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

Swiss National Bank lifted its position in shares of Frontline plc (NYSE:FRO) by 0.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 286,612 shares of the shipping company’s stock after purchasing an additional 1,845 shares during the period. Swiss National Bank’s holdings in Frontline were worth $3,953,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. IHT Wealth Management LLC boosted its holdings in Frontline by 3.5% in the third quarter. IHT Wealth Management LLC now owns 15,723 shares of the shipping company’s stock valued at $359,000 after acquiring an additional 535 shares during the last quarter. Jones Financial Companies Lllp bought a new stake in Frontline during the fourth quarter valued at $31,000. Blue Trust Inc. grew its stake in Frontline by 84.4% during the fourth 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. Teachers Retirement System of The State of Kentucky increased its stake in shares of Frontline by 3.8% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 143,510 shares of the shipping company’s stock valued at $3,279,000 after acquiring an additional 5,200 shares in the last quarter. Finally, Golden State Wealth Management LLC bought a new position in Frontline during the fourth quarter worth $84,000. 22.70% of the stock is currently owned by institutional investors and hedge funds.

Frontline Stock Performance

Shares of FRO opened at $16.05 on Wednesday. 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 price-to-earnings ratio of 6.55 and a beta of -0.04. The stock has a 50 day moving average of $16.75 and a 200 day moving average of $18.23. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 1.44.

Frontline (NYSE:FRO) last posted its quarterly earnings results on Friday, February 28th. The shipping company reported $0.20 EPS for the quarter, hitting 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 for the quarter, compared to analysts’ expectations of $273.16 million. During the same quarter in the previous year, the firm posted $0.46 EPS. Frontline’s revenue was up 2.6% on a year-over-year basis. As a group, sell-side analysts forecast that Frontline plc will post 1.78 earnings per share for the current year.

Frontline Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be given a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 4.98%. The ex-dividend date is Friday, March 14th. Frontline’s dividend payout ratio (DPR) is currently 36.04%.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on FRO shares. Kepler Capital Markets downgraded shares of Frontline from a “buy” rating to a “hold” rating and set a $15.83 price target for the company. in a research note on Thursday, December 12th. Jefferies Financial Group dropped their target price on Frontline from $26.00 to $20.00 and set a “buy” rating on the stock in a report on Tuesday, December 17th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Frontline currently has a consensus rating of “Moderate Buy” and a consensus target price 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.