TrueMark Investments LLC lessened its holdings in shares of Frontline plc (NYSE:FRO - Free Report) by 48.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 35,936 shares of the shipping company's stock after selling 34,448 shares during the period. TrueMark Investments LLC's holdings in Frontline were worth $510,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in FRO. SBI Securities Co. Ltd. acquired a new stake in Frontline during the 4th quarter worth about $341,000. Private Advisor Group LLC raised its position in Frontline by 164.0% during the fourth quarter. Private Advisor Group LLC now owns 28,053 shares of the shipping company's stock valued at $398,000 after acquiring an additional 17,428 shares in the last quarter. Range Financial Group LLC acquired a new position in Frontline in the fourth quarter valued at approximately $579,000. Charles Schwab Investment Management Inc. boosted its position in Frontline by 102.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 43,494 shares of the shipping company's stock worth $994,000 after purchasing an additional 22,022 shares in the last quarter. Finally, Tejara Capital Ltd acquired a new stake in shares of Frontline during the 4th quarter worth approximately $633,000. 22.70% of the stock is currently owned by institutional investors and hedge funds.
Frontline Price Performance
Frontline stock traded up $0.04 during trading on Friday, reaching $14.95. The company had a trading volume of 2,185,147 shares, compared to its average volume of 2,260,477. The firm has a market capitalization of $3.33 billion, a PE ratio of 6.10 and a beta of -0.04. The firm's 50-day simple moving average is $16.59 and its 200 day simple moving average is $18.14. The company has a debt-to-equity ratio of 1.44, a quick ratio of 1.43 and a current ratio of 1.43. Frontline plc has a 1-year low of $13.17 and a 1-year high of $29.39.
Frontline (NYSE:FRO - Get Free Report) last announced its earnings results on Friday, February 28th. The shipping company reported $0.20 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.20. The business had revenue of $425.60 million for the quarter, compared to analyst estimates of $273.16 million. Frontline had a net margin of 25.64% and a return on equity of 19.25%. The company's revenue for the quarter was up 2.6% compared to the same quarter last year. During the same quarter last year, the business earned $0.46 earnings per share. As a group, equities research analysts anticipate that Frontline plc will post 1.78 earnings per share for the current fiscal year.
Frontline Cuts Dividend
The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be issued a dividend of $0.20 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 5.35%. Frontline's payout ratio is currently 36.04%.
Wall Street Analyst Weigh In
Several equities analysts recently issued reports on the stock. Kepler Capital Markets cut shares of Frontline from a "hold" rating to a "strong sell" rating in a research note on Thursday. Jefferies Financial Group decreased their price objective 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. Two 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 company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $24.46.
View Our Latest Stock Report on Frontline
Frontline 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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