Nomura Holdings Inc. Boosts Holdings in Frontline plc (NYSE:FRO)

Nomura Holdings Inc. lifted its holdings in Frontline plc (NYSE:FRO) by 163.6% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 52,722 shares of the shipping company’s stock after purchasing an additional 32,722 shares during the period. Nomura Holdings Inc.’s holdings in Frontline were worth $1,057,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the business. ICA Group Wealth Management LLC purchased a new position in shares of Frontline in the 4th quarter valued at about $25,000. Naples Money Management LLC purchased a new position in Frontline in the fourth quarter worth approximately $27,000. Russell Investments Group Ltd. grew its holdings in Frontline by 169.2% during the 4th quarter. Russell Investments Group Ltd. now owns 3,928 shares of the shipping company’s stock worth $79,000 after acquiring an additional 2,469 shares in the last quarter. Emfo LLC acquired a new position in Frontline during the 4th quarter worth approximately $80,000. Finally, Tucker Asset Management LLC increased its position in shares of Frontline by 477.3% in the 3rd quarter. Tucker Asset Management LLC now owns 4,301 shares of the shipping company’s stock valued at $81,000 after purchasing an additional 3,556 shares during the last quarter. 22.70% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

FRO has been the subject of a number of analyst reports. Jefferies Financial Group reiterated a “buy” rating and set a $30.00 target price on shares of Frontline in a research note on Thursday, May 30th. StockNews.com lowered shares of Frontline from a “hold” rating to a “sell” rating in a research note on Wednesday, May 1st. Finally, JPMorgan Chase & Co. cut their target price on Frontline from $23.00 to $22.30 and set a “neutral” rating on the stock in a research report on Friday, March 1st.

Frontline Trading Up 2.7 %

NYSE FRO opened at $25.34 on Friday. The firm’s fifty day moving average is $25.76 and its two-hundred day moving average is $23.38. Frontline plc has a one year low of $13.35 and a one year high of $29.39. The company has a debt-to-equity ratio of 1.59, a quick ratio of 1.75 and a current ratio of 1.75. The firm has a market cap of $5.64 billion, a PE ratio of 8.86 and a beta of 0.03.

Frontline (NYSE:FRO) last issued its quarterly earnings results on Thursday, May 30th. The shipping company reported $0.62 earnings per share for the quarter, missing the consensus estimate of $0.86 by ($0.24). The company had revenue of $578.40 million for the quarter, compared to analyst estimates of $380.73 million. Frontline had a return on equity of 23.14% and a net margin of 32.94%. Frontline’s revenue for the quarter was up 16.3% compared to the same quarter last year. During the same period in the prior year, the business earned $0.87 earnings per share. Analysts expect that Frontline plc will post 3.43 earnings per share for the current year.

Frontline Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be issued a $0.62 dividend. This is a boost from Frontline’s previous quarterly dividend of $0.37. This represents a $2.48 annualized dividend and a dividend yield of 9.79%. The ex-dividend date of this dividend is Friday, June 14th. Frontline’s dividend payout ratio (DPR) is currently 86.71%.

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.