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

Ramirez Asset Management Inc. decreased its holdings in Frontline plc (NYSE:FRO) by 7.8% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 163,230 shares of the shipping company’s stock after selling 13,836 shares during the period. Ramirez Asset Management Inc.’s holdings in Frontline were worth $2,316,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Jones Financial Companies Lllp purchased a new position in shares of Frontline during the fourth quarter valued at approximately $31,000. Golden State Wealth Management LLC bought a new position in Frontline in the 4th quarter worth $84,000. Blue Trust Inc. grew its holdings in Frontline by 84.4% during the fourth quarter. Blue Trust Inc. now owns 8,921 shares of the shipping company’s stock valued at $127,000 after purchasing an additional 4,084 shares during the period. Vestcor Inc purchased a new stake in Frontline in the third quarter worth about $255,000. Finally, Clear Harbor Asset Management LLC bought a new position in shares of Frontline in the fourth quarter worth about $214,000. Institutional investors own 22.70% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. Kepler Capital Markets lowered shares of Frontline from a “buy” rating to a “hold” rating and set a $15.83 target price for the company. in a report on Thursday, December 12th. Jefferies Financial Group reduced 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 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 given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $24.46.

Frontline Price Performance

FRO opened at $14.92 on Friday. Frontline plc has a 52-week low of $13.17 and a 52-week high of $29.39. The stock has a market cap of $3.32 billion, a P/E ratio of 6.09 and a beta of -0.04. The business has a fifty day moving average of $16.64 and a 200 day moving average of $18.19. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 1.44.

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

Frontline Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors 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 5.36%. The ex-dividend date of this dividend is Friday, March 14th. Frontline’s payout ratio is 36.04%.

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.