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

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

Other large investors have also recently modified their holdings of the company. Balyasny Asset Management L.P. grew its position in shares of Frontline by 44.0% during the 3rd quarter. Balyasny Asset Management L.P. now owns 2,247,120 shares of the shipping company’s stock worth $51,212,000 after buying an additional 686,212 shares in the last quarter. Barclays PLC raised its stake in shares of Frontline by 256.9% during the 4th quarter. Barclays PLC now owns 826,343 shares of the shipping company’s stock worth $18,031,000 after acquiring an additional 594,811 shares in the last quarter. Forest Avenue Capital Management LP purchased a new stake in shares of Frontline during the 4th quarter valued at $11,917,000. Skandinaviska Enskilda Banken AB publ boosted its holdings in Frontline by 882.4% in the fourth quarter. Skandinaviska Enskilda Banken AB publ now owns 583,166 shares of the shipping company’s stock worth $12,725,000 after acquiring an additional 523,806 shares in the last quarter. Finally, Millennium Management LLC purchased a new stake in shares of Frontline during the first quarter valued at $7,587,000. Hedge funds and other institutional investors own 22.70% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on FRO shares. Weiss Ratings raised Frontline from a “hold (c+)” rating to a “buy (b)” rating in a research report on Friday, May 22nd. BTIG Research boosted their target price on Frontline from $42.00 to $45.00 and gave the stock a “buy” rating in a report on Wednesday, April 22nd. Evercore lowered shares of Frontline from a “strong-buy” rating to a “hold” rating in a report on Tuesday, April 21st. Pareto Securities lowered Frontline from a “buy” rating to a “hold” rating and set a $39.46 price objective for the company. in a research report on Monday, May 25th. Finally, Piper Sandler cut shares of Frontline to a “neutral” rating in a research report on Friday, February 27th. Four investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Frontline has an average rating of “Hold” and an average target price of $39.12.

Frontline Stock Down 1.5%

Shares of NYSE FRO opened at $38.83 on Thursday. The firm has a market cap of $8.64 billion, a P/E 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. Frontline PLC has a 1 year low of $16.25 and a 1 year high of $40.17. The firm’s 50 day moving average price is $36.47 and its 200 day moving average price is $31.34.

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

Frontline Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 23rd. Stockholders of record on Friday, June 12th will be issued a $1.55 dividend. This is a positive change from Frontline’s previous quarterly dividend of $1.03. The ex-dividend date is Friday, June 12th. This represents a $6.20 dividend on an annualized basis and a dividend yield of 16.0%. Frontline’s dividend payout ratio (DPR) is 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.