Renaissance Technologies LLC Sells 116,200 Shares of Torm Plc $TRMD

Renaissance Technologies LLC decreased its stake in shares of Torm Plc (NASDAQ:TRMD) by 21.7% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 420,225 shares of the company’s stock after selling 116,200 shares during the period. Renaissance Technologies LLC’s holdings in Torm were worth $11,724,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the stock. Quarry LP purchased a new position in Torm during the 3rd quarter valued at about $35,000. Tower Research Capital LLC TRC bought a new stake in shares of Torm during the second quarter valued at about $46,000. Wexford Capital LP purchased a new stake in shares of Torm in the third quarter worth about $120,000. Hilton Head Capital Partners LLC purchased a new stake in shares of Torm in the fourth quarter worth about $121,000. Finally, Bank of New York Mellon Corp purchased a new position in Torm during the first quarter valued at approximately $228,000. Institutional investors own 73.89% of the company’s stock.

Torm Price Performance

TRMD stock opened at $30.31 on Friday. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.40 and a quick ratio of 1.20. Torm Plc has a one year low of $18.00 and a one year high of $35.33. The stock has a market cap of $3.09 billion, a PE ratio of 8.91 and a beta of 0.10. The firm has a 50 day simple moving average of $28.92 and a two-hundred day simple moving average of $28.29.

Torm (NASDAQ:TRMD) last issued its quarterly 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). The company had revenue of $402.00 million during the quarter, compared to the consensus estimate of $297.43 million. Torm had a return on equity of 15.81% and a net margin of 24.45%.

Torm Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, June 11th. Investors of record on Thursday, May 28th were paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 9.2%. The ex-dividend date of this dividend was Thursday, May 28th. Torm’s dividend payout ratio is currently 60.00%.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on TRMD shares. Pareto Securities lowered shares of Torm from a “hold” rating to a “hold” rating in a report on Wednesday, May 13th. Weiss Ratings reissued a “hold (c)” rating on shares of Torm in a report on Wednesday, July 15th. Wall Street Zen upgraded shares of Torm from a “buy” rating to a “strong-buy” rating in a research report on Saturday. Finally, Evercore reaffirmed an “outperform” rating and issued a $37.00 price target on shares of Torm in a report on Wednesday, July 22nd. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $37.00.

Insider Buying and Selling

In related news, CEO Jacob Balslev Meldgaard sold 379,014 shares of the stock in a transaction on Monday, May 18th. The stock was sold at an average price of $31.94, for a total value of $12,105,707.16. Following the transaction, the chief executive officer owned 348,411 shares of the company’s stock, valued at $11,128,247.34. This represents a 52.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.37% of the stock is currently owned by corporate insiders.

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.