Torm (NASDAQ:TRMD) CEO Sells $5,495,295.90 in Stock

Torm Plc (NASDAQ:TRMD) 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 transaction of $5,495,295.90. Following the sale, the chief executive officer directly owned 348,411 shares of the company’s stock, valued at $11,253,675.30. The trade was a 32.81% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

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 Up 3.2%

NASDAQ:TRMD traded up $1.02 during midday trading on Wednesday, reaching $32.70. 1,083,703 shares of the stock traded hands, compared to its average volume of 806,633. Torm Plc has a 12-month low of $15.79 and a 12-month high of $35.33. The business has a 50-day moving average of $29.65 and a two-hundred day moving average of $25.38. 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 has a market capitalization of $3.34 billion, a PE ratio of 9.62 and a beta of 0.14.

Torm (NASDAQ:TRMD) last posted its 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). 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 analysts’ expectations of $297.43 million.

Torm Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 11th. Investors 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 dividend on an annualized basis and a yield of 8.6%. Torm’s dividend payout ratio is presently 60.00%.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the business. NewEdge Advisors LLC raised its holdings in shares of Torm by 2.6% during 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 last quarter. Vanguard Personalized Indexing Management LLC raised its holdings in shares of Torm by 1.5% during 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 last quarter. Pictet Asset Management Holding SA raised its holdings in shares of 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 purchasing an additional 479 shares during the last quarter. Midwest Professional Planners LTD. raised its holdings in shares of 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 purchasing an additional 495 shares during the last quarter. Finally, Geode Capital Management LLC raised its holdings in shares of Torm by 0.7% during 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 last quarter. Hedge funds and other institutional investors own 73.89% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on TRMD shares. Evercore set a $35.00 price target on shares of Torm in a report on Tuesday, April 21st. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Torm in a report on Friday, April 17th. Wall Street Zen raised shares of Torm from a “buy” rating to a “strong-buy” rating in a report on Saturday. Finally, Pareto Securities cut shares of 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 issued a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus 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.