MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Sells 60,345 Shares of Frontline PLC $FRO

Key Points

• MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. reduced its stake in Frontline PLC by 8.3% during the first quarter, selling 60,345 shares and holding a total of 670,634 shares afterwards, valued at approximately $9.95 million.
• Frontline announced a quarterly dividend of $0.36 per share, resulting in an annualized yield of 6.4% and a payout ratio of 67.29%.
• The company reported $282.95 million in revenue for the last quarter, which was below analysts' expectations of $328.71 million, and it missed earnings per share estimates by $0.06.

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. cut its position in shares of Frontline PLC (NYSE:FRO - Free Report) by 8.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 670,634 shares of the shipping company's stock after selling 60,345 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. owned 0.30% of Frontline worth $9,948,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the company. Signaturefd LLC increased its stake in shares of Frontline by 59.3% during the 1st quarter. Signaturefd LLC now owns 2,657 shares of the shipping company's stock worth $39,000 after purchasing an additional 989 shares during the last quarter. SVB Wealth LLC acquired a new position in shares of Frontline during the 1st quarter worth about $32,000. Bayforest Capital Ltd acquired a new position in shares of Frontline during the 1st quarter worth about $34,000. Triumph Capital Management increased its stake in shares of Frontline by 23.4% during the 4th quarter. Triumph Capital Management now owns 15,217 shares of the shipping company's stock worth $216,000 after purchasing an additional 2,882 shares during the last quarter. Finally, Private Advisor Group LLC increased its stake in shares of Frontline by 10.4% during the 1st quarter. Private Advisor Group LLC now owns 30,968 shares of the shipping company's stock worth $460,000 after purchasing an additional 2,915 shares during the last quarter. 22.70% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

FRO has been the topic of a number of research reports. Wall Street Zen lowered shares of Frontline from a "hold" rating to a "sell" rating in a research note on Sunday, July 6th. Jefferies Financial Group reiterated a "buy" rating and issued a $25.00 price target on shares of Frontline in a research note on Friday, August 29th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Frontline has a consensus rating of "Moderate Buy" and an average target price of $21.87.

Frontline Price Performance

Shares of Frontline stock traded up $0.79 on Monday, reaching $24.02. 1,686,436 shares of the stock were exchanged, compared to its average volume of 2,978,384. The firm's 50 day moving average is $19.70 and its 200-day moving average is $17.73. Frontline PLC has a one year low of $12.40 and a one year high of $25.68. The company has a debt-to-equity ratio of 1.38, a quick ratio of 1.88 and a current ratio of 1.88. The firm has a market cap of $5.35 billion, a PE ratio of 22.44 and a beta of 0.25.

Frontline (NYSE:FRO - Get Free Report) last issued its quarterly earnings results on Friday, August 29th. The shipping company reported $0.36 earnings per share for the quarter, missing analysts' consensus estimates of $0.42 by ($0.06). Frontline had a return on equity of 10.27% and a net margin of 12.94%.The firm had revenue of $282.95 million for the quarter, compared to the consensus estimate of $328.71 million. During the same period last year, the company posted $0.62 EPS. The business's revenue was up 34.2% on a year-over-year basis. As a group, analysts anticipate that Frontline PLC will post 1.78 EPS for the current fiscal year.

Frontline Dividend Announcement

The business also recently disclosed 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 of this dividend is Friday, September 12th. This represents a $1.44 annualized dividend and a yield of 6.0%. Frontline's dividend payout ratio is presently 134.58%.

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.