FMR LLC reduced its position in Frontline plc (NYSE:FRO - Free Report) by 13.9% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 4,516,011 shares of the shipping company's stock after selling 731,922 shares during the period. FMR LLC owned about 2.03% of Frontline worth $103,191,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in FRO. International Assets Investment Management LLC bought a new stake in shares of Frontline in the third quarter worth approximately $783,000. Edge Capital Group LLC boosted its holdings in Frontline by 31.8% in the second quarter. Edge Capital Group LLC now owns 413,096 shares of the shipping company's stock worth $10,641,000 after purchasing an additional 99,765 shares during the last quarter. FCG Investment Co purchased a new stake in Frontline during the 3rd quarter valued at $823,000. Sanctuary Advisors LLC purchased a new stake in Frontline during the 2nd quarter valued at $548,000. Finally, Commonwealth Equity Services LLC boosted its stake in shares of Frontline by 234.6% in the 2nd quarter. Commonwealth Equity Services LLC now owns 35,116 shares of the shipping company's stock worth $905,000 after buying an additional 24,620 shares during the last quarter. 22.70% of the stock is owned by institutional investors.
Frontline Trading Down 2.5 %
NYSE:FRO traded down $0.41 during trading hours on Thursday, hitting $15.76. 5,150,622 shares of the stock traded hands, compared to its average volume of 1,933,013. Frontline plc has a 1 year low of $15.54 and a 1 year high of $29.39. The stock has a 50 day moving average price of $20.56 and a 200 day moving average price of $23.21. The company has a debt-to-equity ratio of 1.44, a current ratio of 1.43 and a quick ratio of 1.38.
Frontline (NYSE:FRO - Get Free Report) last released its earnings results on Wednesday, November 27th. The shipping company reported $0.34 earnings per share for the quarter, missing analysts' consensus estimates of $0.39 by ($0.05). Frontline had a net margin of 25.64% and a return on equity of 19.25%. During the same quarter in the previous year, the firm posted $0.36 EPS. Equities research analysts predict that Frontline plc will post 1.83 EPS for the current year.
Frontline Cuts Dividend
The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Wednesday, December 11th will be issued a $0.34 dividend. The ex-dividend date is Wednesday, December 11th. This represents a $1.36 annualized dividend and a dividend yield of 8.63%. Frontline's dividend payout ratio (DPR) is 101.22%.
Wall Street Analysts Forecast Growth
A number of research analysts have weighed in on the company. Jefferies Financial Group reissued a "buy" rating and issued a $26.00 target price on shares of Frontline in a report on Wednesday, November 27th. BTIG Research raised shares of Frontline from a "neutral" rating to a "buy" rating and set a $30.00 price objective on the stock in a report on Monday, October 7th. Fearnley Fonds raised shares of Frontline to a "strong-buy" rating in a report on Friday, September 27th. Finally, StockNews.com upgraded shares of Frontline to a "sell" rating in a research note on Thursday, September 5th. One analyst has rated the stock with a sell rating, one has issued a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $27.26.
View Our Latest Report on Frontline
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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