Legal & General Group Plc reduced its holdings in Frontline plc (NYSE:FRO - Free Report) by 7.5% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 198,989 shares of the shipping company's stock after selling 16,215 shares during the quarter. Legal & General Group Plc owned about 0.09% of Frontline worth $2,749,000 at the end of the most recent quarter.
Other hedge funds have also modified their holdings of the company. Jones Financial Companies Lllp acquired a new stake in shares of Frontline in the 4th quarter valued at approximately $31,000. Golden State Wealth Management LLC purchased a new position in Frontline in the 4th quarter valued at approximately $84,000. National Bank of Canada FI increased its stake in Frontline by 331.8% in the 4th quarter. National Bank of Canada FI now owns 6,166 shares of the shipping company's stock valued at $87,000 after purchasing an additional 4,738 shares in the last quarter. Blue Trust Inc. increased its stake in Frontline by 84.4% in the 4th quarter. Blue Trust Inc. now owns 8,921 shares of the shipping company's stock valued at $127,000 after purchasing an additional 4,084 shares in the last quarter. Finally, Clear Harbor Asset Management LLC purchased a new position in Frontline in the 4th quarter valued at approximately $214,000. 22.70% of the stock is owned by institutional investors and hedge funds.
Frontline Stock Up 2.1 %
Shares of Frontline stock traded up $0.34 on Tuesday, hitting $16.63. 385,156 shares of the company's stock traded hands, compared to its average volume of 2,375,891. The stock has a market cap of $3.70 billion, a P/E ratio of 6.78 and a beta of 0.20. 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 firm's 50-day moving average is $15.43 and its 200 day moving average is $16.73. Frontline plc has a 52-week low of $12.40 and a 52-week high of $29.39.
Frontline (NYSE:FRO - Get Free Report) last announced its quarterly earnings data on Friday, February 28th. The shipping company reported $0.20 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.20. Frontline had a return on equity of 19.25% and a net margin of 25.64%. The firm had revenue of $425.60 million for the quarter, compared to analysts' expectations of $273.16 million. During the same period last year, the business posted $0.46 earnings per share. The firm's revenue for the quarter was up 2.6% 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 company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 4.81%. The ex-dividend date was Friday, March 14th. Frontline's dividend payout ratio (DPR) is presently 36.04%.
Analysts Set New Price Targets
Several research firms have weighed in on FRO. Evercore ISI dropped their price target on Frontline from $22.00 to $20.00 and set an "outperform" rating for the company in a research report on Tuesday, April 22nd. Kepler Capital Markets set a $12.49 price target on Frontline in a research report on Thursday, March 27th. Two 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. Based on data from MarketBeat, Frontline presently has a consensus rating of "Moderate Buy" and an average target price of $20.62.
Check Out Our Latest Report on FRO
Frontline Company 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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