Bank of New York Mellon Corp boosted its stake in Frontline Ltd. (NYSE:FRO) by 11.0% during the first quarter, according to its most recent filing with the SEC. The firm 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 0.14% of Frontline worth $1,615,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Wells Fargo & Company MN boosted 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 last quarter. Boston Partners purchased a new position in Frontline during the first quarter valued at $2,231,000. Guggenheim Capital LLC boosted 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 last quarter. First Trust Advisors LP purchased a new position in Frontline during the first quarter valued at $551,000. Finally, State Street Corp boosted its position 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. Hedge funds and other institutional investors own 10.92% of the company’s stock.
Shares of Frontline Ltd. (FRO) traded down 1.09% on Thursday, hitting $5.46. The company had a trading volume of 594,151 shares. The company has a 50 day moving average price of $5.77 and a 200 day moving average price of $6.35. Frontline Ltd. has a 1-year low of $5.35 and a 1-year high of $8.90. The firm has a market capitalization of $927.16 million, a price-to-earnings ratio of 14.26 and a beta of 1.97.
Frontline (NYSE:FRO) last released its quarterly earnings data on Tuesday, May 30th. The shipping company reported $0.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $103.70 million. On average, equities analysts forecast that Frontline Ltd. will post $0.05 earnings per share for the current fiscal year.
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FRO has been the topic of several recent research reports. ValuEngine cut Frontline from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. BidaskClub upgraded Frontline from a “sell” rating to a “hold” rating in a research report on Wednesday, July 19th. Zacks Investment Research cut Frontline from a “hold” rating to a “sell” rating in a research report on Friday, May 5th. Credit Suisse Group decreased their price target on Frontline from $8.00 to $6.00 and set a “neutral” rating on the stock in a research report on Wednesday, May 31st. Finally, Seaport Global Securities upgraded Frontline from a “neutral” rating to a “buy” rating and set a $8.00 price target on the stock in a research report on Wednesday, May 31st. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $6.25.
About Frontline
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