Vanguard Group Inc. Has $81.54 Million Position in Frontline PLC $FRO

Key Points

• Vanguard Group Inc. increased its stake in Frontline PLC by 1.0% in the first quarter, now owning approximately 5.5 million shares valued at about $81.54 million.
• Frontline reported earnings of $0.18 per share for the latest quarter, meeting analysts' expectations, while its revenue significantly exceeded forecasts, totaling $427.87 million against an expected $252.26 million.
• The company declared a dividend of $0.18, resulting in a remarkable yield of 397.0%, reflecting a dividend payout ratio of 46.15%.

Vanguard Group Inc. boosted its position in Frontline PLC (NYSE:FRO - Free Report) by 1.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 5,547,556 shares of the shipping company's stock after buying an additional 54,471 shares during the quarter. Vanguard Group Inc. owned approximately 2.49% of Frontline worth $81,538,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of FRO. Raymond James Financial Inc. acquired a new stake in Frontline in the 4th quarter worth $241,000. Guggenheim Capital LLC bought a new position in shares of Frontline during the 4th quarter worth about $203,000. Jump Financial LLC bought a new position in shares of Frontline during the 4th quarter worth about $271,000. Tower Research Capital LLC TRC lifted its holdings in shares of Frontline by 5,500.0% during the 4th quarter. Tower Research Capital LLC TRC now owns 11,200 shares of the shipping company's stock worth $159,000 after acquiring an additional 11,000 shares during the period. Finally, IHT Wealth Management LLC lifted its holdings in shares of Frontline by 5.2% during the 4th quarter. IHT Wealth Management LLC now owns 16,542 shares of the shipping company's stock worth $235,000 after acquiring an additional 819 shares during the period. 22.70% of the stock is currently owned by institutional investors and hedge funds.

Frontline Price Performance

Frontline stock traded up $0.26 during trading hours on Thursday, reaching $20.78. 1,441,263 shares of the stock were exchanged, compared to its average volume of 2,982,393. The company has a market cap of $4.63 billion, a P/E ratio of 13.32 and a beta of 0.22. The company has a current ratio of 1.82, a quick ratio of 1.82 and a debt-to-equity ratio of 1.44. Frontline PLC has a twelve month low of $12.40 and a twelve month high of $25.68. The stock has a 50 day moving average of $18.66 and a two-hundred day moving average of $17.30.

Frontline Announces Dividend

The business also recently declared a dividend, which was paid on Tuesday, June 24th. Stockholders of record on Friday, June 13th were paid a $0.18 dividend. This represents a dividend yield of 397.0%. The ex-dividend date was Thursday, June 12th. Frontline's dividend payout ratio (DPR) is presently 46.15%.

Analyst Ratings Changes

Separately, Wall Street Zen downgraded shares of Frontline from a "hold" rating to a "sell" rating in a report on Sunday, July 6th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $20.62.

Frontline 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.