Swiss National Bank Has $6.46 Million Holdings in Frontline plc (NYSE:FRO)

Swiss National Bank lessened its position in Frontline plc (NYSE:FRO) by 0.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 284,767 shares of the shipping company’s stock after selling 2,018 shares during the quarter. Swiss National Bank’s holdings in Frontline were worth $6,461,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the company. International Assets Investment Management LLC acquired a new position in shares of Frontline during the 3rd quarter worth about $783,000. Edge Capital Group LLC boosted its position in shares of Frontline by 31.8% in the second quarter. Edge Capital Group LLC now owns 413,096 shares of the shipping company’s stock valued at $10,641,000 after acquiring an additional 99,765 shares during the period. FCG Investment Co acquired a new stake in shares of Frontline in the third quarter worth $823,000. Sanctuary Advisors LLC bought a new position in Frontline during the second quarter worth $548,000. Finally, Vanguard Group Inc. raised its stake in Frontline by 5,319.5% during the 1st quarter. Vanguard Group Inc. now owns 5,292,977 shares of the shipping company’s stock valued at $123,750,000 after purchasing an additional 5,195,312 shares during the last quarter. 22.70% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Jefferies Financial Group decreased their price target on shares of Frontline from $30.00 to $26.00 and set a “buy” rating on the stock in a research report on Thursday, November 14th. Fearnley Fonds upgraded Frontline to a “strong-buy” rating in a research note on Friday, September 27th. StockNews.com raised Frontline to a “sell” rating in a report on Thursday, September 5th. Finally, BTIG Research raised Frontline from a “neutral” rating to a “buy” rating and set a $30.00 price objective on the stock in a report on Monday, October 7th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $27.26.

Frontline Stock Performance

NYSE:FRO opened at $18.07 on Wednesday. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 1.40. The firm has a 50-day moving average price of $21.41 and a 200 day moving average price of $23.68. The firm has a market capitalization of $4.02 billion, a PE ratio of 6.79 and a beta of 0.06. Frontline plc has a 12-month low of $18.02 and a 12-month high of $29.39.

Frontline (NYSE:FRO) last posted its earnings results on Friday, August 30th. The shipping company reported $0.62 EPS for the quarter, missing the consensus estimate of $0.65 by ($0.03). Frontline had a return on equity of 19.73% and a net margin of 29.42%. The company had revenue of $409.72 million for the quarter, compared to the consensus estimate of $383.88 million. During the same quarter last year, the business earned $0.94 EPS. Research analysts anticipate that Frontline plc will post 1.88 earnings per share for the current fiscal year.

Frontline Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were given a dividend of $0.62 per share. This represents a $2.48 dividend on an annualized basis and a dividend yield of 13.73%. The ex-dividend date was Friday, September 13th. Frontline’s dividend payout ratio (DPR) is currently 93.23%.

About Frontline

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.