Torm (NASDAQ:TRMD) CEO Sells $12,105,707.16 in Stock

Torm Plc (NASDAQ:TRMD) CEO Jacob Balslev Meldgaard sold 379,014 shares of the stock in a transaction 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 sale, the chief executive officer directly owned 348,411 shares of the company’s stock, valued at $11,128,247.34. The trade was a 52.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link.

Jacob Balslev Meldgaard also recently made the following trade(s):

• On Wednesday, May 20th, Jacob Balslev Meldgaard sold 170,133 shares of Torm stock. The shares were sold at an average price of $32.30, for a total value of $5,495,295.90.

Torm Trading Down 3.7%

NASDAQ TRMD opened at $31.29 on Friday. The firm has a market capitalization of $3.19 billion, a P/E ratio of 9.20 and a beta of 0.14. The business has a fifty day simple moving average of $29.89 and a 200 day simple moving average of $25.58. Torm Plc has a 12 month low of $15.79 and a 12 month high of $35.33. The company has a current ratio of 1.40, a quick ratio of 1.20 and a debt-to-equity ratio of 0.35.

Torm (NASDAQ:TRMD) last released its quarterly earnings results on Wednesday, May 13th. The company reported $1.18 EPS for the quarter, missing analysts’ consensus estimates of $1.33 by ($0.15). The company had revenue of $402.00 million during the quarter, compared to analysts’ expectations of $297.43 million. Torm had a net margin of 24.45% and a return on equity of 15.81%.

Torm Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 11th. Stockholders of record on Thursday, May 28th will be given a dividend of $0.70 per share. The ex-dividend date of this dividend is Thursday, May 28th. This represents a $2.80 annualized dividend and a dividend yield of 8.9%. Torm’s dividend payout ratio (DPR) is currently 60.00%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. NewEdge Advisors LLC boosted its stake in Torm by 2.6% in the 3rd quarter. NewEdge Advisors LLC now owns 18,109 shares of the company’s stock worth $373,000 after purchasing an additional 459 shares during the period. Vanguard Personalized Indexing Management LLC boosted its stake in Torm by 1.5% in the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 31,391 shares of the company’s stock worth $615,000 after purchasing an additional 477 shares during the period. Pictet Asset Management Holding SA boosted its stake in Torm by 3.3% in the 1st quarter. Pictet Asset Management Holding SA now owns 15,214 shares of the company’s stock worth $431,000 after purchasing an additional 479 shares during the period. Midwest Professional Planners LTD. boosted its stake in Torm by 0.5% in the 1st quarter. Midwest Professional Planners LTD. now owns 91,505 shares of the company’s stock worth $2,553,000 after purchasing an additional 495 shares during the period. Finally, Geode Capital Management LLC boosted its stake in Torm by 0.7% in the 2nd quarter. Geode Capital Management LLC now owns 83,133 shares of the company’s stock worth $1,385,000 after purchasing an additional 611 shares during the period. Institutional investors own 73.89% of the company’s stock.

Analyst Ratings Changes

TRMD has been the subject of several research analyst reports. Pareto Securities lowered Torm from a “hold” rating to a “hold” rating in a research report on Wednesday, May 13th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Torm in a research report on Friday, April 17th. Wall Street Zen raised Torm from a “buy” rating to a “strong-buy” rating in a research report on Saturday, May 16th. Finally, Evercore set a $35.00 target price on Torm in a research report on Tuesday, April 21st. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $35.00.

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.