Frontline plc (NYSE:FRO) Shares Sold by Dynamic Technology Lab Private Ltd

Dynamic Technology Lab Private Ltd decreased its holdings in Frontline plc (NYSE:FRO) by 21.1% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 31,753 shares of the shipping company’s stock after selling 8,468 shares during the quarter. Dynamic Technology Lab Private Ltd’s holdings in Frontline were worth $637,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of FRO. M&G Investment Management Ltd. acquired a new stake in Frontline during the 4th quarter worth about $27,883,000. Hsbc Holdings PLC increased its position in Frontline by 17.2% in the 3rd quarter. Hsbc Holdings PLC now owns 1,114,841 shares of the shipping company’s stock worth $20,537,000 after purchasing an additional 163,804 shares during the last quarter. Fiera Capital Corp purchased a new stake in shares of Frontline during the 3rd quarter worth about $10,682,000. Acadian Asset Management LLC lifted its holdings in shares of Frontline by 6,022.8% during the 3rd quarter. Acadian Asset Management LLC now owns 502,682 shares of the shipping company’s stock valued at $9,427,000 after buying an additional 494,472 shares during the last quarter. Finally, Smead Capital Management Inc. increased its holdings in Frontline by 2.7% in the fourth quarter. Smead Capital Management Inc. now owns 500,827 shares of the shipping company’s stock worth $10,002,000 after buying an additional 13,376 shares during the last quarter. Institutional investors and hedge funds own 22.70% of the company’s stock.

Frontline Price Performance

Shares of Frontline stock opened at $27.97 on Friday. The company has a current ratio of 1.78, a quick ratio of 1.45 and a debt-to-equity ratio of 1.40. The firm has a fifty day simple moving average of $24.47 and a 200-day simple moving average of $22.67. The stock has a market capitalization of $6.23 billion, a price-to-earnings ratio of 9.48 and a beta of 0.03. Frontline plc has a 1-year low of $13.35 and a 1-year high of $29.05.

Frontline (NYSE:FRO) last released 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). 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 firm’s revenue was down 21.7% on a year-over-year basis. During the same period in the prior year, the firm earned $0.97 EPS. On average, sell-side analysts expect that Frontline plc will post 3.57 earnings per share for the current year.

Frontline Increases Dividend

The business also recently announced 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. The ex-dividend date was Thursday, March 14th. This represents a $1.48 dividend on an annualized basis and a yield of 5.29%. This is a positive change from Frontline’s previous quarterly dividend of $0.30. Frontline’s payout ratio is 50.17%.

Analyst Upgrades and Downgrades

FRO has been the subject of several recent research reports. StockNews.com downgraded shares of Frontline from a “hold” rating to a “sell” rating in a research report on Wednesday, May 1st. JPMorgan Chase & Co. decreased their price objective 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. Finally, Jefferies Financial Group upgraded Frontline from a “hold” rating to a “buy” rating and raised their target price for the company 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.