M&G Investment Management Ltd. Makes New Investment in Frontline plc (NYSE:FRO)

M&G Investment Management Ltd. acquired a new position in Frontline plc (NYSE:FRO - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 1,395,640 shares of the shipping company's stock, valued at approximately $27,883,000. M&G Investment Management Ltd. owned about 0.63% of Frontline at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. RMR Wealth Builders increased its stake in Frontline by 4.4% during the fourth quarter. RMR Wealth Builders now owns 15,612 shares of the shipping company's stock worth $313,000 after purchasing an additional 652 shares during the period. National Bank of Canada FI boosted its position in Frontline by 1,813.6% in the 4th quarter. National Bank of Canada FI now owns 73,941 shares of the shipping company's stock valued at $1,490,000 after buying an additional 70,077 shares during the period. Todd Asset Management LLC acquired a new position in shares of Frontline in the fourth quarter worth $2,811,000. Paradiem LLC purchased a new stake in shares of Frontline during the fourth quarter worth $6,822,000. Finally, Russell Investments Group Ltd. increased its position in shares of Frontline by 169.2% during the fourth quarter. Russell Investments Group Ltd. now owns 3,928 shares of the shipping company's stock worth $79,000 after acquiring an additional 2,469 shares during the period. 22.70% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts recently commented on FRO shares. Jefferies Financial Group raised Frontline from a "hold" rating to a "buy" rating and boosted their target price for the stock from $22.00 to $30.00 in a research note on Thursday, March 21st. StockNews.com lowered shares of Frontline from a "hold" rating to a "sell" rating in a research note on Wednesday, May 1st. Finally, JPMorgan Chase & Co. lowered their price target on shares of Frontline from $23.00 to $22.30 and set a "neutral" rating for the company in a report on Friday, March 1st.

Frontline Stock Up 0.7 %

FRO stock traded up $0.18 during midday trading on Tuesday, reaching $26.76. 1,096,756 shares of the company were exchanged, compared to its average volume of 2,065,952. The company has a market cap of $5.96 billion, a price-to-earnings ratio of 9.07 and a beta of 0.03. The company has a debt-to-equity ratio of 1.40, a quick ratio of 1.45 and a current ratio of 1.78. Frontline plc has a 1-year low of $13.35 and a 1-year high of $26.77. The stock's 50-day simple moving average is $23.83 and its 200 day simple moving average is $22.41.

Frontline (NYSE:FRO - Get Free Report) last announced its quarterly earnings results on Thursday, February 29th. The shipping company reported $0.46 EPS for the quarter, missing the consensus estimate 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 analyst estimates of $280.36 million. During the same quarter in the prior year, the business earned $0.97 earnings per share. Frontline's revenue was down 21.7% compared to the same quarter last year. On average, equities analysts forecast that Frontline plc will post 3.09 earnings per share for the current year.

Frontline Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 27th. Investors of record on Friday, March 15th were given a $0.37 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This is a boost from Frontline's previous quarterly dividend of $0.30. This represents a $1.48 dividend on an annualized basis and a dividend yield of 5.53%. Frontline's dividend payout ratio is 50.17%.

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.