DekaBank Deutsche Girozentrale Has $1.90 Million Position in Frontline PLC $FRO

DekaBank Deutsche Girozentrale boosted its holdings in Frontline PLC (NYSE:FRO) by 3.9% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 114,312 shares of the shipping company’s stock after buying an additional 4,257 shares during the period. DekaBank Deutsche Girozentrale owned approximately 0.05% of Frontline worth $1,903,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. grew its stake in shares of Frontline by 1.0% during the first quarter. Vanguard Group Inc. now owns 5,547,556 shares of the shipping company’s stock worth $81,538,000 after purchasing an additional 54,471 shares during the period. Charles Schwab Investment Management Inc. grew its stake in shares of Frontline by 64.7% during the first quarter. Charles Schwab Investment Management Inc. now owns 118,566 shares of the shipping company’s stock worth $1,761,000 after purchasing an additional 46,594 shares during the period. Summit Securities Group LLC grew its stake in shares of Frontline by 5,771.9% during the first quarter. Summit Securities Group LLC now owns 46,975 shares of the shipping company’s stock worth $698,000 after purchasing an additional 46,175 shares during the period. Farther Finance Advisors LLC grew its stake in shares of Frontline by 691.5% during the second quarter. Farther Finance Advisors LLC now owns 12,632 shares of the shipping company’s stock worth $207,000 after purchasing an additional 11,036 shares during the period. Finally, Svenska Handelsbanken AB publ grew its stake in shares of Frontline by 82.7% during the first quarter. Svenska Handelsbanken AB publ now owns 54,976 shares of the shipping company’s stock worth $803,000 after purchasing an additional 24,878 shares during the period. 22.70% of the stock is owned by institutional investors and hedge funds.

Frontline Stock Down 3.3%

NYSE:FRO opened at $23.55 on Friday. Frontline PLC has a 1 year low of $12.40 and a 1 year high of $24.63. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 1.38. The stock has a market cap of $5.24 billion, a price-to-earnings ratio of 22.01 and a beta of 0.20. The stock has a 50-day moving average price of $22.33 and a two-hundred day moving average price of $19.33.

Frontline (NYSE:FRO) last posted its quarterly earnings data on Friday, August 29th. The shipping company reported $0.36 earnings per share for the quarter, missing the consensus estimate of $0.42 by ($0.06). The firm had revenue of $282.95 million for the quarter, compared to analyst estimates of $328.71 million. Frontline had a return on equity of 10.27% and a net margin of 12.94%.The firm’s quarterly revenue was up 34.2% on a year-over-year basis. During the same period in the prior year, the company earned $0.62 earnings per share. As a group, equities analysts expect that Frontline PLC will post 1.78 earnings per share for the current year.

Frontline Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 24th. Stockholders of record on Friday, September 12th were given a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a dividend yield of 6.1%. The ex-dividend date of this dividend was Friday, September 12th. Frontline’s dividend payout ratio is currently 134.58%.

Analyst Ratings Changes

A number of equities research analysts recently commented on the company. Wall Street Zen raised Frontline from a “sell” rating to a “hold” rating in a research note on Friday, September 26th. Jefferies Financial Group reaffirmed a “buy” rating and set a $25.00 price objective on shares of Frontline in a research note on Friday, August 29th. Weiss Ratings reissued a “hold (c+)” rating on shares of Frontline in a research note on Saturday. Finally, BTIG Research boosted their target price on Frontline from $25.00 to $30.00 and gave the company a “buy” rating in a research note on Wednesday, September 17th. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $21.87.

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.