Charles Schwab Investment Management Inc. increased its stake in Frontline PLC (NYSE:FRO - Free Report) by 64.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 118,566 shares of the shipping company's stock after acquiring an additional 46,594 shares during the period. Charles Schwab Investment Management Inc. owned about 0.05% of Frontline worth $1,761,000 as of its most recent SEC filing.
Other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. increased its holdings in Frontline by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 5,547,556 shares of the shipping company's stock valued at $81,538,000 after purchasing an additional 54,471 shares during the period. BNP Paribas Financial Markets purchased a new position in Frontline during the 4th quarter valued at about $424,000. Svenska Handelsbanken AB publ increased its holdings in Frontline by 82.7% during the 1st quarter. Svenska Handelsbanken AB publ now owns 54,976 shares of the shipping company's stock valued at $803,000 after purchasing an additional 24,878 shares during the period. Mackenzie Financial Corp purchased a new position in Frontline during the 1st quarter valued at about $229,000. Finally, Bank of New York Mellon Corp increased its holdings in Frontline by 761.8% during the 1st quarter. Bank of New York Mellon Corp now owns 648,836 shares of the shipping company's stock valued at $9,635,000 after purchasing an additional 573,544 shares during the period. Hedge funds and other institutional investors own 22.70% of the company's stock.
Frontline Stock Down 0.6%
Shares of FRO stock traded down $0.14 during midday trading on Thursday, reaching $21.67. 1,444,192 shares of the stock were exchanged, compared to its average volume of 2,992,471. Frontline PLC has a 1 year low of $12.40 and a 1 year high of $25.68. The company's 50 day moving average is $18.92 and its two-hundred day moving average is $17.42. The company has a current ratio of 1.82, a quick ratio of 1.82 and a debt-to-equity ratio of 1.44. The firm has a market cap of $4.82 billion, a PE ratio of 20.27 and a beta of 0.25.
Frontline (NYSE:FRO - Get Free Report) last posted its quarterly earnings results on Friday, August 29th. The shipping company reported $0.36 earnings per share for the quarter, missing the consensus estimate of $0.42 by ($0.06). The company had revenue of $282.95 million during the quarter, compared to analysts' expectations of $328.71 million. Frontline had a return on equity of 10.31% and a net margin of 12.94%.The business's quarterly revenue was up 34.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.62 EPS. On average, equities research analysts predict that Frontline PLC will post 1.78 EPS for the current year.
Frontline Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 24th. Investors of record on Friday, September 12th will be paid a $0.36 dividend. The ex-dividend date is Friday, September 12th. This represents a $1.44 annualized dividend and a dividend yield of 6.6%. Frontline's dividend payout ratio is presently 67.29%.
Analysts Set New Price Targets
FRO has been the topic of a number of research analyst reports. Wall Street Zen downgraded Frontline from a "hold" rating to a "sell" rating in a report on Sunday, July 6th. Jefferies Financial Group reiterated a "buy" rating and set a $25.00 target price on shares of Frontline in a report on Friday, August 29th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $21.87.
Get Our Latest Research Report on FRO
Frontline Company Profile
(
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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