Two Sigma Investments LP lowered its stake in Frontline plc (NYSE:FRO - Free Report) by 41.9% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 765,664 shares of the shipping company's stock after selling 551,831 shares during the quarter. Two Sigma Investments LP owned about 0.34% of Frontline worth $10,865,000 as of its most recent filing with the SEC.
A number of other large investors have also modified their holdings of FRO. Vanguard Group Inc. boosted its holdings in Frontline by 0.9% in the 4th quarter. Vanguard Group Inc. now owns 5,493,085 shares of the shipping company's stock worth $75,502,000 after acquiring an additional 51,073 shares during the period. Cooper Creek Partners Management LLC acquired a new position in shares of Frontline during the fourth quarter worth $41,447,000. Renaissance Technologies LLC lifted its position in shares of Frontline by 27.5% during the fourth quarter. Renaissance Technologies LLC now owns 1,378,037 shares of the shipping company's stock worth $19,554,000 after purchasing an additional 297,437 shares in the last quarter. Marshall Wace LLP boosted its stake in shares of Frontline by 137.2% in the fourth quarter. Marshall Wace LLP now owns 1,090,427 shares of the shipping company's stock valued at $15,473,000 after purchasing an additional 630,685 shares during the period. Finally, Hartree Partners LP grew its holdings in Frontline by 482.6% during the 4th quarter. Hartree Partners LP now owns 1,061,000 shares of the shipping company's stock valued at $15,047,000 after purchasing an additional 878,885 shares in the last quarter. Institutional investors and hedge funds own 22.70% of the company's stock.
Frontline Stock Down 6.3%
Shares of Frontline stock traded down $1.19 on Wednesday, hitting $17.56. 3,081,574 shares of the company's stock traded hands, compared to its average volume of 2,498,940. Frontline plc has a 52-week low of $12.40 and a 52-week high of $29.39. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 1.44. The stock has a market cap of $3.91 billion, a P/E ratio of 7.17 and a beta of 0.24. The firm's 50-day moving average is $16.12 and its 200 day moving average is $16.36.
Frontline (NYSE:FRO - Get Free Report) last posted its quarterly earnings results on Friday, May 23rd. The shipping company reported $0.18 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.18. Frontline had a net margin of 25.64% and a return on equity of 19.25%. The firm had revenue of $427.87 million for the quarter, compared to analysts' expectations of $252.26 million. During the same period in the prior year, the company posted $0.62 earnings per share. The firm's quarterly revenue was down 26.0% on a year-over-year basis. Equities analysts anticipate that Frontline plc will post 1.78 earnings per share for the current year.
Frontline Cuts Dividend
The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were paid a $0.20 dividend. The ex-dividend date was Friday, March 14th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.56%. Frontline's dividend payout ratio (DPR) is presently 46.15%.
Wall Street Analysts Forecast Growth
Several equities research analysts recently issued reports on the stock. Evercore ISI dropped their price target on shares of Frontline from $22.00 to $20.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 22nd. Kepler Capital Markets set a $12.49 target price on Frontline in a research note on Thursday, March 27th. Two equities research analysts have rated the stock with a sell rating, three have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Frontline currently has a consensus rating of "Moderate Buy" and an average price target of $20.62.
Check Out Our Latest Report 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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