F M Investments LLC Grows Position in Frontline plc (NYSE:FRO)

F M Investments LLC raised its holdings in shares of Frontline plc (NYSE:FRO) by 7.1% during the 4th quarter, Holdings Channel.com reports. The firm owned 138,700 shares of the shipping company’s stock after acquiring an additional 9,200 shares during the quarter. Frontline comprises approximately 1.6% of F M Investments LLC’s holdings, making the stock its 22nd biggest position. F M Investments LLC’s holdings in Frontline were worth $2,781,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the business. New York State Common Retirement Fund lifted its holdings in Frontline by 186.7% during the fourth quarter. New York State Common Retirement Fund now owns 44,427 shares of the shipping company’s stock valued at $891,000 after purchasing an additional 28,931 shares during the last quarter. Significant Wealth Partners LLC purchased a new stake in shares of Frontline in the fourth quarter worth about $463,000. Naples Money Management LLC purchased a new stake in shares of Frontline in the fourth quarter worth about $27,000. Smead Capital Management Inc. lifted its holdings in shares of Frontline by 2.7% in the fourth quarter. Smead Capital Management Inc. now owns 500,827 shares of the shipping company’s stock worth $10,002,000 after buying an additional 13,376 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Frontline by 21.1% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 33,000 shares of the shipping company’s stock worth $662,000 after buying an additional 5,741 shares in the last quarter. 22.70% of the stock is owned by hedge funds and other institutional investors.

Frontline Price Performance

Shares of FRO stock traded up $0.52 during trading on Tuesday, hitting $23.42. The company had a trading volume of 896,424 shares, compared to its average volume of 2,169,175. The company has a quick ratio of 1.79, a current ratio of 1.78 and a debt-to-equity ratio of 1.40. The stock’s 50-day moving average is $23.37 and its two-hundred day moving average is $22.01. The stock has a market capitalization of $5.21 billion, a price-to-earnings ratio of 7.94 and a beta of 0.06. Frontline plc has a 52 week low of $13.35 and a 52 week high of $25.14.

Frontline (NYSE:FRO) last posted its quarterly earnings data on Thursday, February 29th. The shipping company reported $0.46 earnings per share for the quarter, missing the consensus estimate of $0.51 by ($0.05). The company had revenue of $415.00 million during the quarter, compared to the consensus estimate of $280.36 million. Frontline had a return on equity of 26.00% and a net margin of 35.95%. The firm’s revenue for the quarter was down 21.7% on a year-over-year basis. During the same quarter last year, the company posted $0.97 earnings per share. As a group, analysts predict that Frontline plc will post 3.12 EPS for the current fiscal year.

Frontline Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 27th. Investors of record on Friday, March 15th were given a $0.37 dividend. This represents a $1.48 annualized dividend and a dividend yield of 6.32%. This is a boost from Frontline’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend was Thursday, March 14th. Frontline’s dividend payout ratio is 50.17%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on FRO. JPMorgan Chase & Co. lowered their price target on shares of Frontline from $23.00 to $22.30 and set a “neutral” rating on the stock in a report on Friday, March 1st. Deutsche Bank Aktiengesellschaft raised shares of Frontline from a “hold” rating to a “buy” rating and increased their price target for the stock from $17.00 to $26.00 in a report on Tuesday, January 9th. Finally, Jefferies Financial Group raised shares of Frontline from a “hold” rating to a “buy” rating and increased their price target for the stock from $22.00 to $30.00 in a report on Thursday, March 21st.

About Frontline

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.