Quantbot Technologies LP Sells 29,268 Shares of Frontline plc (NYSE:FRO)

Quantbot Technologies LP lessened its holdings in shares of Frontline plc (NYSE:FRO) by 27.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 76,747 shares of the shipping company’s stock after selling 29,268 shares during the quarter. Quantbot Technologies LP’s holdings in Frontline were worth $1,089,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. lifted its holdings in shares of Frontline by 102.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 43,494 shares of the shipping company’s stock worth $994,000 after buying an additional 22,022 shares in the last quarter. The Manufacturers Life Insurance Company lifted its stake in Frontline by 1,326.2% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 527,470 shares of the shipping company’s stock worth $12,053,000 after purchasing an additional 490,486 shares in the last quarter. Verition Fund Management LLC bought a new position in shares of Frontline during the 3rd quarter valued at about $448,000. Point72 Europe London LLP purchased a new position in shares of Frontline during the third quarter valued at about $3,219,000. Finally, Cinctive Capital Management LP increased its holdings in shares of Frontline by 120.8% in the third quarter. Cinctive Capital Management LP now owns 104,557 shares of the shipping company’s stock worth $2,389,000 after purchasing an additional 57,206 shares during the last quarter. 22.70% of the stock is owned by hedge funds and other institutional investors.

Frontline Trading Down 1.5 %

Shares of FRO stock opened at $16.05 on Wednesday. The company has a market cap of $3.57 billion, a PE ratio of 6.55 and a beta of -0.04. Frontline plc has a 1 year low of $13.17 and a 1 year high of $29.39. The stock’s 50 day simple moving average is $16.75 and its two-hundred day simple moving average is $18.23. The company has a debt-to-equity ratio of 1.44, a current ratio of 1.43 and a quick ratio of 1.43.

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

Frontline Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be paid a dividend of $0.20 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.98%. Frontline’s dividend payout ratio is presently 36.04%.

Wall Street Analyst Weigh In

FRO has been the subject of a number of research reports. Jefferies Financial Group dropped their price target on Frontline from $26.00 to $20.00 and set a “buy” rating for the company in a research note on Tuesday, December 17th. Kepler Capital Markets downgraded Frontline from a “buy” rating to a “hold” rating and set a $15.83 target price for the company. in a research report on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Frontline presently has a consensus rating of “Moderate Buy” and a consensus price target of $24.46.

Frontline Company 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.