Bank of New York Mellon Corp Sells 149,146 Shares of Frontline plc (NYSE:FRO)

Bank of New York Mellon Corp cut its stake in shares of Frontline plc (NYSE:FRO - Free Report) by 66.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 75,292 shares of the shipping company's stock after selling 149,146 shares during the period. Bank of New York Mellon Corp's holdings in Frontline were worth $1,068,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Golden State Wealth Management LLC bought a new position in shares of Frontline during the fourth quarter worth approximately $84,000. Blue Trust Inc. grew its position in Frontline by 84.4% during the fourth quarter. Blue Trust Inc. now owns 8,921 shares of the shipping company's stock worth $127,000 after buying an additional 4,084 shares in the last quarter. Vestcor Inc bought a new position in Frontline during the 3rd quarter worth $255,000. Clear Harbor Asset Management LLC acquired a new position in Frontline in the 4th quarter valued at $214,000. Finally, IHT Wealth Management LLC lifted its position in shares of Frontline by 3.5% during the 3rd quarter. IHT Wealth Management LLC now owns 15,723 shares of the shipping company's stock valued at $359,000 after acquiring an additional 535 shares during the period. Institutional investors and hedge funds own 22.70% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on FRO shares. Jefferies Financial Group reduced their price target on shares of Frontline from $26.00 to $20.00 and set a "buy" rating on the stock in a research report on Tuesday, December 17th. Kepler Capital Markets downgraded Frontline from a "buy" rating to a "hold" rating and set a $15.83 target price for the company. in a research report on Thursday, December 12th. One analyst has rated the stock with a sell rating, one has issued a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Frontline presently has a consensus rating of "Moderate Buy" and a consensus target price of $24.46.

Remove Ads

Frontline Trading Up 0.2 %

Shares of Frontline stock traded up $0.04 during trading on Friday, hitting $14.95. The company's stock had a trading volume of 2,185,147 shares, compared to its average volume of 2,255,826. The stock has a market cap of $3.33 billion, a price-to-earnings ratio of 6.10 and a beta of -0.04. Frontline plc has a 52 week low of $13.17 and a 52 week high of $29.39. The stock has a 50-day moving average price of $16.64 and a two-hundred day moving average price of $18.19. The company has a debt-to-equity ratio of 1.44, a current ratio of 1.43 and a quick ratio of 1.43.

Frontline (NYSE:FRO - Get Free Report) last released its quarterly earnings results on Friday, February 28th. The shipping company reported $0.20 EPS for the quarter, meeting analysts' consensus estimates of $0.20. Frontline had a return on equity of 19.25% and a net margin of 25.64%. The firm had revenue of $425.60 million for the quarter, compared to analyst estimates of $273.16 million. During the same quarter in the previous year, the company posted $0.46 EPS. The business's revenue was up 2.6% on a year-over-year basis. Equities research analysts anticipate that Frontline plc will post 1.78 EPS for the current fiscal year.

Frontline Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 5.35%. The ex-dividend date is Friday, March 14th. Frontline's dividend payout ratio is presently 36.04%.

Frontline Profile

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.