Fox Run Management L.L.C. acquired a new stake in shares of Frontline plc (NYSE:FRO - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 24,014 shares of the shipping company's stock, valued at approximately $341,000.
A number of other institutional investors and hedge funds have also modified their holdings of FRO. Virtu Financial LLC bought a new stake in Frontline in the 4th quarter valued at $364,000. Tejara Capital Ltd bought a new stake in Frontline in the fourth quarter valued at about $633,000. Swiss National Bank raised its position in Frontline by 0.6% in the fourth quarter. Swiss National Bank now owns 286,612 shares of the shipping company's stock worth $3,953,000 after purchasing an additional 1,845 shares in the last quarter. Raymond James Financial Inc. acquired a new position in shares of Frontline in the 4th quarter worth approximately $241,000. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Frontline by 65.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 71,972 shares of the shipping company's stock worth $1,021,000 after buying an additional 28,478 shares during the period. 22.70% of the stock is currently owned by institutional investors.
Frontline Price Performance
Shares of FRO stock traded up $0.04 during trading hours on Friday, reaching $14.95. 2,185,147 shares of the company were exchanged, compared to its average volume of 2,260,477. Frontline plc has a fifty-two week low of $13.17 and a fifty-two week high of $29.39. 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 fifty day moving average is $16.59 and its two-hundred day moving average is $18.12. The company has a market cap of $3.33 billion, a price-to-earnings ratio of 6.10 and a beta of -0.04.
Frontline (NYSE:FRO - Get Free Report) last posted its quarterly earnings data on Friday, February 28th. The shipping company reported $0.20 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.20. The firm 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 business's revenue for the quarter was up 2.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.46 EPS. Sell-side analysts forecast that Frontline plc will post 1.78 earnings per share for the current fiscal year.
Frontline Cuts Dividend
The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be given a dividend of $0.20 per share. The ex-dividend date is Friday, March 14th. This represents a $0.80 dividend on an annualized basis and a yield of 5.35%. Frontline's payout ratio is presently 36.04%.
Analysts Set New Price Targets
A number of research analysts have issued reports on the company. Jefferies Financial Group cut their price objective on Frontline from $26.00 to $20.00 and set a "buy" rating for the company in a report on Tuesday, December 17th. Kepler Capital Markets downgraded shares of Frontline from a "hold" rating to a "strong sell" rating in a report on Thursday. Two research analysts have rated the stock with a sell rating, three have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $24.46.
Check Out Our Latest Analysis 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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