International Assets Investment Management LLC Takes $603,000 Position in Frontline plc (NYSE:FRO)

International Assets Investment Management LLC purchased a new stake in shares of Frontline plc (NYSE:FRO) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 30,075 shares of the shipping company’s stock, valued at approximately $603,000.

Several other institutional investors have also recently made changes to their positions in the company. Hexagon Capital Partners LLC grew its stake in Frontline by 27.9% in the third quarter. Hexagon Capital Partners LLC now owns 2,882 shares of the shipping company’s stock valued at $54,000 after purchasing an additional 628 shares during the last quarter. National Bank of Canada FI boosted its holdings in Frontline by 672.8% in the third quarter. National Bank of Canada FI now owns 3,864 shares of the shipping company’s stock worth $69,000 after acquiring an additional 3,364 shares in the last quarter. Tucker Asset Management LLC boosted its holdings in Frontline by 477.3% in the third quarter. Tucker Asset Management LLC now owns 4,301 shares of the shipping company’s stock worth $81,000 after acquiring an additional 3,556 shares in the last quarter. Counterpoint Mutual Funds LLC acquired a new stake in Frontline in the third quarter worth about $88,000. Finally, CWM LLC boosted its holdings in Frontline by 4,098.4% in the third quarter. CWM LLC now owns 5,122 shares of the shipping company’s stock worth $96,000 after acquiring an additional 5,000 shares in the last quarter. Hedge funds and other institutional investors own 22.70% of the company’s stock.

Frontline Trading Down 3.0 %

Frontline stock opened at $22.72 on Thursday. The company has a quick ratio of 1.79, a current ratio of 1.78 and a debt-to-equity ratio of 1.40. Frontline plc has a 52 week low of $13.35 and a 52 week high of $25.14. The company has a market capitalization of $5.06 billion, a price-to-earnings ratio of 7.70 and a beta of 0.06. The stock has a 50-day moving average price of $23.37 and a 200 day moving average price of $22.01.

Frontline (NYSE:FRO) last released its earnings results on Thursday, February 29th. The shipping company reported $0.46 EPS for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.05). The firm had revenue of $415.00 million for the quarter, compared to analyst estimates of $280.36 million. Frontline had a return on equity of 26.00% and a net margin of 35.95%. The company’s revenue for the quarter was down 21.7% compared to the same quarter last year. During the same period last year, the firm earned $0.97 EPS. Sell-side analysts anticipate that Frontline plc will post 3.12 EPS for the current year.

Frontline Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 27th. Investors of record on Friday, March 15th were given a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 6.52%. This is a boost from Frontline’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend was Thursday, March 14th. Frontline’s payout ratio is presently 50.17%.

Wall Street Analyst Weigh In

Several brokerages have weighed in on FRO. Deutsche Bank Aktiengesellschaft raised Frontline from a “hold” rating to a “buy” rating and raised their price target for the stock from $17.00 to $26.00 in a report on Tuesday, January 9th. JPMorgan Chase & Co. lowered their price target on Frontline from $23.00 to $22.30 and set a “neutral” rating for the company 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 target for the stock from $22.00 to $30.00 in a report on Thursday, March 21st.

Frontline Company 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.