Torm Plc (NASDAQ:TRMD) Sees Significant Decrease in Short Interest

Torm Plc (NASDAQ:TRMD) was the recipient of a significant drop in short interest in June. As of June 15th, there was short interest totaling 1,015,404 shares, a drop of 45.7% from the May 31st total of 1,868,749 shares. Currently, 1.0% of the shares of the stock are short sold. Based on an average trading volume of 693,716 shares, the days-to-cover ratio is presently 1.5 days.

Insider Buying and Selling at Torm

In other news, CEO Jacob Balslev Meldgaard sold 170,133 shares of the business’s stock in a transaction that occurred on Wednesday, May 20th. The shares were sold at an average price of $32.30, for a total value of $5,495,295.90. Following the completion of the sale, the chief executive officer directly owned 348,411 shares in the company, valued at approximately $11,253,675.30. The trade was a 32.81% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.37% of the company’s stock.

Institutional Trading of Torm

A number of hedge funds have recently modified their holdings of the business. NewEdge Advisors LLC grew its position in shares of 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 buying an additional 459 shares during the period. Vanguard Personalized Indexing Management LLC lifted its position in Torm by 1.5% during the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 31,391 shares of the company’s stock valued at $615,000 after acquiring an additional 477 shares during the period. Pictet Asset Management Holding SA boosted its stake in Torm by 3.3% during the first quarter. Pictet Asset Management Holding SA now owns 15,214 shares of the company’s stock worth $431,000 after acquiring an additional 479 shares in the last quarter. Midwest Professional Planners LTD. boosted its stake in Torm by 0.5% during the first quarter. Midwest Professional Planners LTD. now owns 91,505 shares of the company’s stock worth $2,553,000 after acquiring an additional 495 shares in the last quarter. Finally, Geode Capital Management LLC grew its holdings in Torm by 0.7% in the second 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.

Torm Stock Up 5.5%

TRMD traded up $1.45 on Thursday, hitting $27.70. The company had a trading volume of 763,998 shares, compared to its average volume of 851,280. The stock has a fifty day simple moving average of $30.26 and a 200-day simple moving average of $26.94. 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 firm has a market capitalization of $2.83 billion, a P/E ratio of 8.15 and a beta of 0.10. Torm has a 52-week low of $17.04 and a 52-week high of $35.33.

Torm (NASDAQ:TRMD) last posted 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 firm had revenue of $402.00 million for the quarter, compared to analysts’ expectations of $297.43 million. Torm had a return on equity of 15.81% and a net margin of 24.45%.

Torm Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 11th. Shareholders of record on Thursday, May 28th were issued a $0.70 dividend. The ex-dividend date was Thursday, May 28th. This represents a $2.80 dividend on an annualized basis and a yield of 10.1%. Torm’s dividend payout ratio is 60.00%.

Wall Street Analyst Weigh In

TRMD has been the topic of several research analyst reports. Evercore set a $35.00 target price on Torm in a research note on Tuesday, April 21st. Wall Street Zen lowered Torm from a “strong-buy” rating to a “buy” rating in a research note on Saturday, June 13th. Weiss Ratings reiterated a “hold (c)” rating on shares of Torm in a report on Friday, April 17th. Finally, Pareto Securities downgraded shares of Torm from a “hold” rating to a “hold” rating in a research report on Wednesday, May 13th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, Torm presently has an average rating of “Moderate Buy” and a consensus price target 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.