International Assets Investment Management LLC Buys Shares of 34,275 Frontline plc (NYSE:FRO)

International Assets Investment Management LLC bought a new stake in Frontline plc (NYSE:FRO) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 34,275 shares of the shipping company’s stock, valued at approximately $783,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in Frontline by 5,319.5% in the first 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 in the last quarter. Hsbc Holdings PLC boosted its stake in shares of Frontline by 7.7% during the 2nd quarter. Hsbc Holdings PLC now owns 1,932,842 shares of the shipping company’s stock worth $50,683,000 after acquiring an additional 138,011 shares in the last quarter. Forest Avenue Capital Management LP boosted its stake in shares of Frontline by 12.7% during the 2nd quarter. Forest Avenue Capital Management LP now owns 1,429,909 shares of the shipping company’s stock worth $36,834,000 after acquiring an additional 161,518 shares in the last quarter. M&G Plc bought a new stake in shares of Frontline during the 1st quarter worth about $25,074,000. Finally, Edge Capital Group LLC boosted its stake in shares of Frontline by 31.8% during the 2nd quarter. Edge Capital Group LLC now owns 413,096 shares of the shipping company’s stock worth $10,641,000 after acquiring an additional 99,765 shares in the last quarter. Hedge funds and other institutional investors own 22.70% of the company’s stock.

Frontline Price Performance

NYSE FRO opened at $18.97 on Wednesday. Frontline plc has a twelve month low of $18.34 and a twelve month high of $29.39. The company has a debt-to-equity ratio of 1.40, a quick ratio of 1.38 and a current ratio of 1.38. The stock has a market capitalization of $4.22 billion, a PE ratio of 7.13 and a beta of 0.06. The stock has a 50-day simple moving average of $22.45 and a 200 day simple moving average of $24.17.

Frontline (NYSE:FRO) last posted its quarterly earnings data on Friday, August 30th. The shipping company reported $0.62 earnings per share for the quarter, missing the consensus estimate of $0.65 by ($0.03). The business had revenue of $409.72 million for the quarter, compared to analyst estimates of $383.88 million. Frontline had a return on equity of 19.73% and a net margin of 29.42%. During the same period in the prior year, the firm posted $0.94 EPS. Research analysts anticipate that Frontline plc will post 2.38 EPS for the current year.

Frontline Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were issued a $0.62 dividend. The ex-dividend date of this dividend was Friday, September 13th. This represents a $2.48 annualized dividend and a yield of 13.08%. Frontline’s dividend payout ratio (DPR) is 93.23%.

Analyst Ratings Changes

Several analysts have recently issued reports on FRO shares. Jefferies Financial Group reiterated a “buy” rating and set a $30.00 price target on shares of Frontline in a research note on Friday, August 30th. BTIG Research upgraded Frontline from a “neutral” rating to a “buy” rating and set a $30.00 price target for the company in a research note on Monday, October 7th. StockNews.com upgraded Frontline to a “sell” rating in a research note on Thursday, September 5th. Fearnley Fonds upgraded Frontline to a “strong-buy” rating in a research note on Friday, September 27th. Finally, Evercore ISI cut their price objective on Frontline from $33.00 to $32.00 and set an “outperform” rating for the company in a research report on Tuesday, July 23rd. One analyst has rated the stock with a sell rating, one has assigned a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $28.06.

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.