Bank of New York Mellon Corp Buys 62,290 Shares of Frontline PLC $FRO

Key Points

• Bank of New York Mellon increased its Frontline stake by 25.6% in the first quarter, purchasing 62,290 additional shares for a total of 305,333 shares valued at approximately $10.6 million.
• Analyst sentiment is mixed: BTIG raised its price target to $55 and maintained a Buy rating, while several firms issued Hold ratings. Frontline has a consensus rating of Hold and an average price target of $41.62.
• Frontline shares opened at $39.36, near their 12-month high, while the company raised its quarterly dividend to $1.55, implying an annualized yield of approximately 15.8%.

Bank of New York Mellon Corp increased its stake in Frontline PLC (NYSE:FRO - Free Report) by 25.6% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 305,333 shares of the shipping company's stock after purchasing an additional 62,290 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.14% of Frontline worth $10,644,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in FRO. Bank of Montreal Can raised its position in shares of Frontline by 0.6% in the fourth quarter. Bank of Montreal Can now owns 73,544 shares of the shipping company's stock valued at $1,605,000 after purchasing an additional 460 shares during the period. NFSG Corp boosted its holdings in shares of Frontline by 50.0% during the 1st quarter. NFSG Corp now owns 1,500 shares of the shipping company's stock worth $52,000 after buying an additional 500 shares during the period. Integrated Wealth Concepts LLC boosted its holdings in shares of Frontline by 3.5% during the 3rd quarter. Integrated Wealth Concepts LLC now owns 16,204 shares of the shipping company's stock worth $369,000 after buying an additional 552 shares during the period. Range Financial Group LLC grew its stake in Frontline by 0.7% in the 1st quarter. Range Financial Group LLC now owns 83,007 shares of the shipping company's stock valued at $2,894,000 after buying an additional 557 shares during the last quarter. Finally, University of Texas Texas AM Investment Management Co. acquired a new position in Frontline in the 4th quarter valued at $25,000. Institutional investors own 22.70% of the company's stock.

Analyst Ratings Changes

A number of research analysts have weighed in on FRO shares. BTIG Research boosted their target price on shares of Frontline from $45.00 to $55.00 and gave the stock a "buy" rating in a research report on Wednesday, June 24th. Weiss Ratings raised Frontline from a "hold (c+)" rating to a "buy (b)" rating in a research report on Friday, May 22nd. Evercore downgraded Frontline from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, April 21st. Wall Street Zen upgraded Frontline from a "buy" rating to a "strong-buy" rating in a research note on Saturday, June 27th. Finally, Danske cut Frontline to a "hold" rating in a research report on Tuesday, May 26th. Four investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $41.62.

Frontline Stock Up 0.7%

FRO stock opened at $39.36 on Friday. Frontline PLC has a twelve month low of $18.26 and a twelve month high of $43.10. The company has a market cap of $8.76 billion, a PE ratio of 9.69 and a beta of 0.01. The business's 50-day simple moving average is $37.46 and its 200 day simple moving average is $34.77. The company has a quick ratio of 2.03, a current ratio of 2.03 and a debt-to-equity ratio of 0.83.

Frontline Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 23rd. Shareholders of record on Friday, June 12th were given a $1.55 dividend. The ex-dividend date was Friday, June 12th. This represents a $6.20 dividend on an annualized basis and a dividend yield of 15.8%. This is an increase from Frontline's previous quarterly dividend of $1.03. Frontline's dividend payout ratio is 152.71%.

Frontline Company Profile

Frontline Ltd. NYSE: FRO is a leading global shipping company specializing in the seaborne transportation of crude oil and petroleum products. The company's core business activities encompass the ownership and operation of very large crude carriers (VLCCs), Suezmax tankers and Aframax vessels. Through long-term charters, spot market operations and time charters, Frontline provides flexible shipping solutions that cater to a diverse set of energy producers, refiners and trading houses worldwide.

Frontline's fleet is geared toward high-capacity, ocean-going tankers capable of carrying large volumes of crude oil over intercontinental distances.

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