Frontline plc (NYSE:FRO) Shares Sold by Acadian Asset Management LLC

Acadian Asset Management LLC trimmed its stake in Frontline plc (NYSE:FRO) by 94.6% in the second quarter, HoldingsChannel.com reports. The fund owned 8,210 shares of the shipping company’s stock after selling 142,947 shares during the quarter. Acadian Asset Management LLC’s holdings in Frontline were worth $119,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. Bank of New York Mellon Corp grew its position in shares of Frontline by 20.4% in the first quarter. Bank of New York Mellon Corp now owns 461,429 shares of the shipping company’s stock valued at $4,061,000 after purchasing an additional 78,255 shares during the period. Rhumbline Advisers grew its position in shares of Frontline by 10.6% in the first quarter. Rhumbline Advisers now owns 212,836 shares of the shipping company’s stock valued at $1,873,000 after purchasing an additional 20,417 shares during the period. Vanguard Group Inc. grew its position in shares of Frontline by 7.0% in the first quarter. Vanguard Group Inc. now owns 4,457,223 shares of the shipping company’s stock valued at $39,225,000 after purchasing an additional 293,141 shares during the period. Ergoteles LLC purchased a new stake in shares of Frontline in the first quarter valued at $112,000. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Frontline by 6.0% in the first quarter. Charles Schwab Investment Management Inc. now owns 274,217 shares of the shipping company’s stock valued at $2,414,000 after purchasing an additional 15,618 shares during the period. 25.66% of the stock is owned by institutional investors and hedge funds.

Frontline Price Performance

Shares of NYSE FRO opened at $22.18 on Tuesday. Frontline plc has a 1-year low of $10.55 and a 1-year high of $22.95. The business has a 50-day moving average of $19.98 and a 200-day moving average of $17.22. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.92 and a quick ratio of 1.92. The company has a market capitalization of $4.94 billion, a price-to-earnings ratio of 5.98 and a beta of 0.28.

Frontline (NYSE:FRO) last issued its earnings results on Wednesday, August 23rd. The shipping company reported $0.94 earnings per share for the quarter, topping the consensus estimate of $0.84 by $0.10. Frontline had a return on equity of 31.87% and a net margin of 42.38%. The company had revenue of $522.15 million during the quarter, compared to the consensus estimate of $353.46 million. During the same quarter in the prior year, the business earned $0.21 earnings per share. On average, equities analysts anticipate that Frontline plc will post 2.72 EPS for the current fiscal year.

Frontline Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 29th. Stockholders of record on Friday, September 15th were given a $0.80 dividend. This is an increase from Frontline’s previous quarterly dividend of $0.70. The ex-dividend date was Thursday, September 14th. This represents a $3.20 annualized dividend and a dividend yield of 14.43%. Frontline’s dividend payout ratio is presently 86.25%.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. Jefferies Financial Group boosted their price target on Frontline from $17.00 to $19.00 and gave the company a “hold” rating in a research report on Tuesday, October 10th. JPMorgan Chase & Co. boosted their price target on Frontline from $18.20 to $21.10 and gave the company a “neutral” rating in a research report on Tuesday, October 31st. Deutsche Bank Aktiengesellschaft downgraded Frontline from a “buy” rating to a “hold” rating and set a $17.00 price target for the company. in a research report on Friday, August 25th. Finally, StockNews.com downgraded Frontline from a “hold” rating to a “sell” rating in a research report on Thursday, November 16th. One investment analyst has rated the stock with a sell rating and three have given a hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $19.03.

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.