Bank of New York Mellon Corp Increases Stock Position in Frontline PLC (NYSE:FRO)

Bank of New York Mellon Corp increased its position in shares of Frontline PLC (NYSE:FRO - Free Report) by 761.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 648,836 shares of the shipping company's stock after acquiring an additional 573,544 shares during the quarter. Bank of New York Mellon Corp owned about 0.29% of Frontline worth $9,635,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of FRO. National Bank of Canada FI boosted its holdings in shares of Frontline by 331.8% in the 4th quarter. National Bank of Canada FI now owns 6,166 shares of the shipping company's stock valued at $87,000 after acquiring an additional 4,738 shares during the last quarter. Nexpoint Asset Management L.P. purchased a new stake in shares of Frontline in the 4th quarter valued at $159,000. Tower Research Capital LLC TRC boosted its holdings in shares of Frontline by 5,500.0% in the 4th quarter. Tower Research Capital LLC TRC now owns 11,200 shares of the shipping company's stock valued at $159,000 after acquiring an additional 11,000 shares during the last quarter. Boothbay Fund Management LLC purchased a new stake in shares of Frontline in the 4th quarter valued at $173,000. Finally, Golden State Wealth Management LLC boosted its holdings in shares of Frontline by 100.0% in the 1st quarter. Golden State Wealth Management LLC now owns 11,800 shares of the shipping company's stock valued at $175,000 after acquiring an additional 5,900 shares during the last quarter. Institutional investors own 22.70% of the company's stock.

Frontline Stock Down 1.2%

FRO opened at $18.12 on Tuesday. Frontline PLC has a 1-year low of $12.40 and a 1-year high of $25.68. The stock's fifty day simple moving average is $18.10 and its 200 day simple moving average is $16.88. The company has a current ratio of 1.82, a quick ratio of 1.82 and a debt-to-equity ratio of 1.44. The stock has a market cap of $4.03 billion, a PE ratio of 11.61 and a beta of 0.25.

Frontline (NYSE:FRO - Get Free Report) last announced its quarterly earnings results on Friday, May 23rd. The shipping company reported $0.18 EPS for the quarter, meeting analysts' consensus estimates of $0.18. Frontline had a return on equity of 12.67% and a net margin of 17.67%. The firm had revenue of $427.87 million for the quarter, compared to analyst estimates of $252.26 million. During the same period last year, the firm posted $0.62 earnings per share. The business's revenue for the quarter was down 26.0% on a year-over-year basis. As a group, research analysts expect that Frontline PLC will post 1.78 earnings per share for the current year.

Frontline Announces Dividend

The company also recently announced a dividend, which was paid on Tuesday, June 24th. Stockholders of record on Friday, June 13th were paid a $0.18 dividend. This represents a dividend yield of 3.97%. The ex-dividend date of this dividend was Thursday, June 12th. Frontline's payout ratio is presently 46.15%.

Wall Street Analysts Forecast Growth

FRO has been the subject of a number of recent research reports. Wall Street Zen cut shares of Frontline from a "hold" rating to a "sell" rating in a research report on Sunday, July 6th. Evercore ISI reduced their target price on shares of Frontline from $22.00 to $20.00 and set an "outperform" rating for the company in a research report on Tuesday, April 22nd. Finally, Kepler Capital Markets set a $12.49 target price on shares of Frontline in a research report on Thursday, March 27th. Two equities research analysts have rated the stock with a sell rating, three have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Frontline currently has a consensus rating of "Moderate Buy" and an average target price of $20.62.

About Frontline

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.

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