Torm (NASDAQ:TRMD) CEO Jacob Balslev Meldgaard Sells 170,133 Shares

Torm Plc (NASDAQ:TRMD) CEO Jacob Balslev Meldgaard sold 170,133 shares of the firm’s stock in a transaction dated 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 completion of the sale, the chief executive officer owned 348,411 shares of the company’s stock, valued at approximately $11,253,675.30. This represents a 32.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed 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 value of $12,105,707.16.

Torm Stock Performance

Shares of TRMD opened at $32.70 on Thursday. 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 stock has a 50-day moving average of $29.73 and a 200-day moving average of $25.46. The company has a market cap of $3.34 billion, a PE ratio of 9.62 and a beta of 0.14. Torm Plc has a one year low of $15.79 and a one year high of $35.33.

Torm (NASDAQ:TRMD) last issued its earnings results on Wednesday, May 13th. The company reported $1.18 EPS for the quarter, missing the consensus estimate of $1.33 by ($0.15). The firm 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 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 issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 8.6%. The ex-dividend date of this dividend is Thursday, May 28th. Torm’s payout ratio is 60.00%.

Wall Street Analyst Weigh In

TRMD has been the topic of a number of research reports. Evercore set a $35.00 price target on shares of Torm in a report on Tuesday, April 21st. Wall Street Zen upgraded shares of Torm from a “buy” rating to a “strong-buy” rating in a research report on Saturday, May 16th. Weiss Ratings reiterated a “hold (c)” rating on shares of Torm in a research report on Friday, April 17th. Finally, Pareto Securities lowered shares of Torm from a “hold” rating to a “hold” rating in a research report on Wednesday, May 13th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $35.00.

Institutional Trading of Torm

Several hedge funds have recently added to or reduced their stakes in the business. 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 worth $3,639,000 after purchasing an additional 88,318 shares during the last quarter. Amundi lifted its stake in Torm by 106.8% in the first quarter. Amundi now owns 29,503 shares of the company’s stock worth $823,000 after purchasing an additional 15,239 shares during the last quarter. Royal Bank of Canada lifted its stake in Torm by 94.5% in the first quarter. Royal Bank of Canada now owns 70,962 shares of the company’s stock worth $1,980,000 after purchasing an additional 34,482 shares during the last quarter. The Manufacturers Life Insurance Company bought a new stake in Torm in the first quarter worth $252,000. Finally, Lazard Asset Management LLC bought a new stake in Torm in the first quarter worth $1,819,000. 73.89% of the stock is owned by institutional investors.

About Torm

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.