Fiera Capital Corp Sells 92,585 Shares of Frontline plc (NYSE:FRO)

Fiera Capital Corp trimmed its position in shares of Frontline plc (NYSE:FRO - Free Report) by 16.3% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 476,236 shares of the shipping company's stock after selling 92,585 shares during the period. Fiera Capital Corp owned about 0.21% of Frontline worth $9,549,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in FRO. M&G Investment Management Ltd. bought a new position in shares of Frontline during the fourth quarter valued at approximately $27,883,000. Acadian Asset Management LLC increased its stake in Frontline by 6,022.8% in the third quarter. Acadian Asset Management LLC now owns 502,682 shares of the shipping company's stock worth $9,427,000 after purchasing an additional 494,472 shares during the period. Paradiem LLC bought a new stake in shares of Frontline during the fourth quarter worth $6,822,000. Hsbc Holdings PLC boosted its stake in shares of Frontline by 17.2% during the third quarter. Hsbc Holdings PLC now owns 1,114,841 shares of the shipping company's stock valued at $20,537,000 after purchasing an additional 163,804 shares during the period. Finally, Glenorchy Capital Ltd bought a new position in shares of Frontline in the fourth quarter worth about $3,173,000. 22.70% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. JPMorgan Chase & Co. lowered their price objective on shares of Frontline from $23.00 to $22.30 and set a "neutral" rating for the company in a research report on Friday, March 1st. StockNews.com cut Frontline from a "hold" rating to a "sell" rating in a research note on Wednesday, May 1st. Finally, Jefferies Financial Group upgraded 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.

Frontline Stock Up 0.6 %

Shares of NYSE:FRO traded up $0.16 during trading hours on Friday, hitting $27.49. The company's stock had a trading volume of 752,829 shares, compared to its average volume of 2,039,419. The company has a debt-to-equity ratio of 1.40, a current ratio of 1.78 and a quick ratio of 1.45. The firm's fifty day moving average price is $24.07 and its 200 day moving average price is $22.51. Frontline plc has a 52 week low of $13.35 and a 52 week high of $27.63. The company has a market capitalization of $6.12 billion, a price-to-earnings ratio of 9.32 and a beta of 0.03.

Frontline (NYSE:FRO - Get Free Report) last posted its earnings results on Thursday, February 29th. The shipping company reported $0.46 earnings per share 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 quarter in the prior year, the company earned $0.97 EPS. The firm's quarterly revenue was down 21.7% on a year-over-year basis. As a group, research analysts expect that Frontline plc will post 3.09 EPS for the current year.

Frontline Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 27th. Shareholders of record on Friday, March 15th were paid a $0.37 dividend. This represents a $1.48 annualized dividend and a yield of 5.38%. The ex-dividend date of this dividend was Thursday, March 14th. This is a positive change from Frontline's previous quarterly dividend of $0.30. Frontline's 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.

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