Cambridge Investment Research Advisors Inc. Buys Shares of 237,638 Frontline plc (NYSE:FRO)

Posted by Defense World Staff on Sep 28th, 2023

Cambridge Investment Research Advisors Inc. bought a new stake in Frontline plc (NYSE:FRO – Free Report) in the 2nd quarter, according to its most recent disclosure with the SEC. The fund bought 237,638 shares of the shipping company’s stock, valued at approximately $3,453,000. Cambridge Investment Research Advisors Inc. owned approximately 0.11% of Frontline at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Barclays PLC grew its position in shares of Frontline by 182.2% during the first quarter. Barclays PLC now owns 6,047,159 shares of the shipping company’s stock worth $100,142,000 after buying an additional 3,904,292 shares in the last quarter. Two Sigma Investments LP grew its position in shares of Frontline by 72.0% during the fourth quarter. Two Sigma Investments LP now owns 5,133,763 shares of the shipping company’s stock worth $62,324,000 after buying an additional 2,149,377 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Frontline by 4.8% during the third quarter. Vanguard Group Inc. now owns 4,717,845 shares of the shipping company’s stock worth $51,567,000 after buying an additional 214,352 shares in the last quarter. Two Sigma Advisers LP grew its position in shares of Frontline by 4.6% during the first quarter. Two Sigma Advisers LP now owns 4,684,450 shares of the shipping company’s stock worth $77,574,000 after buying an additional 207,450 shares in the last quarter. Finally, Millennium Management LLC grew its position in shares of Frontline by 102.7% during the fourth quarter. Millennium Management LLC now owns 4,483,826 shares of the shipping company’s stock worth $54,434,000 after buying an additional 2,271,724 shares in the last quarter. 25.66% of the stock is owned by institutional investors and hedge funds.

Frontline Stock Performance

Shares of FRO opened at $18.32 on Thursday. The company has a quick ratio of 1.92, a current ratio of 1.92 and a debt-to-equity ratio of 0.84. Frontline plc has a 52-week low of $10.10 and a 52-week high of $19.29. The stock has a 50 day moving average price of $17.15 and a 200 day moving average price of $15.92. The company has a market capitalization of $4.08 billion, a price-to-earnings ratio of 4.94 and a beta of 0.24.

Frontline (NYSE:FRO – Get Free Report) last issued its quarterly earnings data on Wednesday, August 23rd. The shipping company reported $0.94 earnings per share for the quarter, beating analysts’ consensus estimates 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 analysts’ expectations of $353.46 million. During the same quarter in the previous year, the business earned $0.21 earnings per share. Research analysts predict that Frontline plc will post 2.66 EPS for the current fiscal year.

Frontline Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 15th will be paid a $0.80 dividend. The ex-dividend date is Thursday, September 14th. This represents a $3.20 dividend on an annualized basis and a yield of 17.47%. This is a boost from Frontline’s previous quarterly dividend of $0.70. Frontline’s payout ratio is currently 86.25%.

Analysts Set New Price Targets

A number of equities analysts have recently commented on FRO shares. StockNews.com raised Frontline from a “sell” rating to a “hold” rating in a research report on Friday, August 25th. JPMorgan Chase & Co. initiated coverage on Frontline in a report on Tuesday, August 15th. They issued a “neutral” rating and a $20.00 price target for the company. 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 report on Friday, August 25th. Finally, Jefferies Financial Group reaffirmed a “hold” rating and issued a $17.00 price target on shares of Frontline in a report on Thursday, August 24th. Four investment analysts have rated the stock with a hold rating, According to MarketBeat, Frontline currently has an average rating of “Hold” and an average target price of $18.00.

Check Out Our Latest Report on Frontline

Frontline Company Profile

(Free Report)

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.