Teachers Retirement System of The State of Kentucky Buys 5,200 Shares of Frontline plc (NYSE:FRO)

Teachers Retirement System of The State of Kentucky boosted its position in Frontline plc (NYSE:FRO) by 3.8% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 143,510 shares of the shipping company’s stock after purchasing an additional 5,200 shares during the quarter. Teachers Retirement System of The State of Kentucky owned approximately 0.06% of Frontline worth $3,279,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Godsey & Gibb Inc. bought a new position in shares of Frontline during the 3rd quarter worth approximately $25,000. Ashton Thomas Private Wealth LLC acquired a new stake in Frontline during the 2nd quarter worth about $31,000. Summit Securities Group LLC boosted its position in Frontline by 75.0% in the second quarter. Summit Securities Group LLC now owns 1,400 shares of the shipping company’s stock valued at $36,000 after buying an additional 600 shares during the last quarter. Blue Trust Inc. boosted its holdings in shares of Frontline by 17,866.7% in the 2nd quarter. Blue Trust Inc. now owns 2,156 shares of the shipping company’s stock valued at $56,000 after acquiring an additional 2,144 shares during the last quarter. Finally, EverSource Wealth Advisors LLC boosted its holdings in Frontline by 4,965.6% in the second quarter. EverSource Wealth Advisors LLC now owns 4,711 shares of the shipping company’s stock valued at $116,000 after purchasing an additional 4,618 shares during the last quarter. 22.70% of the stock is owned by hedge funds and other institutional investors.

Frontline Trading Up 3.5 %

Shares of Frontline stock opened at $14.21 on Friday. The company has a fifty day simple moving average of $19.32 and a 200-day simple moving average of $22.53. Frontline plc has a 12-month low of $13.71 and a 12-month high of $29.39. The company has a debt-to-equity ratio of 1.44, a quick ratio of 1.43 and a current ratio of 1.43.

Frontline (NYSE:FRO) last released its quarterly earnings results on Wednesday, November 27th. The shipping company reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.05). Frontline had a return on equity of 19.25% and a net margin of 25.64%. During the same period in the previous year, the company posted $0.36 EPS. As a group, equities analysts expect that Frontline plc will post 1.83 earnings per share for the current year.

Frontline Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Wednesday, December 11th will be paid a $0.34 dividend. The ex-dividend date of this dividend is Wednesday, December 11th. This represents a $1.36 annualized dividend and a dividend yield of 9.57%. Frontline’s dividend payout ratio (DPR) is currently 55.51%.

Analyst Ratings Changes

A number of equities research analysts have recently commented on FRO shares. Kepler Capital Markets cut shares of Frontline from a “buy” rating to a “hold” rating and set a $15.83 price objective on the stock. in a research note on Thursday. BTIG Research raised Frontline from a “neutral” rating to a “buy” rating and set a $30.00 price objective for the company in a research note on Monday, October 7th. Jefferies Financial Group reissued a “buy” rating and issued a $26.00 target price on shares of Frontline in a research note on Wednesday, November 27th. StockNews.com raised shares of Frontline to a “sell” rating in a research note on Thursday, September 5th. Finally, Fearnley Fonds upgraded shares of Frontline to a “strong-buy” rating in a report on Friday, September 27th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Frontline has a consensus rating of “Moderate Buy” and a consensus target price of $25.36.

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.