Folketrygdfondet Takes $1.80 Million Position in Torm Plc $TRMD

Folketrygdfondet bought a new position in shares of Torm Plc (NASDAQ:TRMD) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 87,099 shares of the company’s stock, valued at approximately $1,796,000. Torm comprises 0.0% of Folketrygdfondet’s investment portfolio, making the stock its 10th biggest holding. Folketrygdfondet owned approximately 0.09% of Torm at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the stock. Royal Bank of Canada lifted its position in shares of Torm by 1,346.6% during the 1st quarter. Royal Bank of Canada now owns 87,285 shares of the company’s stock worth $1,438,000 after buying an additional 81,251 shares during the last quarter. NewEdge Advisors LLC raised its stake in Torm by 39.9% during the 1st quarter. NewEdge Advisors LLC now owns 16,740 shares of the company’s stock worth $276,000 after acquiring an additional 4,776 shares in the last quarter. Vanguard Personalized Indexing Management LLC raised its stake in Torm by 66.4% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 26,365 shares of the company’s stock worth $439,000 after acquiring an additional 10,522 shares in the last quarter. Commons Capital LLC purchased a new stake in Torm in the second quarter valued at $450,000. Finally, Tweedy Browne Co LLC acquired a new position in Torm in the second quarter valued at $318,000. 73.89% of the stock is currently owned by hedge funds and other institutional investors.

Torm Price Performance

Shares of NASDAQ:TRMD opened at $24.30 on Friday. Torm Plc has a one year low of $13.60 and a one year high of $24.95. The stock has a market capitalization of $2.28 billion, a price-to-earnings ratio of 8.93 and a beta of 0.04. The company has a 50-day simple moving average of $21.28 and a 200-day simple moving average of $21.04. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.07 and a current ratio of 2.37.

Torm (NASDAQ:TRMD) last issued its quarterly earnings results on Thursday, November 6th. The company reported $0.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.17. The firm had revenue of $342.60 million for the quarter, compared to analysts’ expectations of $258.49 million. Torm had a return on equity of 13.03% and a net margin of 21.37%. On average, analysts predict that Torm Plc will post 6.27 EPS for the current year.

Torm Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, December 3rd. Stockholders of record on Thursday, November 20th were paid a dividend of $0.62 per share. This represents a $2.48 annualized dividend and a dividend yield of 10.2%. This is a boost from Torm’s previous quarterly dividend of $0.40. The ex-dividend date was Thursday, November 20th. Torm’s dividend payout ratio (DPR) is currently 66.54%.

Analysts Set New Price Targets

TRMD has been the topic of a number of research analyst reports. Weiss Ratings reiterated a “hold (c)” rating on shares of Torm in a research report on Wednesday, October 8th. Fearnley Fonds raised Torm from a “hold” rating to a “strong-buy” rating in a research report on Thursday, November 13th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $23.00.

Torm Company 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.