Arrowstreet Capital Limited Partnership Sells 2,869,958 Shares of Frontline plc (NYSE:FRO)

Arrowstreet Capital Limited Partnership lowered its stake in Frontline plc (NYSE:FRO - Free Report) by 65.7% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,496,814 shares of the shipping company's stock after selling 2,869,958 shares during the period. Arrowstreet Capital Limited Partnership owned approximately 0.67% of Frontline worth $20,951,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently modified their holdings of FRO. Pictet Asset Management Holding SA raised its position in shares of Frontline by 13.2% during the fourth quarter. Pictet Asset Management Holding SA now owns 19,900 shares of the shipping company's stock worth $274,000 after purchasing an additional 2,313 shares during the period. X Square Capital LLC purchased a new position in Frontline in the 4th quarter worth about $1,260,000. Rovida Advisors Inc. raised its holdings in Frontline by 60.0% during the 4th quarter. Rovida Advisors Inc. now owns 160,000 shares of the shipping company's stock worth $2,272,000 after buying an additional 60,000 shares during the period. Vanguard Group Inc. lifted its stake in Frontline by 0.9% during the fourth quarter. Vanguard Group Inc. now owns 5,493,085 shares of the shipping company's stock valued at $75,502,000 after buying an additional 51,073 shares in the last quarter. Finally, Fox Run Management L.L.C. acquired a new position in shares of Frontline in the fourth quarter worth about $341,000. Institutional investors and hedge funds own 22.70% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. Jefferies Financial Group reduced their price target on shares of Frontline from $26.00 to $20.00 and set a "buy" rating for the company in a research report on Tuesday, December 17th. Kepler Capital Markets set a $12.49 target price on Frontline in a report on Thursday, March 27th. Two equities research analysts have rated the stock with a sell rating, three have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $23.62.

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Frontline Stock Down 7.8 %

FRO traded down $1.12 on Tuesday, reaching $13.17. 4,241,193 shares of the company traded hands, compared to its average volume of 2,329,955. The company has a market cap of $2.93 billion, a price-to-earnings ratio of 5.38 and a beta of 0.20. The company has a debt-to-equity ratio of 1.44, a current ratio of 1.43 and a quick ratio of 1.43. The stock's 50 day moving average price is $16.19 and its 200-day moving average price is $17.62. Frontline plc has a 52-week low of $12.40 and a 52-week high of $29.39.

Frontline (NYSE:FRO - Get Free Report) last posted its quarterly earnings results on Friday, February 28th. The shipping company reported $0.20 EPS for the quarter, meeting the consensus estimate of $0.20. Frontline had a net margin of 25.64% and a return on equity of 19.25%. The business had revenue of $425.60 million for the quarter, compared to analysts' expectations of $273.16 million. During the same period in the previous year, the company posted $0.46 EPS. Frontline's revenue was up 2.6% on a year-over-year basis. On average, sell-side analysts expect that Frontline plc will post 1.78 EPS for the current fiscal year.

Frontline Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were given a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 6.07%. The ex-dividend date was Friday, March 14th. Frontline's payout ratio is currently 36.04%.

About Frontline

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.