Paradiem LLC acquired a new stake in Frontline plc (NYSE:FRO - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 340,236 shares of the shipping company's stock, valued at approximately $6,822,000. Frontline makes up about 1.9% of Paradiem LLC's portfolio, making the stock its 26th largest holding. Paradiem LLC owned approximately 0.15% of Frontline at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Commonwealth Equity Services LLC raised its stake in Frontline by 175.7% in the third quarter. Commonwealth Equity Services LLC now owns 140,103 shares of the shipping company's stock valued at $2,631,000 after buying an additional 89,284 shares in the last quarter. Raymond James & Associates acquired a new stake in Frontline in the third quarter valued at $523,000. Campbell & CO Investment Adviser LLC acquired a new stake in Frontline in the third quarter valued at $1,324,000. Penserra Capital Management LLC acquired a new stake in Frontline in the third quarter valued at $1,775,000. Finally, Emfo LLC purchased a new position in shares of Frontline during the fourth quarter worth about $80,000. 22.70% of the stock is currently owned by institutional investors and hedge funds.
Frontline Stock Performance
Shares of NYSE FRO traded up $0.36 during midday trading on Friday, reaching $23.80. 1,344,991 shares of the company were exchanged, compared to its average volume of 1,596,304. The company has a current ratio of 1.78, a quick ratio of 1.79 and a debt-to-equity ratio of 1.40. Frontline plc has a 1 year low of $13.35 and a 1 year high of $25.14. The stock has a fifty day simple moving average of $23.35 and a 200 day simple moving average of $22.08. The stock has a market cap of $5.30 billion, a P/E ratio of 8.07 and a beta of 0.06.
Frontline (NYSE:FRO - Get Free Report) last released its quarterly earnings results on Thursday, February 29th. The shipping company reported $0.46 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.51 by ($0.05). Frontline had a return on equity of 26.00% and a net margin of 35.95%. The company had revenue of $415.00 million for the quarter, compared to analysts' expectations of $280.36 million. During the same period in the prior year, the business earned $0.97 EPS. The business's quarterly revenue was down 21.7% compared to the same quarter last year. On average, research analysts forecast that Frontline plc will post 3.09 earnings per share for the current fiscal year.
Frontline Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Wednesday, March 27th. Investors of record on Friday, March 15th were issued a dividend of $0.37 per share. The ex-dividend date was Thursday, March 14th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 6.22%. This is a positive change from Frontline's previous quarterly dividend of $0.30. Frontline's dividend payout ratio (DPR) is currently 50.17%.
Wall Street Analyst Weigh In
Several equities analysts have issued reports on FRO shares. Deutsche Bank Aktiengesellschaft raised Frontline from a "hold" rating to a "buy" rating and raised their price objective for the stock from $17.00 to $26.00 in a report on Tuesday, January 9th. JPMorgan Chase & Co. dropped their price objective on Frontline from $23.00 to $22.30 and set a "neutral" rating on the stock in a report on Friday, March 1st. Finally, Jefferies Financial Group raised Frontline from a "hold" rating to a "buy" rating and raised their price objective for the stock from $22.00 to $30.00 in a report on Thursday, March 21st.
Check Out Our Latest Research Report on FRO
Frontline Company Profile
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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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