Renaissance Technologies LLC lessened its holdings in Torm Plc (NASDAQ:TRMD – Free Report) by 21.7% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 420,225 shares of the company’s stock after selling 116,200 shares during the quarter. Renaissance Technologies LLC owned 0.41% of Torm worth $11,724,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other large investors have also recently made changes to their positions in the business. Quarry LP bought a new stake in shares of Torm during the 3rd quarter worth $35,000. Tower Research Capital LLC TRC bought a new position in Torm during the second quarter valued at about $46,000. Wexford Capital LP purchased a new stake in Torm during the third quarter worth about $120,000. Hilton Head Capital Partners LLC purchased a new stake in Torm during the fourth quarter worth about $121,000. Finally, Invesco Ltd. purchased a new stake in Torm during the second quarter worth about $190,000. 73.89% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
A number of research analysts have weighed in on the stock. Pareto Securities cut shares of Torm from a “hold” rating to a “hold” rating in a research note on Wednesday, May 13th. Wall Street Zen upgraded shares of Torm from a “buy” rating to a “strong-buy” rating in a research note on Saturday. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Torm in a report on Wednesday, July 15th. Finally, Evercore reaffirmed an “outperform” rating and issued a $37.00 price target on shares of Torm in a report on Wednesday, July 22nd. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $37.00.
Insider Buying and Selling
In related news, CEO Jacob Balslev Meldgaard sold 379,014 shares of the firm’s stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $31.94, for a total value of $12,105,707.16. Following the completion of the transaction, the chief executive officer directly owned 348,411 shares of the company’s stock, valued at approximately $11,128,247.34. This trade represents a 52.10% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.37% of the company’s stock.
Torm Trading Up 0.2%
Shares of Torm stock opened at $30.31 on Friday. The stock has a market capitalization of $3.09 billion, a P/E ratio of 8.91 and a beta of 0.10. Torm Plc has a 52-week low of $18.00 and a 52-week high of $35.33. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.20 and a current ratio of 1.40. The stock’s 50-day simple moving average is $28.92 and its 200 day simple moving average is $28.29.
Torm (NASDAQ:TRMD – Get Free Report) last issued its earnings results on Wednesday, May 13th. The company reported $1.18 earnings per share for the quarter, missing analysts’ consensus estimates of $1.33 by ($0.15). The business had revenue of $402.00 million for the quarter, compared to the consensus estimate of $297.43 million. Torm had a return on equity of 15.81% and a net margin of 24.45%.
Torm Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Thursday, June 11th. Investors of record on Thursday, May 28th were paid a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 9.2%. The ex-dividend date was Thursday, May 28th. Torm’s dividend payout ratio is presently 60.00%.
About Torm
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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