Skandinaviska Enskilda Banken AB publ decreased its position in Frontline plc (NYSE:FRO - Free Report) by 75.1% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 185,994 shares of the shipping company's stock after selling 561,979 shares during the period. Skandinaviska Enskilda Banken AB publ owned approximately 0.08% of Frontline worth $2,583,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Smead Capital Management Inc. grew its position in Frontline by 5.1% during the 3rd quarter. Smead Capital Management Inc. now owns 670,581 shares of the shipping company's stock worth $15,188,000 after purchasing an additional 32,531 shares during the period. Charles Schwab Investment Management Inc. grew its position in Frontline by 102.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 43,494 shares of the shipping company's stock worth $994,000 after purchasing an additional 22,022 shares during the period. The Manufacturers Life Insurance Company grew its position in Frontline by 1,326.2% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 527,470 shares of the shipping company's stock worth $12,053,000 after purchasing an additional 490,486 shares during the period. Quantbot Technologies LP grew its position in Frontline by 14.6% during the 3rd quarter. Quantbot Technologies LP now owns 106,015 shares of the shipping company's stock worth $2,422,000 after purchasing an additional 13,472 shares during the period. Finally, Verition Fund Management LLC acquired a new stake in Frontline during the 3rd quarter worth about $448,000. Hedge funds and other institutional investors own 22.70% of the company's stock.
Wall Street Analyst Weigh In
FRO has been the topic of a number of analyst reports. Kepler Capital Markets cut Frontline from a "buy" rating to a "hold" rating and set a $15.83 target price on the stock. in a research report on Thursday, December 12th. Jefferies Financial Group decreased 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. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $24.46.
Read Our Latest Stock Report on Frontline
Frontline Trading Up 1.7 %
Frontline stock traded up $0.29 during trading on Thursday, hitting $16.91. The company had a trading volume of 3,701,780 shares, compared to its average volume of 2,212,785. Frontline plc has a 1-year low of $13.17 and a 1-year high of $29.39. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 1.44. The company's 50 day simple moving average is $16.85 and its 200-day simple moving average is $18.44. The stock has a market cap of $3.76 billion, a price-to-earnings ratio of 6.90 and a beta of -0.04.
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, hitting the consensus estimate of $0.20. The business had revenue of $425.60 million during the quarter, compared to the consensus estimate of $273.16 million. Frontline had a net margin of 25.64% and a return on equity of 19.25%. The company's quarterly revenue was up 2.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.46 earnings per share. As a group, analysts expect that Frontline plc will post 1.78 EPS for the current fiscal year.
Frontline Cuts Dividend
The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be paid a $0.20 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.80 annualized dividend and a dividend yield of 4.73%. Frontline's dividend payout ratio (DPR) is 36.04%.
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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