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 Securities and Exchange Commission. 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 owned about 0.14% of Frontline worth $1,615,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in FRO. State Street Corp increased 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 last quarter. Guggenheim Capital LLC raised its position 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. Wells Fargo & Company MN raised its position 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. First Trust Advisors LP bought a new position in Frontline during the first quarter valued at about $551,000. Finally, Boston Partners bought a new position in Frontline during the first quarter valued at about $2,231,000. Hedge funds and other institutional investors own 10.90% of the company’s stock.
Shares of Frontline Ltd. (NYSE FRO) opened at 5.67 on Thursday. Frontline Ltd. has a 52 week low of $5.35 and a 52 week high of $8.90. The stock has a market cap of $962.82 million, a price-to-earnings ratio of 14.80 and a beta of 1.97. The stock’s 50 day moving average price is $5.76 and its 200-day moving average price is $6.41.
Frontline (NYSE:FRO) last issued its earnings results on Tuesday, May 30th. The shipping company reported $0.16 earnings per share for the quarter, topping the 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 business had revenue of $121.94 million for the quarter, compared to analyst estimates of $103.70 million. Equities analysts anticipate that Frontline Ltd. will post $0.05 earnings per share for the current fiscal year.
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Several equities analysts have issued reports on the company. Zacks Investment Research lowered Frontline from a “hold” rating to a “sell” rating in a research note on Friday, May 5th. ValuEngine lowered Frontline from a “buy” rating to a “hold” rating in a research note on Tuesday. Evercore ISI lowered Frontline from an “in-line” rating to an “underperform” rating and cut their target price for the company from $6.00 to $4.00 in a research note on Friday, July 21st. Credit Suisse Group cut their target price on Frontline from $8.00 to $6.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 31st. Finally, BidaskClub upgraded Frontline from a “sell” rating to a “hold” rating in a research note on Wednesday, July 19th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the company. Frontline currently has a consensus rating of “Hold” and an average price target of $6.25.
About Frontline
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