Oaktree Capital Management LP Sells 2,585,484 Shares of Torm Plc $TRMD

Oaktree Capital Management LP decreased its holdings in Torm Plc (NASDAQ:TRMD) by 9.8% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 23,839,575 shares of the company’s stock after selling 2,585,484 shares during the quarter. Torm comprises approximately 8.5% of Oaktree Capital Management LP’s portfolio, making the stock its biggest holding. Oaktree Capital Management LP owned about 0.23% of Torm worth $675,076,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Quarry LP acquired a new position in shares of Torm during the 3rd quarter worth $35,000. Tower Research Capital LLC TRC acquired a new stake in shares of Torm in the second quarter valued at about $46,000. Wexford Capital LP acquired a new stake in shares of Torm in the third quarter valued at 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. Institutional investors and hedge funds own 73.89% of the company’s stock.

Torm Trading Up 1.4%

NASDAQ:TRMD opened at $30.24 on Friday. Torm Plc has a 52-week low of $18.00 and a 52-week high of $35.33. The company has a quick ratio of 1.20, a current ratio of 1.40 and a debt-to-equity ratio of 0.35. The stock has a fifty day simple moving average of $28.94 and a 200-day simple moving average of $28.27. The company has a market capitalization of $3.09 billion, a PE ratio of 8.89 and a beta of 0.10.

Torm (NASDAQ:TRMD) last issued 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 net margin of 24.45% and a return on equity of 15.81%. The business had revenue of $402.00 million during the quarter, compared to analyst estimates of $297.43 million.

Torm Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 11th. Shareholders of record on Thursday, May 28th were issued a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 9.3%. The ex-dividend date of this dividend was Thursday, May 28th. Torm’s dividend payout ratio is 60.00%.

Insider Activity

In other news, CEO Jacob Balslev Meldgaard sold 170,133 shares of the 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 sale, the chief executive officer directly owned 348,411 shares in the company, valued at $11,253,675.30. This represents a 32.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.37% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. Wall Street Zen lowered shares of Torm from a “strong-buy” rating to a “buy” rating in a research report on Saturday, June 13th. Evercore reissued an “outperform” rating and set a $37.00 price target on shares of Torm in a research note on Wednesday, July 22nd. Weiss Ratings reissued a “hold (c)” rating on shares of Torm in a research note on Wednesday, July 15th. Finally, Pareto Securities cut Torm from a “hold” rating to a “hold” rating in a report on Wednesday, May 13th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $37.00.

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.