Man Group plc Sells 80,128 Shares of Frontline plc (NYSE:FRO)

Man Group plc trimmed its holdings in shares of Frontline plc (NYSE:FRO - Free Report) by 72.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 31,054 shares of the shipping company's stock after selling 80,128 shares during the quarter. Man Group plc's holdings in Frontline were worth $441,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the business. Jones Financial Companies Lllp purchased a new position in Frontline during the fourth quarter valued at approximately $31,000. Golden State Wealth Management LLC purchased a new position in Frontline during the fourth quarter valued at approximately $84,000. National Bank of Canada FI lifted its holdings in Frontline by 331.8% during the fourth quarter. National Bank of Canada FI now owns 6,166 shares of the shipping company's stock valued at $87,000 after purchasing an additional 4,738 shares in the last quarter. Blue Trust Inc. lifted its holdings in Frontline by 84.4% during the fourth quarter. Blue Trust Inc. now owns 8,921 shares of the shipping company's stock valued at $127,000 after purchasing an additional 4,084 shares in the last quarter. Finally, Nexpoint Asset Management L.P. purchased a new position in Frontline during the fourth quarter valued at approximately $159,000. 22.70% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

FRO has been the topic of several analyst reports. Evercore ISI lowered their price target on shares of Frontline from $22.00 to $20.00 and set an "outperform" rating on the stock in a report on Tuesday, April 22nd. Kepler Capital Markets set a $12.49 target price on shares of Frontline in a report on Thursday, March 27th. Two research analysts have rated the stock with a sell rating, three have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $20.62.

Frontline Price Performance

FRO traded up $0.77 during trading hours on Friday, hitting $18.29. The company's stock had a trading volume of 3,433,383 shares, compared to its average volume of 2,506,480. The business's 50-day moving average price is $16.22 and its 200-day moving average price is $16.34. Frontline plc has a 12 month low of $12.40 and a 12 month high of $28.00. The stock has a market cap of $4.07 billion, a price-to-earnings ratio of 7.47 and a beta of 0.24. 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 (NYSE:FRO - Get Free Report) last announced its quarterly earnings results on Friday, May 23rd. The shipping company reported $0.18 earnings per share for the quarter, hitting the consensus estimate of $0.18. Frontline had a net margin of 25.64% and a return on equity of 19.25%. The company had revenue of $427.87 million for the quarter, compared to analysts' expectations of $252.26 million. During the same quarter in the previous year, the business posted $0.62 earnings per share. Frontline's quarterly revenue was down 26.0% on a year-over-year basis. Sell-side analysts expect that Frontline plc will post 1.78 earnings per share for the current fiscal year.

Frontline Company Profile

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.