MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Acquires 58,386 Shares of Frontline plc (NYSE:FRO)

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Frontline plc (NYSE:FRO) by 8.7% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 730,979 shares of the shipping company’s stock after acquiring an additional 58,386 shares during the quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.’s holdings in Frontline were worth $10,355,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the business. Vanguard Group Inc. boosted its stake in shares of Frontline by 0.9% in the 4th quarter. Vanguard Group Inc. now owns 5,493,085 shares of the shipping company’s stock valued at $75,502,000 after purchasing an additional 51,073 shares in the last quarter. Cooper Creek Partners Management LLC purchased a new stake in Frontline during the fourth quarter valued at about $41,447,000. Renaissance Technologies LLC boosted its position in Frontline by 27.5% during the fourth quarter. Renaissance Technologies LLC now owns 1,378,037 shares of the shipping company’s stock valued at $19,554,000 after buying an additional 297,437 shares during the period. Marshall Wace LLP grew its stake in shares of Frontline by 137.2% during the fourth quarter. Marshall Wace LLP now owns 1,090,427 shares of the shipping company’s stock valued at $15,473,000 after buying an additional 630,685 shares during the last quarter. Finally, Hartree Partners LP increased its holdings in shares of Frontline by 482.6% in the fourth quarter. Hartree Partners LP now owns 1,061,000 shares of the shipping company’s stock worth $15,047,000 after buying an additional 878,885 shares during the period. 22.70% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

FRO has been the subject of a number of recent research reports. Kepler Capital Markets set a $12.49 target price on Frontline in a research note on Thursday, March 27th. Evercore ISI lowered their price objective on Frontline from $22.00 to $20.00 and set an “outperform” rating for the company in a research report on Tuesday, April 22nd. Two analysts have rated the stock with a sell rating, three have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Frontline currently has an average rating of “Moderate Buy” and a consensus target price of $20.62.

Frontline Stock Performance

Shares of NYSE:FRO opened at $18.32 on Friday. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 1.44. The company has a 50-day moving average price of $15.82 and a 200-day moving average price of $16.43. The company has a market cap of $4.08 billion, a price-to-earnings ratio of 7.48 and a beta of 0.24. Frontline plc has a 12 month low of $12.40 and a 12 month high of $29.39.

Frontline (NYSE:FRO) last announced its quarterly earnings results on Friday, February 28th. The shipping company reported $0.20 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.20. Frontline had a return on equity of 19.25% and a net margin of 25.64%. The company had revenue of $425.60 million for the quarter, compared to the consensus estimate of $273.16 million. During the same quarter in the previous year, the business earned $0.46 EPS. Frontline’s revenue was up 2.6% compared to the same quarter last year. As a group, equities analysts anticipate that Frontline plc will post 1.78 EPS for the current year.

Frontline Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were issued a dividend of $0.20 per share. The ex-dividend date was Friday, March 14th. This represents a $0.80 dividend on an annualized basis and a yield of 4.37%. Frontline’s dividend payout ratio is presently 36.04%.

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.