Bank of New York Mellon Corp Has $1.07 Million Stock Holdings in Frontline plc (NYSE:FRO)

Bank of New York Mellon Corp lowered its stake in shares of Frontline plc (NYSE:FRO) by 66.5% during the 4th quarter, Holdings Channel.com reports. The firm owned 75,292 shares of the shipping company’s stock after selling 149,146 shares during the quarter. Bank of New York Mellon Corp’s holdings in Frontline were worth $1,068,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. The Manufacturers Life Insurance Company increased its position in Frontline by 1,326.2% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 527,470 shares of the shipping company’s stock valued at $12,053,000 after buying an additional 490,486 shares in the last quarter. Point72 Europe London LLP bought a new stake in shares of Frontline during the third quarter valued at approximately $3,219,000. Cinctive Capital Management LP raised its position in shares of Frontline by 120.8% during the third quarter. Cinctive Capital Management LP now owns 104,557 shares of the shipping company’s stock worth $2,389,000 after purchasing an additional 57,206 shares during the period. Public Employees Retirement System of Ohio bought a new position in shares of Frontline in the 3rd quarter worth $998,000. Finally, Range Financial Group LLC bought a new position in shares of Frontline in the 4th quarter worth $579,000. Institutional investors own 22.70% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. Kepler Capital Markets downgraded shares of Frontline from a “buy” rating to a “hold” rating and set a $15.83 price objective on the stock. in a report on Thursday, December 12th. Jefferies Financial Group dropped 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. One analyst has rated the stock with a sell rating, one has given a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $24.46.

Frontline Stock Up 1.0 %

Frontline stock opened at $16.26 on Tuesday. Frontline plc has a fifty-two week low of $13.17 and a fifty-two week high of $29.39. The firm’s 50-day simple moving average is $16.80 and its 200 day simple moving average is $18.28. The company has a debt-to-equity ratio of 1.44, a quick ratio of 1.43 and a current ratio of 1.43. The stock has a market cap of $3.62 billion, a PE ratio of 6.63 and a beta of -0.04.

Frontline (NYSE:FRO) last issued its quarterly earnings results on Friday, February 28th. The shipping company reported $0.20 EPS for the quarter, hitting analysts’ consensus estimates of $0.20. The business had revenue of $425.60 million for the quarter, compared to analyst estimates of $273.16 million. Frontline had a return on equity of 19.25% and a net margin of 25.64%. Frontline’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same period last year, the company posted $0.46 earnings per share. Research analysts predict that Frontline plc will post 1.78 EPS for the current fiscal year.

Frontline Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be given a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 4.92%. The ex-dividend date of this dividend is Friday, March 14th. Frontline’s dividend payout ratio is 36.04%.

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.