The Manufacturers Life Insurance Company Has $953,000 Holdings in Frontline plc (NYSE:FRO)

The Manufacturers Life Insurance Company cut its position in shares of Frontline plc (NYSE:FRO) by 26.1% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 36,984 shares of the shipping company’s stock after selling 13,083 shares during the period. The Manufacturers Life Insurance Company’s holdings in Frontline were worth $953,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Squarepoint Ops LLC increased its holdings in Frontline by 230.2% in the 2nd quarter. Squarepoint Ops LLC now owns 32,319 shares of the shipping company’s stock valued at $833,000 after buying an additional 22,531 shares during the period. Edge Capital Group LLC boosted its position 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 valued at $10,641,000 after acquiring an additional 99,765 shares in the last quarter. EverSource Wealth Advisors LLC increased its stake in Frontline by 4,965.6% in the second quarter. EverSource Wealth Advisors LLC now owns 4,711 shares of the shipping company’s stock valued at $116,000 after acquiring an additional 4,618 shares during the period. Forest Avenue Capital Management LP raised its position in Frontline by 12.7% in the second quarter. Forest Avenue Capital Management LP now owns 1,429,909 shares of the shipping company’s stock worth $36,834,000 after purchasing an additional 161,518 shares in the last quarter. Finally, XTX Topco Ltd bought a new position in Frontline during the second quarter worth about $740,000. 22.70% of the stock is currently owned by institutional investors and hedge funds.

Frontline Trading Down 0.7 %

Shares of NYSE FRO opened at $24.26 on Monday. Frontline plc has a 1-year low of $18.34 and a 1-year high of $29.39. The company has a 50-day moving average of $23.44 and a two-hundred day moving average of $24.51. The company has a market cap of $5.40 billion, a PE ratio of 8.48 and a beta of 0.04. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 1.40.

Frontline (NYSE:FRO) last posted its quarterly earnings data on Friday, August 30th. The shipping company reported $0.62 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.65 by ($0.03). The firm 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 company posted $0.94 EPS. As a group, equities analysts expect that Frontline plc will post 2.62 earnings per share for the current fiscal year.

Frontline Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were given a $0.62 dividend. The ex-dividend date was Friday, September 13th. This represents a $2.48 dividend on an annualized basis and a yield of 10.22%. Frontline’s payout ratio is 86.71%.

Wall Street Analysts Forecast Growth

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

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.