MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lessened its holdings in Frontline PLC (NYSE:FRO - Free Report) by 8.3% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor 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 reporting period.
Other institutional investors and hedge funds also recently modified their holdings of the company. Encompass Capital Advisors LLC purchased a new position in shares of Frontline during the first quarter valued at approximately $45,026,000. Corigliano Investment Advisers LLC purchased a new position in shares of Frontline during the first quarter valued at approximately $12,002,000. Bank of New York Mellon Corp lifted its stake in shares of Frontline by 761.8% during the first quarter. Bank of New York Mellon Corp now owns 648,836 shares of the shipping company's stock valued at $9,635,000 after buying an additional 573,544 shares during the period. Hartree Partners LP lifted its stake in shares of Frontline by 38.8% during the first quarter. Hartree Partners LP now owns 1,472,220 shares of the shipping company's stock valued at $21,851,000 after buying an additional 411,220 shares during the period. Finally, SG Americas Securities LLC lifted its stake in shares of Frontline by 607.8% during the first quarter. SG Americas Securities LLC now owns 234,429 shares of the shipping company's stock valued at $3,481,000 after buying an additional 201,308 shares during the period. Hedge funds and other institutional investors own 22.70% of the company's stock.
Analyst Ratings Changes
Several brokerages recently issued reports on FRO. Wall Street Zen downgraded shares of Frontline from a "hold" rating to a "sell" rating in a research note on Sunday, July 6th. Jefferies Financial Group reissued a "buy" rating and set a $25.00 price objective on shares of Frontline in a research note on Friday, August 29th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $21.87.
Check Out Our Latest Analysis on Frontline
Frontline Trading Up 1.0%
NYSE:FRO traded up $0.22 during trading hours on Friday, reaching $23.24. 2,761,140 shares of the company were exchanged, compared to its average volume of 2,358,525. The company has a debt-to-equity ratio of 1.38, a current ratio of 1.88 and a quick ratio of 1.88. The firm has a market cap of $5.17 billion, a price-to-earnings ratio of 21.72 and a beta of 0.25. Frontline PLC has a 52-week low of $12.40 and a 52-week high of $25.68. The stock has a 50 day simple moving average of $19.70 and a 200 day simple moving average of $17.70.
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 analysts' consensus estimates of $0.42 by ($0.06). The company had revenue of $282.95 million for the quarter, compared to analysts' expectations of $328.71 million. Frontline had a return on equity of 10.27% and a net margin of 12.94%.The business's revenue for the quarter was up 34.2% on a year-over-year basis. During the same period in the prior year, the business earned $0.62 EPS. As a group, analysts predict that Frontline PLC will post 1.78 EPS for the current year.
Frontline Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 24th. Stockholders of record on Friday, September 12th will be given a $0.36 dividend. The ex-dividend date of this dividend is Friday, September 12th. This represents a $1.44 annualized dividend and a dividend yield of 6.2%. Frontline's dividend payout ratio is presently 67.29%.
Frontline Company Profile
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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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