1,245,660 Shares in Torm Plc $TRMD Bought by Norges Bank

Norges Bank bought a new position in shares of Torm Plc (NASDAQ:TRMD) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 1,245,660 shares of the company’s stock, valued at approximately $24,830,000. Norges Bank owned about 1.33% of Torm as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of TRMD. Brevan Howard Capital Management LP bought a new position in shares of Torm during the second quarter worth $7,523,000. Barclays PLC boosted its position in shares of Torm by 613.2% during the third quarter. Barclays PLC now owns 206,508 shares of the company’s stock worth $4,258,000 after acquiring an additional 177,551 shares during the last quarter. Journey Advisory Group LLC bought a new position in shares of Torm during the third quarter worth $2,920,000. Millennium Management LLC bought a new position in shares of Torm during the third quarter worth $2,375,000. Finally, Moore Capital Management LP bought a new position in shares of Torm during the third quarter worth $2,307,000. Institutional investors own 73.89% of the company’s stock.

Torm Trading Up 0.9%

TRMD stock opened at $28.96 on Wednesday. The company has a market capitalization of $2.96 billion, a PE ratio of 8.52 and a beta of 0.08. Torm Plc has a 12 month low of $16.36 and a 12 month high of $35.33. The firm’s 50-day moving average is $30.52 and its 200 day moving average is $26.12. 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 (NASDAQ:TRMD) last posted its quarterly 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 company had revenue of $402.00 million during the quarter, compared to analysts’ expectations of $297.43 million. Torm had a return on equity of 15.81% and a net margin of 24.45%.

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 paid a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 9.7%. The ex-dividend date of this dividend is Thursday, May 28th. Torm’s dividend payout ratio (DPR) is currently 60.00%.

Insider Buying and Selling

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

Wall Street Analysts Forecast Growth

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

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.