SBI Securities Co. Ltd. bought a new stake in shares of Frontline plc (NYSE:FRO - Free Report) during the 4th quarter, according to its most recent filing with the SEC. The fund bought 24,012 shares of the shipping company's stock, valued at approximately $341,000.
Several other institutional investors have also made changes to their positions in FRO. Private Advisor Group LLC boosted its position in shares of Frontline by 4.8% during the 3rd quarter. Private Advisor Group LLC now owns 10,625 shares of the shipping company's stock valued at $243,000 after acquiring an additional 490 shares in the last quarter. International Assets Investment Management LLC acquired a new stake in shares of Frontline during the 3rd quarter valued at about $783,000. M&G PLC boosted its position in shares of Frontline by 27.2% during the 3rd quarter. M&G PLC now owns 1,110,763 shares of the shipping company's stock valued at $25,164,000 after acquiring an additional 237,446 shares in the last quarter. Olympiad Research LP boosted its position in shares of Frontline by 117.2% during the 3rd quarter. Olympiad Research LP now owns 18,436 shares of the shipping company's stock valued at $421,000 after acquiring an additional 9,949 shares in the last quarter. Finally, Summit Global Investments boosted its position in shares of Frontline by 9.9% during the 3rd quarter. Summit Global Investments now owns 85,135 shares of the shipping company's stock valued at $1,945,000 after acquiring an additional 7,671 shares in the last quarter. 22.70% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
FRO has been the subject of several analyst reports. Kepler Capital Markets downgraded shares of Frontline from a "buy" rating to a "hold" rating and set a $15.83 price target for the company. in a report on Thursday, December 12th. Jefferies Financial Group cut their price target on shares of Frontline from $26.00 to $20.00 and set a "buy" rating for the company in a report on Tuesday, December 17th. One analyst has rated the stock with a sell rating, one has given a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $24.46.
Check Out Our Latest Stock Report on FRO
Frontline Price Performance
Shares of NYSE FRO traded up $0.42 during trading on Friday, reaching $16.61. The company had a trading volume of 2,863,342 shares, compared to its average volume of 2,177,300. Frontline plc has a 52 week low of $13.17 and a 52 week high of $29.39. The stock has a market cap of $3.70 billion, a PE ratio of 6.78 and a beta of -0.04. The company has a debt-to-equity ratio of 1.44, a quick ratio of 1.43 and a current ratio of 1.43. The business's 50 day moving average price is $16.68 and its 200-day moving average price is $18.90.
Frontline (NYSE:FRO - Get Free Report) last announced its earnings results on Friday, February 28th. The shipping company reported $0.20 earnings per share for the quarter, hitting analysts' consensus estimates of $0.20. Frontline had a net margin of 25.64% and a return on equity of 19.25%. The company had revenue of $425.60 million during the quarter, compared to the consensus estimate of $273.16 million. During the same period in the previous year, the firm posted $0.46 earnings per share. The company's revenue was up 2.6% on a year-over-year basis. Analysts expect that Frontline plc will post 1.78 earnings per share for the current year.
Frontline Cuts Dividend
The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.82%. The ex-dividend date of this dividend is Friday, March 14th. Frontline's dividend payout ratio is presently 36.04%.
About Frontline
(
Free Report)
Frontline plc, a shipping company, engages in the seaborne transportation of crude oil and oil products worldwide. It owns and operates oil and product tankers. As of December 31, 2022, the company operated a fleet of 70 vessels. It is also involved in the charter, purchase, and sale of vessels. The company was founded in 1985 and is based in Limassol, Cyprus.
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