Arrowstreet Capital Limited Partnership Sells 2,869,958 Shares of Frontline plc (NYSE:FRO)

Arrowstreet Capital Limited Partnership lowered its holdings in shares of Frontline plc (NYSE:FRO) by 65.7% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 1,496,814 shares of the shipping company’s stock after selling 2,869,958 shares during the period. Arrowstreet Capital Limited Partnership’s holdings in Frontline were worth $20,951,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. SBI Securities Co. Ltd. bought a new position in Frontline during the 4th quarter worth $341,000. Charles Schwab Investment Management Inc. lifted its stake in shares of Frontline by 65.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 71,972 shares of the shipping company’s stock worth $1,021,000 after acquiring an additional 28,478 shares during the period. Private Advisor Group LLC boosted its holdings in Frontline by 164.0% in the fourth quarter. Private Advisor Group LLC now owns 28,053 shares of the shipping company’s stock valued at $398,000 after acquiring an additional 17,428 shares during the last quarter. Range Financial Group LLC acquired a new stake in Frontline during the 4th quarter valued at approximately $579,000. Finally, Tejara Capital Ltd bought a new position in Frontline during the 4th quarter worth approximately $633,000. Institutional investors and hedge funds own 22.70% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. Jefferies Financial Group decreased their price objective on shares of Frontline from $26.00 to $20.00 and set a “buy” rating for the company in a research report on Tuesday, December 17th. Kepler Capital Markets set a $12.49 price target on Frontline in a report on Thursday, March 27th. Two analysts have rated the stock with a sell rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Frontline has an average rating of “Moderate Buy” and a consensus target price of $23.62.

Frontline Price Performance

Shares of NYSE FRO opened at $14.33 on Friday. The firm has a market capitalization of $3.19 billion, a P/E ratio of 5.85 and a beta of 0.20. The firm’s 50-day moving average price is $16.43 and its 200-day moving average price is $17.93. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 1.44. Frontline plc has a 1-year low of $13.17 and a 1-year high of $29.39.

Frontline (NYSE:FRO) last announced its quarterly earnings results on Friday, February 28th. The shipping company reported $0.20 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.20. The business had revenue of $425.60 million for the quarter, compared to analyst estimates of $273.16 million. Frontline had a return on equity of 19.25% and a net margin of 25.64%. The company’s quarterly revenue was up 2.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.46 earnings per share. Equities research analysts anticipate that Frontline plc will post 1.78 earnings per share for the current fiscal year.

Frontline Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were paid a dividend of $0.20 per share. The ex-dividend date was Friday, March 14th. This represents a $0.80 dividend on an annualized basis and a yield of 5.58%. Frontline’s dividend payout ratio (DPR) is presently 36.04%.

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.