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Acadian Asset Management LLC cut its stake in shares of Frontline plc (NYSE:FRO – Free Report) by 96.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 64,155 shares of the shipping company’s stock after selling 1,660,941 shares during the quarter. Acadian Asset Management LLC’s holdings in Frontline were worth $1,498,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. ICA Group Wealth Management LLC acquired a new stake in shares of Frontline in the 4th quarter worth $25,000. Naples Money Management LLC purchased a new stake in Frontline in the 4th quarter valued at approximately $27,000. Russell Investments Group Ltd. increased its position in Frontline by 169.2% during the 4th quarter. Russell Investments Group Ltd. now owns 3,928 shares of the shipping company’s stock worth $79,000 after purchasing an additional 2,469 shares during the period. Emfo LLC purchased a new position in shares of Frontline during the 4th quarter worth approximately $80,000. Finally, Newbridge Financial Services Group Inc. lifted its holdings in shares of Frontline by 150.6% in the 1st quarter. Newbridge Financial Services Group Inc. now owns 3,619 shares of the shipping company’s stock valued at $85,000 after buying an additional 2,175 shares during the period. 22.70% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
FRO has been the subject of several research analyst reports. Jefferies Financial Group reiterated a “buy” rating and issued a $30.00 price objective on shares of Frontline in a research report on Thursday, May 30th. StockNews.com downgraded shares of Frontline from a “hold” rating to a “sell” rating in a report on Wednesday, May 1st. Finally, Evercore ISI dropped their target price on shares of Frontline from $33.00 to $32.00 and set an “outperform” rating for the company in a report on Tuesday. One research analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $27.58.
View Our Latest Report on FRO
Frontline Price Performance
Frontline stock opened at $24.53 on Thursday. The firm has a market capitalization of $5.46 billion, a PE ratio of 8.58 and a beta of 0.03. Frontline plc has a 52 week low of $15.31 and a 52 week high of $29.39. The firm’s 50-day simple moving average is $25.88 and its 200 day simple moving average is $24.17. The company has a quick ratio of 1.75, a current ratio of 1.75 and a debt-to-equity ratio of 1.59.
Frontline (NYSE:FRO – Get Free Report) last issued its quarterly earnings data on Thursday, May 30th. The shipping company reported $0.62 earnings per share for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.24). Frontline had a return on equity of 23.14% and a net margin of 32.94%. The business had revenue of $578.40 million for the quarter, compared to analysts’ expectations of $380.73 million. During the same period last year, the business earned $0.87 earnings per share. The company’s revenue for the quarter was up 16.3% on a year-over-year basis. On average, equities research analysts predict that Frontline plc will post 3.43 EPS for the current fiscal year.
Frontline Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were given a $0.62 dividend. This is an increase from Frontline’s previous quarterly dividend of $0.37. This represents a $2.48 annualized dividend and a dividend yield of 10.11%. The ex-dividend date of this dividend was Friday, June 14th. Frontline’s dividend payout ratio is currently 86.71%.
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.
See Also
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