Atria Wealth Solutions Inc. Sells 5,590 Shares of Frontline plc (NYSE:FRO)

Atria Wealth Solutions Inc. trimmed its position in shares of Frontline plc (NYSE:FRO) by 24.4% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 17,341 shares of the shipping company’s stock after selling 5,590 shares during the period. Atria Wealth Solutions Inc.’s holdings in Frontline were worth $348,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Commonwealth Equity Services LLC boosted its position in shares of Frontline by 175.7% during the 3rd quarter. Commonwealth Equity Services LLC now owns 140,103 shares of the shipping company’s stock valued at $2,631,000 after acquiring an additional 89,284 shares in the last quarter. Raymond James & Associates acquired a new stake in Frontline during the third quarter valued at approximately $523,000. Campbell & CO Investment Adviser LLC bought a new stake in shares of Frontline in the 3rd quarter valued at approximately $1,324,000. Penserra Capital Management LLC acquired a new position in shares of Frontline in the 3rd quarter worth approximately $1,775,000. Finally, Emfo LLC bought a new position in shares of Frontline during the 4th quarter worth approximately $80,000. Institutional investors and hedge funds own 22.70% of the company’s stock.

Frontline Stock Performance

Frontline stock opened at $24.87 on Wednesday. Frontline plc has a 12-month low of $13.35 and a 12-month high of $25.14. The stock has a 50-day simple moving average of $23.49 and a 200 day simple moving average of $22.25. The company has a quick ratio of 1.45, a current ratio of 1.78 and a debt-to-equity ratio of 1.40. The stock has a market capitalization of $5.54 billion, a price-to-earnings ratio of 8.43 and a beta of 0.03.

Frontline (NYSE:FRO) last announced its earnings results on Thursday, February 29th. The shipping company reported $0.46 earnings per share for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.05). The company had revenue of $415.00 million during the quarter, compared to the consensus estimate of $280.36 million. Frontline had a return on equity of 26.00% and a net margin of 35.95%. The company’s revenue was down 21.7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.97 earnings per share. On average, research analysts anticipate that Frontline plc will post 3.03 earnings per share for the current fiscal year.

Frontline Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 27th. Stockholders of record on Friday, March 15th were paid a $0.37 dividend. This is a boost from Frontline’s previous quarterly dividend of $0.30. This represents a $1.48 annualized dividend and a dividend yield of 5.95%. The ex-dividend date of this dividend was Thursday, March 14th. Frontline’s dividend payout ratio (DPR) is 50.17%.

Analyst Ratings Changes

A number of brokerages have weighed in on FRO. Jefferies Financial Group upgraded Frontline from a “hold” rating to a “buy” rating and upped their price target for the company from $22.00 to $30.00 in a research report on Thursday, March 21st. StockNews.com cut shares of Frontline from a “hold” rating to a “sell” rating in a research report on Wednesday, May 1st. Deutsche Bank Aktiengesellschaft upgraded shares of Frontline from a “hold” rating to a “buy” rating and boosted their price target for the company from $17.00 to $26.00 in a research report on Tuesday, January 9th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Frontline from $23.00 to $22.30 and set a “neutral” rating for the company in a report on Friday, March 1st.

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.