International Assets Investment Management LLC Invests $783,000 in Frontline plc (NYSE:FRO)

International Assets Investment Management LLC acquired a new stake in shares of Frontline plc (NYSE:FRO - Free Report) in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 34,275 shares of the shipping company's stock, valued at approximately $783,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Private Advisor Group LLC increased its holdings in Frontline by 4.8% in the 3rd quarter. Private Advisor Group LLC now owns 10,625 shares of the shipping company's stock valued at $243,000 after acquiring an additional 490 shares during the last quarter. U S Global Investors Inc. purchased a new position in Frontline during the third quarter valued at approximately $135,000. Godsey & Gibb Inc. bought a new position in Frontline in the third quarter worth about $25,000. Blue Trust Inc. increased its position in shares of Frontline by 124.4% during the third quarter. Blue Trust Inc. now owns 4,837 shares of the shipping company's stock worth $111,000 after purchasing an additional 2,681 shares in the last quarter. Finally, SeaCrest Wealth Management LLC raised its position in shares of Frontline by 11.3% in the 3rd quarter. SeaCrest Wealth Management LLC now owns 49,175 shares of the shipping company's stock valued at $1,124,000 after purchasing an additional 5,000 shares during the last quarter. 22.70% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have commented on FRO. Evercore ISI lowered their price target on shares of Frontline from $33.00 to $32.00 and set an "outperform" rating on the stock in a report on Tuesday, July 23rd. StockNews.com upgraded shares of Frontline to a "sell" rating in a report on Thursday, September 5th. Fearnley Fonds upgraded Frontline to a "strong-buy" rating in a report on Friday, September 27th. Jefferies Financial Group restated a "buy" rating and issued a $30.00 price target on shares of Frontline in a research note on Friday, August 30th. Finally, 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 research report on Monday, October 7th. One equities research 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 company. According to MarketBeat.com, Frontline has an average rating of "Moderate Buy" and an average price target of $28.06.

Frontline Stock Performance

Shares of NYSE:FRO traded down $0.03 on Wednesday, reaching $18.94. The company's stock had a trading volume of 1,880,285 shares, compared to its average volume of 2,226,655. Frontline plc has a 52-week low of $18.34 and a 52-week high of $29.39. The stock's 50-day moving average is $22.35 and its two-hundred day moving average is $24.14. The company has a debt-to-equity ratio of 1.40, a current ratio of 1.38 and a quick ratio of 1.38.

Frontline (NYSE:FRO - Get Free Report) last announced its quarterly earnings results on Friday, August 30th. The shipping company reported $0.62 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.65 by ($0.03). The company had revenue of $409.72 million during the quarter, compared to analysts' expectations of $383.88 million. Frontline had a net margin of 29.42% and a return on equity of 19.73%. During the same quarter in the prior year, the business earned $0.94 EPS. As a group, sell-side analysts anticipate that Frontline plc will post 2.38 earnings per share for the current year.

Frontline Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were issued a dividend of $0.62 per share. The ex-dividend date of this dividend was Friday, September 13th. This represents a $2.48 annualized dividend and a yield of 13.09%. Frontline's dividend payout ratio (DPR) is currently 93.23%.

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.