Teachers Retirement System of The State of Kentucky Invests $2.81 Million in Frontline plc (NYSE:FRO)

Teachers Retirement System of The State of Kentucky purchased a new position in shares of Frontline plc (NYSE:FRO) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 140,200 shares of the shipping company’s stock, valued at approximately $2,811,000. Teachers Retirement System of The State of Kentucky owned approximately 0.06% of Frontline as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of the business. M&G Investment Management Ltd. bought a new stake in Frontline during the 4th quarter worth $27,883,000. Hsbc Holdings PLC grew its position in Frontline by 17.2% during the 3rd quarter. Hsbc Holdings PLC now owns 1,114,841 shares of the shipping company’s stock worth $20,537,000 after acquiring an additional 163,804 shares during the last quarter. Forest Avenue Capital Management LP grew its position in Frontline by 115.9% during the 4th quarter. Forest Avenue Capital Management LP now owns 1,057,691 shares of the shipping company’s stock worth $21,207,000 after acquiring an additional 567,900 shares during the last quarter. Acadian Asset Management LLC grew its position in Frontline by 6,022.8% during the 3rd quarter. Acadian Asset Management LLC now owns 502,682 shares of the shipping company’s stock worth $9,427,000 after acquiring an additional 494,472 shares during the last quarter. Finally, Smead Capital Management Inc. grew its position in Frontline by 2.7% during the 4th quarter. Smead Capital Management Inc. now owns 500,827 shares of the shipping company’s stock worth $10,002,000 after acquiring an additional 13,376 shares during the last quarter. Institutional investors and hedge funds own 22.70% of the company’s stock.

Frontline Trading Up 3.0 %

NYSE FRO opened at $24.68 on Thursday. The business’s 50-day moving average price is $25.74 and its two-hundred day moving average price is $23.37. Frontline plc has a 12 month low of $13.35 and a 12 month high of $29.39. The firm has a market capitalization of $5.49 billion, a PE ratio of 8.63 and a beta of 0.03. The company has a current ratio of 1.75, a quick ratio of 1.75 and a debt-to-equity ratio of 1.59.

Frontline (NYSE:FRO) last announced its earnings results on Thursday, May 30th. The shipping company reported $0.62 EPS for the quarter, missing the consensus estimate of $0.86 by ($0.24). Frontline had a net margin of 32.94% and a return on equity of 23.14%. The business had revenue of $578.40 million for the quarter, compared to the consensus estimate of $380.73 million. During the same quarter in the previous year, the company earned $0.87 EPS. The firm’s revenue for the quarter was up 16.3% on a year-over-year basis. On average, analysts expect that Frontline plc will post 3.43 EPS for the current year.

Frontline Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be given a dividend of $0.62 per share. This is a positive change from Frontline’s previous quarterly dividend of $0.37. The ex-dividend date is Friday, June 14th. This represents a $2.48 annualized dividend and a dividend yield of 10.05%. Frontline’s dividend payout ratio is presently 86.71%.

Wall Street Analysts Forecast Growth

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

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.