Bank of New York Mellon Corp boosted its stake in shares of Frontline Ltd. (NYSE:FRO) by 76.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 168,782 shares of the company’s stock after buying an additional 72,959 shares during the period. Bank of New York Mellon Corp owned 0.11% of Frontline worth $1,328,000 as of its most recent filing with the SEC.
Several other hedge funds have also recently made changes to their positions in FRO. James Investment Research Inc. purchased a new stake in shares of Frontline during the second quarter valued at approximately $5,225,000. A.R.T. Advisors LLC bought a new position in Frontline during the first quarter valued at $872,000. Palo Capital Inc. boosted its position in Frontline by 112.6% in the second quarter. Palo Capital Inc. now owns 51,358 shares of the company’s stock valued at $404,000 after buying an additional 27,197 shares during the last quarter. Strs Ohio boosted its position in Frontline by 38.6% in the second quarter. Strs Ohio now owns 21,600 shares of the company’s stock valued at $169,000 after buying an additional 6,020 shares during the last quarter. Finally, Capital Fund Management S.A. bought a new position in Frontline during the second quarter valued at $129,000. Hedge funds and other institutional investors own 9.12% of the company’s stock.
Shares of Frontline Ltd. (NYSE:FRO) traded down 2.8707% during trading on Wednesday, hitting $7.6635. 323,651 shares of the company’s stock were exchanged. The company has a 50-day moving average of $7.44 and a 200-day moving average of $7.95. Frontline Ltd. has a 12-month low of $6.80 and a 12-month high of $17.05. The company has a market cap of $1.20 billion, a P/E ratio of 5.0187 and a beta of 2.30.
Frontline (NYSE:FRO) last posted its earnings results on Wednesday, August 31st. The company reported $0.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.27 by $0.18. Frontline had a net margin of 31.41% and a return on equity of 20.67%. On average, equities analysts expect that Frontline Ltd. will post $1.13 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Monday, September 19th. Investors of record on Monday, September 12th were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 10.14%. The ex-dividend date of this dividend was Thursday, September 8th.
Several equities analysts recently weighed in on FRO shares. Wells Fargo & Co. reaffirmed a “hold” rating on shares of Frontline in a research note on Tuesday, September 27th. Morgan Stanley reaffirmed an “equal weight” rating and set a $7.00 target price (down from $10.00) on shares of Frontline in a research note on Friday, August 26th. Zacks Investment Research cut shares of Frontline from a “hold” rating to a “strong sell” rating in a research note on Monday, August 22nd. Finally, Clarkson Capital reaffirmed a “buy” rating on shares of Frontline in a research note on Friday, June 17th. Seven investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Frontline presently has an average rating of “Hold” and a consensus target price of $11.90.
Frontline Company Profile
Frontline Ltd. is a shipping company. The Company is engaged in the seaborne transportation of crude oil and oil products. The Company operates through the tankers segment. The tankers segment includes crude oil tankers and product tankers. The Company operates through subsidiaries and partnerships located in Bermuda, India, the Philippines, Liberia, Norway, the United Kingdom and Singapore.
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