Bank of New York Mellon Corp boosted its stake in shares of Frontline Ltd. (NYSE:FRO) by 11.0% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 239,600 shares of the shipping company’s stock after buying an additional 23,769 shares during the period. Bank of New York Mellon Corp’s holdings in Frontline were worth $1,615,000 at the end of the most recent quarter.
Other large investors have also recently added to or reduced their stakes in the company. State Street Corp boosted its stake in Frontline by 7.4% in the fourth quarter. State Street Corp now owns 990,048 shares of the shipping company’s stock valued at $7,041,000 after buying an additional 68,224 shares during the period. Boston Partners purchased a new stake in Frontline during the first quarter valued at approximately $2,231,000. Guggenheim Capital LLC boosted its stake in Frontline by 60.2% in the fourth quarter. Guggenheim Capital LLC now owns 191,525 shares of the shipping company’s stock valued at $1,362,000 after buying an additional 71,997 shares during the period. First Trust Advisors LP purchased a new stake in Frontline during the first quarter valued at approximately $551,000. Finally, Wells Fargo & Company MN boosted its stake in Frontline by 24.3% in the first quarter. Wells Fargo & Company MN now owns 65,824 shares of the shipping company’s stock valued at $444,000 after buying an additional 12,850 shares during the period. 10.90% of the stock is owned by institutional investors.
Shares of Frontline Ltd. (NYSE:FRO) opened at 5.90 on Monday. The company’s 50 day moving average price is $5.73 and its 200-day moving average price is $6.51. Frontline Ltd. has a 52 week low of $5.35 and a 52 week high of $8.90. The firm has a market capitalization of $1.00 billion, a PE ratio of 15.40 and a beta of 1.97.
Frontline (NYSE:FRO) last announced its quarterly earnings results on Tuesday, May 30th. The shipping company reported $0.16 EPS for the quarter, beating the Zacks’ consensus estimate of $0.12 by $0.04. Frontline had a return on equity of 8.76% and a net margin of 9.25%. The company had revenue of $121.94 million during the quarter, compared to analysts’ expectations of $103.70 million. On average, equities research analysts expect that Frontline Ltd. will post $0.05 EPS for the current fiscal year.
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Several equities research analysts have recently commented on FRO shares. ValuEngine raised Frontline from a “hold” rating to a “buy” rating in a research note on Saturday, July 8th. Seaport Global Securities raised Frontline from a “neutral” rating to a “buy” rating and set a $8.00 target price for the company in a research note on Wednesday, May 31st. BidaskClub raised Frontline from a “sell” rating to a “hold” rating in a research note on Wednesday, July 19th. Zacks Investment Research raised Frontline from a “sell” rating to a “hold” rating in a research note on Thursday, May 11th. Finally, Evercore ISI cut Frontline from an “in-line” rating to an “underperform” rating and lowered their target price for the company from $6.00 to $4.00 in a research note on Friday. Two analysts have rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $6.25.
Frontline Company Profile
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