $1.55 dividend. The ex-dividend date is Friday, June 12th. This represents a $6.20 annualized dividend and a yield of 15.9%. This is a boost from Frontline’s previous quarterly dividend of $1.03. Frontline’s payout ratio is currently 152.71%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on FRO shares. Dnb Carnegie lowered Frontline from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 2nd. Weiss Ratings upgraded Frontline from a “hold (c+)” rating to a “buy (b)” rating in a research note on Friday, May 22nd. 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 note on Monday, May 25th. Wall Street Zen raised Frontline from a “hold” rating to a “buy” rating in a report on Saturday, April 4th. Finally, Danske downgraded Frontline to a “hold” rating in a report on Tuesday, May 26th. Four research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $39.12.

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.