SBI Securities Co. Ltd. Purchases 22,601 Shares of Torm Plc $TRMD

SBI Securities Co. Ltd. grew its position in shares of Torm Plc (NASDAQ:TRMD) by 82.7% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 49,941 shares of the company’s stock after buying an additional 22,601 shares during the quarter. SBI Securities Co. Ltd.’s holdings in Torm were worth $1,900,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. Bank of America Corp DE lifted its holdings in Torm by 209.8% during the first quarter. Bank of America Corp DE now owns 130,421 shares of the company’s stock worth $3,639,000 after acquiring an additional 88,318 shares during the period. Royal Bank of Canada boosted its position 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. Assenagon Asset Management S.A. purchased a new position in Torm in the second quarter worth $2,632,000. Public Employees Retirement System of Ohio grew its stake in Torm by 153.8% in 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 during the period. Finally, Sei Investments Co. bought a new position in Torm in the 1st quarter valued at $7,705,000. Institutional investors own 73.89% of the company’s stock.

Torm Stock Up 3.5%

Torm stock opened at $39.89 on Friday. The firm has a 50 day moving average price of $35.86 and a 200-day moving average price of $31.97. The company has a quick ratio of 1.97, a current ratio of 2.27 and a debt-to-equity ratio of 0.33. Torm Plc has a twelve month low of $19.30 and a twelve month high of $41.86. The company has a market capitalization of $4.07 billion, a P/E ratio of 6.35 and a beta of 0.07.

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

Torm Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 24th. Shareholders of record on Thursday, September 10th were given a $2.40 dividend. This is an increase from Torm’s previous quarterly dividend of $0.70. This represents a $9.60 dividend on an annualized basis and a yield of 24.1%. The ex-dividend date of this dividend was Thursday, September 10th. Torm’s dividend payout ratio (DPR) is 115.49%.

Analyst Upgrades and Downgrades

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

Insider Transactions at Torm

In other Torm news, CFO Kim Balle sold 7,533 shares of the business’s stock in a transaction on Tuesday, September 22nd. The stock was sold at an average price of $36.35, for a total value of $273,824.55. Following 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 filing with the SEC, which is available through the SEC website. Insiders sold 42,533 shares of company stock valued at $1,643,225 over the last three months. Company insiders own 0.37% of the company’s stock.

About Torm

TORM plc is a maritime transportation company that owns and operates a fleet of product tankers. The company primarily transports refined petroleum products, including gasoline, diesel, jet fuel and naphtha, connecting refineries, storage facilities and distribution markets around the world.

TORM’s fleet serves the global clean-product tanker market and includes vessels in several size categories, such as long-range and medium-range tankers. Its vessels operate on international trade routes, supporting the movement of energy products between major production and consumption regions.

Founded in Denmark in 1889, TORM has grown into an international shipping company headquartered in Copenhagen.