Corigliano Investment Advisers LLC Buys Shares of 808,210 Frontline PLC $FRO

Key Points

• Corigliano Investment Advisers LLC acquired 808,210 shares of Frontline PLC, valued at approximately $12 million, making it the 7th largest position in their portfolio.
• Frontline's stock has a consensus rating of "Moderate Buy" with a price target of $21.87, even as analysts noted a recent earnings miss compared to estimates.
• The company announced a quarterly dividend of $0.36 per share, resulting in an annual yield of 6.6%, with the ex-dividend date set for September 12th.

Corigliano Investment Advisers LLC bought a new stake in shares of Frontline PLC (NYSE:FRO - Free Report) during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 808,210 shares of the shipping company's stock, valued at approximately $12,002,000. Frontline accounts for approximately 5.3% of Corigliano Investment Advisers LLC's investment portfolio, making the stock its 7th largest holding. Corigliano Investment Advisers LLC owned 0.36% of Frontline as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Bank of New York Mellon Corp grew its holdings in Frontline by 761.8% during the 1st quarter. Bank of New York Mellon Corp now owns 648,836 shares of the shipping company's stock worth $9,635,000 after acquiring an additional 573,544 shares during the period. Hartree Partners LP lifted its stake in shares of Frontline by 38.8% in the 1st quarter. Hartree Partners LP now owns 1,472,220 shares of the shipping company's stock valued at $21,851,000 after purchasing an additional 411,220 shares during the period. SG Americas Securities LLC boosted its position in shares of Frontline by 607.8% in the 1st quarter. SG Americas Securities LLC now owns 234,429 shares of the shipping company's stock worth $3,481,000 after purchasing an additional 201,308 shares during the last quarter. MYDA Advisors LLC bought a new position in shares of Frontline in the 1st quarter worth $2,331,000. Finally, Point72 Asset Management L.P. acquired a new stake in shares of Frontline during the fourth quarter worth $2,134,000. Institutional investors and hedge funds own 22.70% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Jefferies Financial Group reissued a "buy" rating and issued a $25.00 target price on shares of Frontline in a research note on Friday, August 29th. Wall Street Zen downgraded shares of Frontline from a "hold" rating to a "sell" rating in a research report on Sunday, July 6th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $21.87.

Frontline Stock Up 3.4%

Shares of NYSE:FRO traded up $0.75 during trading on Monday, hitting $22.90. 2,676,309 shares of the company's stock traded hands, compared to its average volume of 3,004,161. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 1.38. The company has a 50-day moving average price of $19.11 and a 200-day moving average price of $17.49. Frontline PLC has a 52 week low of $12.40 and a 52 week high of $25.68. The company has a market cap of $5.10 billion, a price-to-earnings ratio of 21.40 and a beta of 0.25.

Frontline (NYSE:FRO - Get Free Report) last announced its earnings results on Friday, August 29th. The shipping company reported $0.36 EPS for the quarter, missing the consensus estimate of $0.42 by ($0.06). Frontline had a return on equity of 10.27% and a net margin of 12.94%.The company had revenue of $282.95 million for the quarter, compared to analyst estimates of $328.71 million. During the same quarter last year, the business posted $0.62 earnings per share. The business's quarterly revenue was up 34.2% on a year-over-year basis. As a group, research analysts forecast that Frontline PLC will post 1.78 EPS for the current fiscal year.

Frontline Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 24th. Investors of record on Friday, September 12th will be paid a $0.36 dividend. The ex-dividend date of this dividend is Friday, September 12th. This represents a $1.44 dividend on an annualized basis and a yield of 6.3%. Frontline's dividend payout ratio is presently 67.29%.

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.