Torm Plc (NASDAQ:TRMD – Get Free Report) was the target of a significant increase in short interest during the month of May. As of May 29th, there was short interest totaling 1,868,749 shares, an increase of 225.1% from the May 14th total of 574,838 shares. Currently, 1.8% of the company’s stock are short sold. Based on an average daily trading volume, of 1,008,919 shares, the short-interest ratio is currently 1.9 days.
Insiders Place Their Bets
In related news, CEO Jacob Balslev Meldgaard sold 379,014 shares of the business’s stock in a transaction on Monday, May 18th. The shares were sold at an average price of $31.94, for a total transaction of $12,105,707.16. Following the transaction, the chief executive officer directly owned 348,411 shares in the company, valued at approximately $11,128,247.34. The trade was a 52.10% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.37% of the company’s stock.
Hedge Funds Weigh In On Torm
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Optiver Holding B.V. bought a new position in Torm during the first quarter worth $67,000. Bank of America Corp DE boosted its position in shares of Torm by 209.8% in the first quarter. Bank of America Corp DE now owns 130,421 shares of the company’s stock valued at $3,639,000 after acquiring an additional 88,318 shares during the period. Amundi boosted its position in shares of Torm by 106.8% in the first quarter. Amundi now owns 29,503 shares of the company’s stock valued at $823,000 after acquiring an additional 15,239 shares during the period. Royal Bank of Canada boosted its position in shares of Torm by 94.5% in the first quarter. Royal Bank of Canada now owns 70,962 shares of the company’s stock valued at $1,980,000 after acquiring an additional 34,482 shares during the period. Finally, The Manufacturers Life Insurance Company bought a new stake in shares of Torm in the first quarter valued at about $252,000. 73.89% of the stock is owned by institutional investors.
Analysts Set New Price Targets
Check Out Our Latest Research Report on Torm
Torm Stock Performance
TRMD stock traded up $1.45 during midday trading on Friday, reaching $30.40. 726,293 shares of the company were exchanged, compared to its average volume of 825,195. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.40 and a quick ratio of 1.20. The business has a 50-day moving average price of $30.63 and a two-hundred day moving average price of $26.24. Torm has a one year low of $16.36 and a one year high of $35.33. The firm has a market capitalization of $3.10 billion, a price-to-earnings ratio of 8.94 and a beta of 0.08.
Torm (NASDAQ:TRMD – Get Free Report) last released its quarterly earnings data on Wednesday, May 13th. The company reported $1.18 EPS for the quarter, missing analysts’ consensus estimates of $1.33 by ($0.15). Torm had a return on equity of 15.81% and a net margin of 24.45%.The company had revenue of $402.00 million for the quarter, compared to the consensus estimate of $297.43 million.
Torm Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 11th. Shareholders of record on Thursday, May 28th were given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 9.2%. The ex-dividend date of this dividend was Thursday, May 28th. Torm’s payout ratio is 60.00%.
Torm Company Profile
Torm A/S (NASDAQ: TRMD) is an international shipping company specializing in the transportation of refined petroleum products. The firm owns and operates a modern fleet of product tankers, including both Handysize and MR vessels, which are designed to carry a broad range of clean petroleum cargoes such as gasoline, jet fuel and diesel. Torm’s core business revolves around voyage and time-charter contracts with major oil companies, trading houses and other energy sector clients around the world.
The company’s fleet is deployed on global trade routes, with particular focus on major refining and consumption regions in Europe, North America and Asia.
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