Insider Buying: Toro (NASDAQ:TORO) CEO Purchases 265,836 Shares of Stock

Toro Corp. (NASDAQ:TORO) CEO Petros Panagiotis Panagiotidis purchased 265,836 shares of the business’s stock in a transaction dated Thursday, April 23rd. The stock was bought at an average price of $6.52 per share, for a total transaction of $1,733,250.72. Following the completion of the acquisition, the chief executive officer directly owned 20,754,799 shares in the company, valued at approximately $135,321,289.48. This trade represents a 1.30% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Petros Panagiotis Panagiotidis also recently made the following trade(s):

• On Friday, April 24th, Petros Panagiotis Panagiotidis purchased 67,407 shares of Toro stock. The stock was bought at an average price of $6.79 per share, for a total transaction of $457,693.53.
• On Wednesday, April 22nd, Petros Panagiotis Panagiotidis purchased 1,982,728 shares of Toro stock. The stock was bought at an average price of $6.08 per share, for a total transaction of $12,054,986.24.

Toro Trading Up 3.4%

Shares of NASDAQ:TORO traded up $0.23 on Friday, reaching $6.90. The company had a trading volume of 409,879 shares, compared to its average volume of 363,524. Toro Corp. has a 52-week low of $1.77 and a 52-week high of $7.70. The firm’s 50 day simple moving average is $3.93 and its 200-day simple moving average is $4.24. The firm has a market capitalization of $148.14 million, a PE ratio of 86.26 and a beta of 1.21.

Toro Cuts Dividend

The business also recently declared a dividend, which will be paid on Friday, June 5th. Stockholders of record on Monday, May 4th will be issued a $0.90 dividend. The ex-dividend date is Monday, May 4th.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in TORO. Founders Capital Management grew its stake in Toro by 28.6% during the 4th quarter. Founders Capital Management now owns 9,000 shares of the company’s stock worth $48,000 after buying an additional 2,000 shares during the last quarter. Group One Trading LLC purchased a new position in Toro during the 3rd quarter worth $70,000. Citadel Advisors LLC purchased a new position in Toro during the 3rd quarter worth $79,000. Finally, Renaissance Technologies LLC grew its stake in Toro by 19.2% during the 4th quarter. Renaissance Technologies LLC now owns 186,700 shares of the company’s stock worth $986,000 after buying an additional 30,100 shares during the last quarter. 1.74% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, Weiss Ratings reiterated a “sell (d)” rating on shares of Toro in a report on Friday, March 27th. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat, Toro currently has a consensus rating of “Sell”.

Toro Company Profile

Toro Corp., a shipping company, acquires, owns, charters, and operates oceangoing tanker vessels and provides seaborne transportation services for crude oil LPG, and refined petroleum products worldwide. The company operates in three segments: Aframax/LR2 Tanker, Handysize Tanker, and LPG Carrier. As of December 31, 2023, it operated a fleet of one Handysize tanker vessel; one Aframax/LR2 vessel; and four LPG carrier vessels with an aggregate cargo carrying capacity of 0.1 million deadweight ton.