FCG Investment Co purchased a new stake in Frontline plc (NYSE:FRO - Free Report) during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 36,017 shares of the shipping company's stock, valued at approximately $823,000.
Other hedge funds have also recently bought and sold shares of the company. Private Advisor Group LLC boosted its stake in shares of 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 purchasing an additional 490 shares in the last quarter. Summit Securities Group LLC grew its stake in Frontline by 75.0% during the second quarter. Summit Securities Group LLC now owns 1,400 shares of the shipping company's stock worth $36,000 after buying an additional 600 shares during the last quarter. Cozad Asset Management Inc. grew its stake in Frontline by 6.4% during the second quarter. Cozad Asset Management Inc. now owns 12,976 shares of the shipping company's stock worth $334,000 after buying an additional 785 shares during the last quarter. TD Asset Management Inc increased its holdings in shares of Frontline by 9.7% during the second quarter. TD Asset Management Inc now owns 9,840 shares of the shipping company's stock worth $258,000 after buying an additional 871 shares in the last quarter. Finally, Godsey & Gibb Inc. bought a new position in shares of Frontline in the third quarter valued at approximately $25,000. 22.70% of the stock is currently owned by institutional investors and hedge funds.
Frontline Trading Down 2.3 %
Shares of Frontline stock traded down $0.47 on Monday, hitting $19.76. 2,775,954 shares of the company's stock traded hands, compared to its average volume of 1,827,373. The firm's 50-day moving average price is $22.93 and its two-hundred day moving average price is $24.32. The stock has a market capitalization of $4.40 billion, a PE ratio of 6.91 and a beta of 0.04. 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 plc has a one year low of $18.34 and a one year high of $29.39.
Frontline (NYSE:FRO - Get Free Report) last posted its earnings results on Friday, August 30th. The shipping company reported $0.62 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.65 by ($0.03). The company had revenue of $409.72 million for the quarter, compared to analyst estimates of $383.88 million. Frontline had a return on equity of 19.73% and a net margin of 29.42%. During the same quarter in the previous year, the firm posted $0.94 earnings per share. On average, research analysts expect that Frontline plc will post 2.62 EPS for the current fiscal year.
Frontline Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were issued a $0.62 dividend. The ex-dividend date was Friday, September 13th. This represents a $2.48 annualized dividend and a yield of 12.55%. Frontline's dividend payout ratio (DPR) is presently 86.71%.
Analyst Ratings Changes
A number of research firms have commented on FRO. Evercore ISI reduced their price objective on Frontline from $33.00 to $32.00 and set an "outperform" rating on the stock in a research note on Tuesday, July 23rd. Fearnley Fonds upgraded shares of Frontline to a "strong-buy" rating in a research report on Friday, September 27th. BTIG Research raised shares of Frontline from a "neutral" rating to a "buy" rating and set a $30.00 target price for the company in a research note on Monday, October 7th. StockNews.com upgraded shares of Frontline to a "sell" rating in a research report on Thursday, September 5th. Finally, Jefferies Financial Group reiterated a "buy" rating and issued a $30.00 price objective on shares of Frontline in a research report on Friday, August 30th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Frontline currently has an average rating of "Moderate Buy" and a consensus price target of $28.06.
Read Our Latest 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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