Charles Schwab Investment Management Inc. grew its holdings in Frontline plc (NYSE:FRO - Free Report) by 65.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 71,972 shares of the shipping company's stock after purchasing an additional 28,478 shares during the period. Charles Schwab Investment Management Inc.'s holdings in Frontline were worth $1,021,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors and hedge funds have also made changes to their positions in FRO. SBI Securities Co. Ltd. purchased a new position in shares of Frontline during the fourth quarter worth approximately $341,000. Jones Financial Companies Lllp bought a new position in Frontline in the fourth quarter worth approximately $31,000. Private Advisor Group LLC increased its holdings in Frontline by 164.0% during the 4th quarter. Private Advisor Group LLC now owns 28,053 shares of the shipping company's stock worth $398,000 after purchasing an additional 17,428 shares during the period. Golden State Wealth Management LLC bought a new stake in Frontline during the 4th quarter valued at $84,000. Finally, Svenska Handelsbanken AB publ bought a new stake in Frontline during the 4th quarter valued at $415,000. 22.70% of the stock is currently owned by institutional investors.
Frontline Stock Down 4.2 %
Shares of NYSE:FRO traded down $0.63 on Thursday, reaching $14.33. The company had a trading volume of 4,275,560 shares, compared to its average volume of 2,278,331. The firm has a market capitalization of $3.19 billion, a PE ratio of 5.85 and a beta of 0.20. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 1.44. Frontline plc has a 52-week low of $13.17 and a 52-week high of $29.39. The firm's 50 day simple moving average is $16.43 and its 200-day simple moving average is $17.93.
Frontline (NYSE:FRO - Get Free Report) last issued its quarterly earnings data on Friday, February 28th. The shipping company reported $0.20 earnings per share for the quarter, meeting analysts' consensus estimates of $0.20. The company had revenue of $425.60 million for the quarter, compared to the consensus estimate of $273.16 million. Frontline had a return on equity of 19.25% and a net margin of 25.64%. The firm's revenue for the quarter was up 2.6% compared to the same quarter last year. During the same quarter last year, the company earned $0.46 earnings per share. As a group, analysts expect that Frontline plc will post 1.78 earnings per share for the current fiscal year.
Frontline Cuts Dividend
The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 5.58%. The ex-dividend date of this dividend was Friday, March 14th. Frontline's payout ratio is currently 36.04%.
Wall Street Analysts Forecast Growth
FRO has been the topic of a number of recent research reports. Kepler Capital Markets set a $12.49 price target on Frontline in a research report on Thursday, March 27th. Jefferies Financial Group dropped their target price on shares of Frontline from $26.00 to $20.00 and set a "buy" rating on the stock in a report on Tuesday, December 17th. Two investment analysts have rated the stock with a sell rating, three have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, Frontline has a consensus rating of "Moderate Buy" and a consensus price target of $23.62.
Get Our Latest Report on FRO
Frontline Company Profile
(
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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