Frontline plc (NYSE:FRO) Shares Sold by Man Group plc

Man Group plc lowered its position in shares of Frontline plc (NYSE:FRO) by 72.1% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 31,054 shares of the shipping company’s stock after selling 80,128 shares during the quarter. Man Group plc’s holdings in Frontline were worth $441,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of FRO. SG Americas Securities LLC raised its position in Frontline by 148.3% in the fourth quarter. SG Americas Securities LLC now owns 33,121 shares of the shipping company’s stock valued at $470,000 after purchasing an additional 19,783 shares during the period. Blue Trust Inc. grew its stake in shares of Frontline by 84.4% in the fourth quarter. Blue Trust Inc. now owns 8,921 shares of the shipping company’s stock valued at $127,000 after buying an additional 4,084 shares in the last quarter. Svenska Handelsbanken AB publ purchased a new stake in shares of Frontline during the 4th quarter valued at about $415,000. Golden State Wealth Management LLC acquired a new position in Frontline during the 4th quarter worth approximately $84,000. Finally, Private Advisor Group LLC lifted its position in Frontline by 164.0% during the 4th quarter. Private Advisor Group LLC now owns 28,053 shares of the shipping company’s stock worth $398,000 after acquiring an additional 17,428 shares in the last quarter. Hedge funds and other institutional investors own 22.70% of the company’s stock.

Frontline Stock Performance

Shares of Frontline stock opened at $18.36 on Tuesday. The company has a debt-to-equity ratio of 1.44, a quick ratio of 1.43 and a current ratio of 1.43. Frontline plc has a 1 year low of $12.40 and a 1 year high of $29.39. The firm’s 50-day simple moving average is $16.08 and its 200-day simple moving average is $16.35. The firm has a market cap of $4.09 billion, a PE ratio of 7.49 and a beta of 0.24.

Frontline (NYSE:FRO) last announced its quarterly earnings data on Friday, May 23rd. The shipping company reported $0.18 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.18. The firm had revenue of $427.87 million for the quarter, compared to analysts’ expectations of $252.26 million. Frontline had a return on equity of 19.25% and a net margin of 25.64%. Frontline’s revenue for the quarter was down 26.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.62 earnings per share. Equities analysts forecast that Frontline plc will post 1.78 earnings per share for the current fiscal year.

Frontline Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 4.36%. The ex-dividend date was Friday, March 14th. Frontline’s dividend payout ratio (DPR) is presently 36.04%.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Evercore ISI dropped their price objective on shares of Frontline from $22.00 to $20.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 22nd. Kepler Capital Markets set a $12.49 price target on shares of Frontline in a research note on Thursday, March 27th. Two analysts have rated the stock with a sell rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Frontline has an average rating of “Moderate Buy” and a consensus price target of $20.62.

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.