Renaissance Technologies LLC raised its stake in Frontline plc (NYSE:FRO - Free Report) by 27.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,378,037 shares of the shipping company's stock after acquiring an additional 297,437 shares during the period. Renaissance Technologies LLC owned about 0.62% of Frontline worth $19,554,000 as of its most recent SEC filing.
A number of other large investors have also recently bought and sold shares of the stock. Vanguard Group Inc. boosted its stake in shares of Frontline by 0.9% in the 4th quarter. Vanguard Group Inc. now owns 5,493,085 shares of the shipping company's stock valued at $75,502,000 after purchasing an additional 51,073 shares in the last quarter. Hartree Partners LP raised its position in Frontline by 482.6% in the 4th 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 during the last quarter. Swiss National Bank boosted its position in Frontline by 0.6% in the 4th quarter. Swiss National Bank now owns 286,612 shares of the shipping company's stock valued at $3,953,000 after buying an additional 1,845 shares during the last quarter. Discovery Capital Management LLC CT acquired a new stake in shares of Frontline in the 4th quarter valued at $3,548,000. Finally, Rovida Advisors Inc. raised its position in shares of Frontline by 60.0% during the fourth quarter. Rovida Advisors Inc. now owns 160,000 shares of the shipping company's stock worth $2,272,000 after acquiring an additional 60,000 shares during the last quarter. 22.70% of the stock is currently owned by institutional investors.
Frontline Trading Up 1.6 %
Shares of FRO stock traded up $0.23 on Wednesday, reaching $14.75. The company had a trading volume of 1,987,583 shares, compared to its average volume of 2,357,263. The stock has a market cap of $3.28 billion, a PE ratio of 6.02 and a beta of 0.20. The company has a 50-day moving average of $15.79 and a 200-day moving average of $17.33. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 1.44. Frontline plc has a 12 month low of $12.40 and a 12 month high of $29.39.
Frontline (NYSE:FRO - Get Free Report) last posted its earnings results on Friday, February 28th. The shipping company reported $0.20 earnings per share for the quarter, hitting the consensus estimate of $0.20. Frontline had a net margin of 25.64% and a return on equity of 19.25%. The company had revenue of $425.60 million for the quarter, compared to analyst estimates of $273.16 million. During the same period last year, the business posted $0.46 earnings per share. The business's revenue for the quarter was up 2.6% compared to the same quarter last year. On average, equities analysts forecast that Frontline plc will post 1.78 earnings per share for the current year.
Frontline Cuts Dividend
The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were issued a $0.20 dividend. The ex-dividend date was Friday, March 14th. This represents a $0.80 annualized dividend and a dividend yield of 5.42%. Frontline's dividend payout ratio (DPR) is currently 36.04%.
Wall Street Analyst Weigh In
A number of analysts recently commented on FRO shares. Kepler Capital Markets set a $12.49 price objective on Frontline in a research report on Thursday, March 27th. Jefferies Financial Group reduced their target price on shares of Frontline from $26.00 to $20.00 and set a "buy" rating on the stock in a research note on Tuesday, December 17th. Two 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's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $23.62.
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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