Torm Plc $TRMD Stake Lessened by Corigliano Investment Advisers LLC

Corigliano Investment Advisers LLC lowered its holdings in Torm Plc (NASDAQ:TRMD) by 38.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 76,700 shares of the company’s stock after selling 48,700 shares during the period. Torm makes up 0.5% of Corigliano Investment Advisers LLC’s portfolio, making the stock its 29th biggest position. Corigliano Investment Advisers LLC owned about 0.08% of Torm worth $1,502,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the business. Vanguard Group Inc. lifted its holdings in shares of Torm by 0.5% in the fourth quarter. Vanguard Group Inc. now owns 2,341,185 shares of the company’s stock valued at $46,629,000 after purchasing an additional 11,457 shares in the last quarter. Norges Bank purchased a new stake in shares of Torm during the fourth quarter worth $24,830,000. Renaissance Technologies LLC raised its holdings in shares of Torm by 25.8% during the fourth quarter. Renaissance Technologies LLC now owns 536,425 shares of the company’s stock worth $10,503,000 after acquiring an additional 110,000 shares in the last quarter. Brevan Howard Capital Management LP purchased a new stake in shares of Torm during the second quarter worth $7,523,000. Finally, Marnell Management LLC purchased a new stake in shares of Torm during the fourth quarter worth $4,815,000. Hedge funds and other institutional investors own 73.89% of the company’s stock.

Analysts Set New Price Targets

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

Insider Activity

In other news, CEO Jacob Balslev Meldgaard sold 170,133 shares of the firm’s stock in a transaction dated Wednesday, May 20th. The stock was 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 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 document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.37% of the company’s stock.

Torm Price Performance

NASDAQ TRMD opened at $29.02 on Thursday. Torm Plc has a fifty-two week low of $16.36 and a fifty-two week high of $35.33. The stock’s 50-day moving average is $30.65 and its two-hundred day moving average is $26.45. 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 cap of $2.96 billion, a P/E ratio of 8.54 and a beta of 0.08.

Torm (NASDAQ:TRMD) last issued its quarterly earnings results on Wednesday, May 13th. The company reported $1.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.33 by ($0.15). The business had revenue of $402.00 million during the quarter, compared to analyst estimates 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 declared a quarterly dividend, which was paid on Thursday, June 11th. Stockholders of record on Thursday, May 28th were given a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 9.6%. The ex-dividend date of this dividend was Thursday, May 28th. Torm’s dividend payout ratio (DPR) is currently 60.00%.

Torm 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.