Nuveen LLC bought a new position in shares of Frontline PLC (NYSE:FRO - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 126,658 shares of the shipping company's stock, valued at approximately $1,848,000. Nuveen LLC owned approximately 0.06% of Frontline as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Bayforest Capital Ltd purchased a new stake in Frontline during the 1st quarter valued at about $34,000. Signaturefd LLC lifted its position in Frontline by 59.3% during the first quarter. Signaturefd LLC now owns 2,657 shares of the shipping company's stock worth $39,000 after buying an additional 989 shares in the last quarter. Tower Research Capital LLC TRC lifted its position in Frontline by 5,500.0% during the fourth quarter. Tower Research Capital LLC TRC now owns 11,200 shares of the shipping company's stock worth $159,000 after buying an additional 11,000 shares in the last quarter. Boothbay Fund Management LLC acquired a new position in Frontline during the fourth quarter worth $173,000. Finally, Golden State Wealth Management LLC grew its holdings in Frontline by 100.0% in the 1st quarter. Golden State Wealth Management LLC now owns 11,800 shares of the shipping company's stock valued at $175,000 after buying an additional 5,900 shares in the last quarter. 22.70% of the stock is owned by hedge funds and other institutional investors.
Frontline Trading Up 4.3%
Shares of FRO stock traded up $0.91 during trading hours on Wednesday, hitting $21.80. The company had a trading volume of 2,215,622 shares, compared to its average volume of 2,994,504. The company has a debt-to-equity ratio of 1.44, a current ratio of 1.82 and a quick ratio of 1.82. The stock has a market capitalization of $4.85 billion, a PE ratio of 20.39 and a beta of 0.25. The company's fifty day moving average is $18.84 and its 200 day moving average is $17.39. Frontline PLC has a fifty-two week low of $12.40 and a fifty-two week high of $25.68.
Frontline (NYSE:FRO - Get Free Report) last posted its 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). Frontline had a net margin of 12.94% and a return on equity of 10.31%. The company had revenue of $282.95 million during the quarter, compared to analyst estimates of $328.71 million. During the same quarter last year, the business posted $0.62 EPS. The firm's revenue for the quarter was up 34.2% on a year-over-year basis. Research analysts expect that Frontline PLC will post 1.78 earnings per share for the current fiscal year.
Frontline Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 24th. Investors of record on Friday, September 12th will be issued a $0.36 dividend. This represents a $1.44 annualized dividend and a dividend yield of 6.6%. The ex-dividend date is Friday, September 12th. Frontline's payout ratio is currently 134.58%.
Analysts Set New Price Targets
FRO has been the topic of several analyst reports. Jefferies Financial Group reiterated a "buy" rating and set a $25.00 price target on shares of Frontline in a report on Friday, August 29th. Wall Street Zen cut shares of Frontline from a "hold" rating to a "sell" rating in a research report on Sunday, July 6th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $21.87.
Check Out Our Latest Analysis on FRO
Frontline 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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