LPL Financial LLC Sells 24,322 Shares of Frontline plc (NYSE:FRO)

LPL Financial LLC reduced its position in Frontline plc (NYSE:FRO - Free Report) by 19.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 100,871 shares of the shipping company's stock after selling 24,322 shares during the period. LPL Financial LLC's holdings in Frontline were worth $1,431,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Swiss National Bank grew 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 acquiring an additional 1,845 shares in the last quarter. Jones Financial Companies Lllp bought a new position in shares of Frontline during the 4th quarter valued at approximately $31,000. Blue Trust Inc. raised its holdings in Frontline by 84.4% during the 4th quarter. Blue Trust Inc. now owns 8,921 shares of the shipping company's stock valued at $127,000 after buying an additional 4,084 shares during the period. Golden State Wealth Management LLC bought a new stake in Frontline in the fourth quarter worth $84,000. Finally, Clear Harbor Asset Management LLC bought a new position in Frontline during the fourth quarter valued at $214,000. 22.70% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, Kepler Capital Markets set a $12.49 price target on shares of Frontline in a report on Thursday, March 27th. Two research analysts have rated the stock with a sell rating, three have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $23.62.

Frontline Trading Down 3.6 %

Shares of NYSE:FRO traded down $0.56 during trading on Monday, reaching $14.88. 1,217,052 shares of the company were exchanged, compared to its average volume of 2,362,468. The business's fifty day simple moving average is $15.65 and its 200-day simple moving average is $17.11. The company has a debt-to-equity ratio of 1.44, a current ratio of 1.43 and a quick ratio of 1.43. Frontline plc has a 12-month low of $12.40 and a 12-month high of $29.39. The firm has a market capitalization of $3.31 billion, a PE ratio of 6.07 and a beta of 0.20.

Frontline (NYSE:FRO - Get Free Report) last posted its quarterly earnings results on Friday, February 28th. The shipping company reported $0.20 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.20. The business 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 was up 2.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.46 EPS. On average, research analysts anticipate that Frontline plc will post 1.78 EPS for the current year.

Frontline Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were given a $0.20 dividend. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.80 annualized dividend and a dividend yield of 5.38%. Frontline's payout ratio is presently 36.04%.

Frontline Company Profile

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.