Ramirez Asset Management Inc. Sells 13,836 Shares of Frontline plc (NYSE:FRO)

Ramirez Asset Management Inc. trimmed its holdings in Frontline plc (NYSE:FRO) by 7.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 163,230 shares of the shipping company’s stock after selling 13,836 shares during the quarter. Ramirez Asset Management Inc. owned about 0.07% of Frontline worth $2,316,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Jones Financial Companies Lllp bought a new stake in shares of Frontline during the fourth quarter worth about $31,000. Golden State Wealth Management LLC purchased a new position in Frontline in the 4th quarter valued at approximately $84,000. Blue Trust Inc. raised its holdings in Frontline by 84.4% during the 4th quarter. Blue Trust Inc. now owns 8,921 shares of the shipping company’s stock valued at $127,000 after acquiring an additional 4,084 shares during the period. Clear Harbor Asset Management LLC bought a new position in shares of Frontline in the fourth quarter worth $214,000. Finally, Raymond James Financial Inc. bought a new stake in shares of Frontline during the 4th quarter valued at $241,000. 22.70% of the stock is currently owned by institutional investors.

Frontline Trading Down 5.3 %

NYSE FRO opened at $14.92 on Friday. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 1.44. The stock’s 50-day simple moving average is $16.64 and its two-hundred day simple moving average is $18.19. Frontline plc has a twelve month low of $13.17 and a twelve month high of $29.39. The company has a market capitalization of $3.32 billion, a price-to-earnings ratio of 6.09 and a beta of -0.04.

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

Frontline Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 5.36%. The ex-dividend date is Friday, March 14th. Frontline’s dividend payout ratio is currently 36.04%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Jefferies Financial Group cut their price objective on shares of Frontline from $26.00 to $20.00 and set a “buy” rating for the company in a research report on Tuesday, December 17th. 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 report on Thursday, December 12th. One analyst has rated the stock with a sell rating, one has issued a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target 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.