Legal & General Group Plc cut its holdings in Frontline plc (NYSE:FRO - Free Report) by 7.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 198,989 shares of the shipping company's stock after selling 16,215 shares during the period. Legal & General Group Plc owned 0.09% of Frontline worth $2,749,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also modified their holdings of FRO. Vanguard Group Inc. increased its holdings in Frontline by 0.9% in the 4th quarter. Vanguard Group Inc. now owns 5,493,085 shares of the shipping company's stock worth $75,502,000 after acquiring an additional 51,073 shares in the last quarter. Hartree Partners LP increased its stake in shares of Frontline by 482.6% in the fourth quarter. Hartree Partners LP now owns 1,061,000 shares of the shipping company's stock worth $15,047,000 after purchasing an additional 878,885 shares in the last quarter. Swiss National Bank raised its position in shares of Frontline by 0.6% during the 4th quarter. Swiss National Bank now owns 286,612 shares of the shipping company's stock valued at $3,953,000 after purchasing an additional 1,845 shares during the period. Discovery Capital Management LLC CT bought a new stake in shares of Frontline during the 4th quarter valued at $3,548,000. Finally, Rovida Advisors Inc. lifted its stake in shares of Frontline by 60.0% during the 4th quarter. Rovida Advisors Inc. now owns 160,000 shares of the shipping company's stock valued at $2,272,000 after buying an additional 60,000 shares in the last quarter. Hedge funds and other institutional investors own 22.70% of the company's stock.
Frontline Trading Up 4.9 %
Shares of Frontline stock opened at $15.70 on Thursday. Frontline plc has a twelve month low of $12.40 and a twelve month high of $29.39. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 1.44. The business has a 50-day moving average price of $15.50 and a 200-day moving average price of $17.01. The firm has a market cap of $3.50 billion, a price-to-earnings ratio of 6.41 and a beta of 0.20.
Frontline (NYSE:FRO - Get Free Report) last released its quarterly earnings results on Friday, February 28th. The shipping company reported $0.20 earnings per share for the quarter, meeting the consensus estimate of $0.20. The business had revenue of $425.60 million during the quarter, compared to analysts' expectations of $273.16 million. Frontline had a return on equity of 19.25% and a net margin of 25.64%. The firm's revenue for the quarter was up 2.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.46 EPS. Equities research analysts anticipate that Frontline plc will post 1.78 EPS for the current fiscal year.
Frontline Cuts Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were given a dividend of $0.20 per share. The ex-dividend date was Friday, March 14th. This represents a $0.80 annualized dividend and a yield of 5.10%. Frontline's dividend payout ratio (DPR) is currently 36.04%.
Analyst Ratings Changes
A number of equities research analysts have commented on the company. Evercore ISI decreased their price target on Frontline from $22.00 to $20.00 and set an "outperform" rating on the stock in a report on Tuesday. Kepler Capital Markets set a $12.49 target price on Frontline in a research report on Thursday, March 27th. Two research analysts have rated the stock with a sell rating, three have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $20.62.
Get Our Latest Stock Report on FRO
About Frontline
(
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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