Corigliano Investment Advisers LLC Takes Position in Frontline PLC $FRO

Corigliano Investment Advisers LLC acquired a new stake in Frontline PLC (NYSE:FRO - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 808,210 shares of the shipping company's stock, valued at approximately $12,002,000. Frontline comprises about 5.3% of Corigliano Investment Advisers LLC's portfolio, making the stock its 7th largest position. Corigliano Investment Advisers LLC owned 0.36% of Frontline at the end of the most recent reporting period.

• Win-Win Momentum Plays With Strong Dividend Yields

Other large investors have also recently added to or reduced their stakes in the company. SVB Wealth LLC acquired a new position in Frontline in the first quarter valued at approximately $32,000. Bayforest Capital Ltd acquired a new position in Frontline in the first quarter valued at approximately $34,000. Signaturefd LLC lifted its holdings in Frontline by 59.3% in the first quarter. Signaturefd LLC now owns 2,657 shares of the shipping company's stock valued at $39,000 after acquiring an additional 989 shares during the last quarter. Tower Research Capital LLC TRC lifted its stake in Frontline by 5,500.0% during the fourth quarter. Tower Research Capital LLC TRC now owns 11,200 shares of the shipping company's stock worth $159,000 after purchasing an additional 11,000 shares in the last quarter. Finally, Golden State Wealth Management LLC lifted its stake in Frontline by 100.0% during the first quarter. Golden State Wealth Management LLC now owns 11,800 shares of the shipping company's stock worth $175,000 after purchasing an additional 5,900 shares in the last quarter. 22.70% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

FRO has been the topic of a number of research reports. Jefferies Financial Group restated a "buy" rating and set a $25.00 price target on shares of Frontline in a research note on Friday, August 29th. Wall Street Zen cut Frontline from a "hold" rating to a "sell" rating in a research note on Sunday, July 6th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $21.87.

• Top Shipping Firms Driving Industry-Leading Revenue Growth

Read Our Latest Analysis on FRO

Frontline Stock Up 4.3%

Frontline stock opened at $21.79 on Thursday. Frontline PLC has a twelve month low of $12.40 and a twelve month high of $25.68. The stock's fifty day simple moving average is $18.92 and its 200-day simple moving average is $17.42. The company has a current ratio of 1.82, a quick ratio of 1.82 and a debt-to-equity ratio of 1.44. The firm has a market capitalization of $4.85 billion, a P/E ratio of 20.36 and a beta of 0.25.

• ZIM Shipping stock proves unsinkable despite Red Sea disruptions

Frontline (NYSE:FRO - Get Free Report) last posted its quarterly earnings data on Friday, August 29th. The shipping company reported $0.36 earnings per share for the quarter, missing analysts' consensus estimates of $0.42 by ($0.06). The company had revenue of $282.95 million for the quarter, compared to analysts' expectations of $328.71 million. Frontline had a return on equity of 10.31% and a net margin of 12.94%.The firm's revenue was up 34.2% compared to the same quarter last year. During the same period in the prior year, the company posted $0.62 EPS. As a group, equities analysts expect that Frontline PLC will post 1.78 earnings per share for the current fiscal year.

Frontline Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 24th. Investors of record on Friday, September 12th will be issued a $0.36 dividend. This represents a $1.44 annualized dividend and a yield of 6.6%. The ex-dividend date of this dividend is Friday, September 12th. Frontline's dividend payout ratio is 67.29%.

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.

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