Corigliano Investment Advisers LLC Sells 278,700 Shares of Frontline PLC $FRO

Corigliano Investment Advisers LLC cut its holdings in shares of Frontline PLC (NYSE:FRO) by 49.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 290,501 shares of the shipping company’s stock after selling 278,700 shares during the quarter. Frontline makes up approximately 2.3% of Corigliano Investment Advisers LLC’s portfolio, making the stock its 15th largest holding. Corigliano Investment Advisers LLC owned 0.13% of Frontline worth $6,339,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in shares of Frontline by 1.1% in the fourth quarter. Vanguard Group Inc. now owns 5,903,785 shares of the shipping company’s stock valued at $129,966,000 after acquiring an additional 63,432 shares during the period. Balyasny Asset Management L.P. raised its position in Frontline by 44.0% during the third quarter. Balyasny Asset Management L.P. now owns 2,247,120 shares of the shipping company’s stock valued at $51,212,000 after purchasing an additional 686,212 shares in the last quarter. UBS Group AG raised its holdings in shares of Frontline by 18.2% during the 4th quarter. UBS Group AG now owns 1,411,265 shares of the shipping company’s stock valued at $30,794,000 after buying an additional 217,760 shares in the last quarter. The Manufacturers Life Insurance Company raised its stake in shares of Frontline by 27.3% during the second quarter. The Manufacturers Life Insurance Company now owns 942,698 shares of the shipping company’s stock worth $15,477,000 after acquiring an additional 202,142 shares in the last quarter. Finally, Barclays PLC raised its position in Frontline by 256.9% in the 4th quarter. Barclays PLC now owns 826,343 shares of the shipping company’s stock worth $18,031,000 after purchasing an additional 594,811 shares during the period. Institutional investors own 22.70% of the company’s stock.

Wall Street Analysts Forecast Growth

FRO has been the topic of several research analyst reports. Danske cut Frontline to a “hold” rating in a research note on Tuesday, May 26th. Evercore lowered shares of Frontline from a “strong-buy” rating to a “hold” rating in a report on Tuesday, April 21st. Piper Sandler cut shares of Frontline to a “neutral” rating in a research note on Friday, February 27th. Pareto Securities downgraded Frontline from a “buy” rating to a “hold” rating and set a $39.46 target price on the stock. in a research note on Monday, May 25th. Finally, Dnb Carnegie lowered shares of Frontline from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 2nd. Four research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $39.12.

Frontline Stock Down 1.5%

FRO opened at $38.83 on Thursday. The stock has a market cap of $8.64 billion, a price-to-earnings ratio of 9.56 and a beta of 0.02. The company has a debt-to-equity ratio of 0.83, a quick ratio of 2.03 and a current ratio of 2.03. The firm’s fifty day moving average is $36.47 and its 200 day moving average is $31.34. Frontline PLC has a fifty-two week low of $16.25 and a fifty-two week high of $40.17.

Frontline (NYSE:FRO) last released its earnings results on Friday, May 22nd. The shipping company reported $1.55 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.58 by ($0.03). The business had revenue of $714.24 million for the quarter, compared to analysts’ expectations of $579.59 million. Frontline had a return on equity of 27.80% and a net margin of 36.70%.The business’s revenue for the quarter was up 66.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.18 EPS.

Frontline Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 23rd. Investors of record on Friday, June 12th will be paid a dividend of $1.55 per share. The ex-dividend date of this dividend is Friday, June 12th. This is a positive change from Frontline’s previous quarterly dividend of $1.03. This represents a $6.20 dividend on an annualized basis and a yield of 16.0%. Frontline’s payout ratio is currently 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.