Key Points
- Torm CEO Jacob Balslev Meldgaard sold 170,133 shares on May 20 at an average price of $32.30, totaling about $5.5 million. The sale reduced his direct ownership by 32.81%.
- This follows another large insider sale just two days earlier, when Meldgaard sold 379,014 shares for about $12.1 million at an average price of $31.94.
- Torm recently reported mixed quarterly results, missing EPS expectations at $1.18 versus $1.33 expected, but beating revenue forecasts with $402 million in sales. The company also declared a quarterly dividend of $0.70 per share, implying an 8.6% annualized yield.
Torm Plc (NASDAQ:TRMD - Get Free Report) CEO Jacob Balslev Meldgaard sold 170,133 shares of the company's stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $32.30, for a total transaction of $5,495,295.90. Following the transaction, the chief executive officer directly owned 348,411 shares of the company's stock, valued at approximately $11,253,675.30. This trade represents a 32.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link.
Jacob Balslev Meldgaard also recently made the following trade(s):
- On Monday, May 18th, Jacob Balslev Meldgaard sold 379,014 shares of Torm stock. The shares were sold at an average price of $31.94, for a total transaction of $12,105,707.16.
Torm Stock Performance
Shares of NASDAQ:TRMD opened at $32.70 on Thursday. The company has a market cap of $3.34 billion, a price-to-earnings ratio of 9.62 and a beta of 0.14. The company has a 50-day moving average price of $29.73 and a 200-day moving average price of $25.46. 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 Plc has a 12 month low of $15.79 and a 12 month high of $35.33.
Torm (NASDAQ:TRMD - Get Free Report) last issued its quarterly earnings data on Wednesday, May 13th. The company reported $1.18 EPS for the quarter, missing the consensus estimate of $1.33 by ($0.15). Torm had a net margin of 24.45% and a return on equity of 15.81%. The firm 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 declared a quarterly dividend, which will be paid on Thursday, June 11th. Investors of record on Thursday, May 28th will be paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 8.6%. The ex-dividend date of this dividend is Thursday, May 28th. Torm's dividend payout ratio is presently 60.00%.
Analysts Set New Price Targets
A number of equities analysts recently issued reports on TRMD shares. Evercore set a $35.00 price target on shares of Torm in a research note on Tuesday, April 21st. Pareto Securities lowered 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 report on Saturday, May 16th. Finally, Weiss Ratings restated a "hold (c)" rating on shares of Torm in a report on Friday, April 17th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $35.00.
View Our Latest Research Report on Torm
Institutional Investors Weigh In On Torm
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. NewEdge Advisors LLC grew its holdings in Torm by 2.6% in the third 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 grew its holdings in Torm by 1.5% in the fourth 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 grew its holdings in Torm by 3.3% in the first 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. lifted its stake in shares of Torm by 0.5% in the first quarter. Midwest Professional Planners LTD. now owns 91,505 shares of the company's stock worth $2,553,000 after buying an additional 495 shares in the last quarter. Finally, Geode Capital Management LLC lifted its stake in shares of 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 buying an additional 611 shares in the last quarter. Hedge funds and other institutional investors own 73.89% of the company's stock.
About Torm
(
Get Free Report)
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.
Further Reading
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