Quantbot Technologies LP Sells 29,268 Shares of Frontline plc (NYSE:FRO)

Quantbot Technologies LP lowered its stake in Frontline plc (NYSE:FRO - Free Report) by 27.6% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 76,747 shares of the shipping company's stock after selling 29,268 shares during the period. Quantbot Technologies LP's holdings in Frontline were worth $1,089,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently modified their holdings of FRO. Jones Financial Companies Lllp acquired a new position in shares of Frontline in the 4th quarter worth $31,000. Golden State Wealth Management LLC purchased a new position in Frontline during the 4th quarter worth approximately $84,000. Blue Trust Inc. grew its position in Frontline by 84.4% during the 4th quarter. Blue Trust Inc. now owns 8,921 shares of the shipping company's stock worth $127,000 after purchasing an additional 4,084 shares in the last quarter. Vestcor Inc acquired a new position in Frontline during the third quarter valued at $255,000. Finally, Clear Harbor Asset Management LLC purchased a new stake in shares of Frontline in the fourth quarter worth approximately $214,000. Institutional investors and hedge funds own 22.70% of the company's stock.

Frontline Stock Performance

Shares of NYSE:FRO traded up $0.04 on Friday, hitting $14.95. 2,185,147 shares of the company were exchanged, compared to its average volume of 2,260,477. The company has a debt-to-equity ratio of 1.44, a quick ratio of 1.43 and a current ratio of 1.43. The company's 50 day moving average price is $16.59 and its two-hundred day moving average price is $18.14. Frontline plc has a one year low of $13.17 and a one year high of $29.39. The firm has a market capitalization of $3.33 billion, a price-to-earnings ratio of 6.10 and a beta of -0.04.

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Frontline (NYSE:FRO - Get Free Report) last posted its quarterly earnings results on Friday, February 28th. The shipping company reported $0.20 EPS for the quarter, meeting the consensus estimate of $0.20. Frontline had a return on equity of 19.25% and a net margin of 25.64%. The firm had revenue of $425.60 million during the quarter, compared to analysts' expectations of $273.16 million. During the same quarter in the prior year, the firm posted $0.46 EPS. The company's revenue for the quarter was up 2.6% on a year-over-year basis. Research analysts expect that Frontline plc will post 1.78 earnings per share for the current year.

Frontline Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be given a $0.20 dividend. The ex-dividend date is Friday, March 14th. This represents a $0.80 annualized dividend and a yield of 5.35%. Frontline's dividend payout ratio (DPR) is currently 36.04%.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Kepler Capital Markets downgraded Frontline from a "hold" rating to a "strong sell" rating in a report on Thursday. Jefferies Financial Group decreased their target price on Frontline from $26.00 to $20.00 and set a "buy" rating for the company in a research note on Tuesday, December 17th. Two equities 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. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $24.46.

About Frontline

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.