Kim Balle Sells 7,533 Shares of Torm (NASDAQ:TRMD) Stock

Torm Plc (NASDAQ:TRMD) CFO Kim Balle sold 7,533 shares of the company’s stock in a transaction dated Tuesday, September 22nd. The shares were sold at an average price of $36.35, for a total transaction of $273,824.55. Following the transaction, the chief financial officer directly owned 510 shares of the company’s stock, valued at approximately $18,538.50. This trade represents a 93.66% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link.

Kim Balle also recently made the following trade(s):

• On Monday, September 21st, Kim Balle sold 15,000 shares of Torm stock. The stock was sold at an average price of $39.08, for a total value of $586,200.00.
• On Friday, September 18th, Kim Balle sold 20,000 shares of Torm stock. The shares were sold at an average price of $39.16, for a total transaction of $783,200.00.

Torm Price Performance

Shares of TRMD opened at $34.42 on Thursday. The company has a current ratio of 2.27, a quick ratio of 1.97 and a debt-to-equity ratio of 0.33. The firm has a market cap of $3.51 billion, a price-to-earnings ratio of 5.67 and a beta of 0.12. The stock has a 50 day moving average of $31.90 and a 200-day moving average of $30.22. Torm Plc has a 52 week low of $19.30 and a 52 week high of $38.73.

Torm (NASDAQ:TRMD) last posted its quarterly earnings data on Wednesday, August 26th. The company reported $3.25 earnings per share for the quarter, missing the consensus estimate of $3.31 by ($0.06). Torm had a net margin of 35.51% and a return on equity of 27.24%. The business had revenue of $662.80 million during the quarter, compared to the consensus estimate of $499.01 million.

Torm Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 24th. Stockholders of record on Thursday, September 10th will be paid a $2.40 dividend. This is a boost from Torm’s previous quarterly dividend of $0.70. The ex-dividend date is Thursday, September 10th. This represents a $9.60 annualized dividend and a dividend yield of 27.9%. Torm’s dividend payout ratio (DPR) is 115.32%.

Analyst Ratings Changes

TRMD has been the topic of a number of recent analyst reports. Wall Street Zen upgraded shares of Torm from a “buy” rating to a “strong-buy” rating in a report on Saturday, September 19th. Evercore restated an “outperform” rating and issued a $38.00 price target on shares of Torm in a research note on Wednesday, August 26th. Finally, Weiss Ratings upgraded shares of Torm from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, September 11th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $38.00.

Hedge Funds Weigh In On Torm

Several institutional investors and hedge funds have recently made changes to their positions in TRMD. Royal Bank of Canada raised its position in shares of Torm by 94.5% in the first quarter. Royal Bank of Canada now owns 70,962 shares of the company’s stock valued at $1,980,000 after purchasing an additional 34,482 shares during the period. Bank of America Corp DE lifted its stake in Torm by 209.8% in the first quarter. Bank of America Corp DE now owns 130,421 shares of the company’s stock valued at $3,639,000 after buying an additional 88,318 shares during the last quarter. Assenagon Asset Management S.A. acquired a new stake in shares of Torm in the 2nd quarter valued at $2,632,000. Public Employees Retirement System of Ohio boosted its holdings in Torm by 153.8% in the 1st quarter. Public Employees Retirement System of Ohio now owns 78,203 shares of the company’s stock valued at $2,190,000 after purchasing an additional 47,386 shares during the period. Finally, Sei Investments Co. acquired a new stake in Torm during the 1st quarter worth approximately $7,705,000. Institutional investors and hedge funds own 73.89% of the company’s stock.

Torm Company Profile

TORM plc is an international product tanker company that transports refined oil products and other energy-related cargoes by sea. Its vessels carry products such as gasoline, jet fuel, diesel and other clean petroleum products between production, storage and consumption markets.

The company operates a fleet of product tankers across several size categories, including long-range, medium-range and Handysize vessels. TORM provides seaborne transportation services to oil companies, trading houses and other commercial customers, with operations serving major shipping routes and energy markets worldwide.

TORM traces its history to 1889 and is headquartered in Copenhagen, Denmark.