Swiss National Bank Has $3.95 Million Stake in Frontline plc (NYSE:FRO)

Swiss National Bank increased its stake in shares of Frontline plc (NYSE:FRO) by 0.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 286,612 shares of the shipping company’s stock after buying an additional 1,845 shares during the period. Swiss National Bank owned 0.13% of Frontline worth $3,953,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of FRO. Jones Financial Companies Lllp acquired a new position in Frontline during the 4th quarter valued at about $31,000. Golden State Wealth Management LLC acquired a new stake in Frontline during the 4th quarter worth approximately $84,000. Blue Trust Inc. boosted its stake in Frontline by 84.4% in the 4th quarter. Blue Trust Inc. now owns 8,921 shares of the shipping company’s stock worth $127,000 after purchasing an additional 4,084 shares during the period. Vestcor Inc acquired a new position in shares of Frontline during the third quarter worth about $255,000. Finally, Clear Harbor Asset Management LLC bought a new position in shares of Frontline during the fourth quarter worth about $214,000. 22.70% of the stock is currently owned by institutional investors.

Frontline Trading Down 1.5 %

Shares of FRO stock opened at $16.05 on Wednesday. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 1.44. The firm has a 50 day moving average price of $16.75 and a two-hundred day moving average price of $18.23. Frontline plc has a 12-month low of $13.17 and a 12-month high of $29.39. The company has a market capitalization of $3.57 billion, a PE ratio of 6.55 and a beta of -0.04.

Frontline (NYSE:FRO) last released its quarterly earnings results on Friday, February 28th. The shipping company reported $0.20 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.20. Frontline had a net margin of 25.64% and a return on equity of 19.25%. The company had revenue of $425.60 million during the quarter, compared to the consensus estimate of $273.16 million. During the same period in the previous year, the business earned $0.46 earnings per share. The firm’s quarterly revenue was up 2.6% on a year-over-year basis. As a group, analysts predict that Frontline plc will post 1.78 earnings per share for the current year.

Frontline Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.98%. The ex-dividend date is Friday, March 14th. Frontline’s dividend payout ratio is presently 36.04%.

Analysts Set New Price Targets

Several brokerages have issued reports on FRO. Jefferies Financial Group lowered their price target on shares of Frontline from $26.00 to $20.00 and set a “buy” rating on the stock in a research note on Tuesday, December 17th. Kepler Capital Markets lowered shares of Frontline from a “buy” rating to a “hold” rating and set a $15.83 price objective on the stock. in a research note on Thursday, December 12th. One research analyst has rated the stock with a sell rating, one has given a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $24.46.

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.