SLT Holdings LLC Purchases New Stake in Torm Plc $TRMD

SLT Holdings LLC acquired a new stake in shares of Torm Plc (NASDAQ:TRMD) in the third quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 15,800 shares of the company’s stock, valued at approximately $601,000.

A number of other large investors have also added to or reduced their stakes in TRMD. Bank of America Corp DE boosted its stake in Torm by 209.8% in the 1st 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 in the last quarter. Royal Bank of Canada increased its stake in Torm by 94.5% during the 1st 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 in the last quarter. Assenagon Asset Management S.A. bought a new stake in Torm during the 2nd quarter valued at about $2,632,000. Public Employees Retirement System of Ohio increased its stake in Torm by 153.8% during 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 in the last quarter. Finally, Sei Investments Co. bought a new stake in Torm during the 1st quarter valued at about $7,705,000. Hedge funds and other institutional investors own 73.89% of the company’s stock.

Insider Activity at Torm

In other news, CFO Kim Balle sold 7,533 shares of Torm stock in a transaction that occurred on Tuesday, September 22nd. The shares were sold at an average price of $36.35, for a total value of $273,824.55. Following the completion of the sale, the chief financial officer directly owned 510 shares in the company, valued at $18,538.50. The trade was a 93.66% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders have sold 42,533 shares of company stock valued at $1,643,225 in the last three months. Insiders own 0.37% of the company’s stock.

Torm Trading Down 3.1%

Shares of NASDAQ:TRMD opened at $38.69 on Friday. The company has a debt-to-equity ratio of 0.33, a current ratio of 2.27 and a quick ratio of 1.97. Torm Plc has a 1 year low of $19.30 and a 1 year high of $41.86. The company has a market cap of $3.95 billion, a P/E ratio of 6.57 and a beta of 0.07. The stock’s fifty day moving average price is $34.74 and its 200-day moving average price is $31.56.

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

Torm Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 24th. Stockholders of record on Thursday, September 10th were issued a dividend of $2.40 per share. This represents a $9.60 dividend on an annualized basis and a dividend yield of 24.8%. The ex-dividend date of this dividend was Thursday, September 10th. This is a boost from Torm’s previous quarterly dividend of $0.70. Torm’s payout ratio is 115.49%.

Analysts Set New Price Targets

Several brokerages have recently issued reports on TRMD. Weiss Ratings upgraded shares of Torm from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, October 9th. Wall Street Zen raised shares of Torm from a “buy” rating to a “strong-buy” rating in a research report on Saturday, September 19th. Finally, Evercore reissued an “outperform” rating and set a $38.00 price target on shares of Torm in a research report on Wednesday, August 26th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $38.00.

Torm Company Profile

TORM plc is a Denmark-based international shipping company that owns and operates product tankers. The company transports refined petroleum products, including gasoline, diesel, jet fuel and naphtha, as well as other clean petroleum and chemical products for customers worldwide.

TORM manages a fleet of tankers across several size classes, including medium-range and larger vessels. Its activities cover commercial and technical vessel management, chartering, and the transportation of liquid cargoes between major production, refining and consumption markets.

Founded in 1889, TORM has its roots in Denmark and has developed into a global product tanker operator serving routes across the Atlantic, Pacific, Middle East and Asia-Pacific regions.