Virtu Financial LLC Raises Holdings in Frontline PLC (NYSE:FRO)

Key Points

• Virtu Financial LLC increased its holdings in Frontline PLC by 66.8% in the first quarter, bringing their total to 42,796 shares valued at $636,000.
• Research firms have mixed ratings on Frontline, with a consensus price target of $20.62, indicating a potential upside from its current trading level.
• Frontline announced a $0.18 dividend with a yield of 397.0%, reflecting a strong return to shareholders despite a 26% revenue drop compared to the previous year.

Virtu Financial LLC increased its holdings in Frontline PLC (NYSE:FRO - Free Report) by 66.8% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 42,796 shares of the shipping company's stock after acquiring an additional 17,134 shares during the period. Virtu Financial LLC's holdings in Frontline were worth $636,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the business. Deutsche Bank AG grew its position in Frontline by 9.6% in the first quarter. Deutsche Bank AG now owns 366,556 shares of the shipping company's stock worth $5,443,000 after acquiring an additional 32,213 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in Frontline by 64.7% during the first quarter. Charles Schwab Investment Management Inc. now owns 118,566 shares of the shipping company's stock worth $1,761,000 after purchasing an additional 46,594 shares in the last quarter. Vanguard Group Inc. lifted its stake in Frontline by 1.0% during the first quarter. Vanguard Group Inc. now owns 5,547,556 shares of the shipping company's stock worth $81,538,000 after purchasing an additional 54,471 shares in the last quarter. Bayforest Capital Ltd acquired a new position in Frontline during the first quarter worth $34,000. Finally, Mackenzie Financial Corp acquired a new position in Frontline during the first quarter worth $229,000. 22.70% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have commented on FRO. Evercore ISI decreased their price target on Frontline from $22.00 to $20.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 22nd. Wall Street Zen cut Frontline from a "hold" rating to a "sell" rating in a research note on Sunday, July 6th. Two research analysts have rated the stock with a sell rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $20.62.

Frontline Stock Up 0.5%

Shares of NYSE FRO opened at $18.57 on Wednesday. The stock has a market cap of $4.13 billion, a P/E ratio of 11.90 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 12-month low of $12.40 and a 12-month high of $25.68. The business's fifty day simple moving average is $18.43 and its 200-day simple moving average is $17.15.

Frontline (NYSE:FRO - Get Free Report) last announced its quarterly earnings data on Friday, May 23rd. The shipping company reported $0.18 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.18. The business had revenue of $427.87 million for the quarter, compared to analysts' expectations of $252.26 million. Frontline had a return on equity of 12.67% and a net margin of 17.67%. The company's revenue for the quarter was down 26.0% compared to the same quarter last year. During the same period last year, the firm earned $0.62 earnings per share. As a group, equities analysts predict that Frontline PLC will post 1.78 EPS for the current fiscal year.

Frontline Announces Dividend

The business also recently disclosed 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%.

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.

Want to see what other hedge funds are holding FRO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Frontline PLC (NYSE:FRO - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.