Oaktree Capital Management LP Has $675.08 Million Position in Torm Plc $TRMD

Oaktree Capital Management LP lowered its holdings in shares of Torm Plc (NASDAQ:TRMD) by 9.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 23,839,575 shares of the company’s stock after selling 2,585,484 shares during the quarter. Torm accounts for about 8.5% of Oaktree Capital Management LP’s portfolio, making the stock its largest position. Oaktree Capital Management LP owned about 23.36% of Torm worth $675,076,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in TRMD. Universal Beteiligungs und Servicegesellschaft mbH boosted its position in shares of Torm by 275.8% in the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 91,286 shares of the company’s stock valued at $1,785,000 after purchasing an additional 66,992 shares during the period. Norges Bank purchased a new position in Torm during the 4th quarter worth approximately $24,830,000. Folketrygdfondet increased its position in Torm by 174.0% during the fourth quarter. Folketrygdfondet now owns 238,662 shares of the company’s stock worth $4,673,000 after buying an additional 151,563 shares during the period. Fearnley Asset Management AS acquired a new position in Torm during the fourth quarter worth approximately $4,048,000. Finally, Marnell Management LLC purchased a new stake in Torm in the fourth quarter valued at approximately $4,815,000. 73.89% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have recently weighed in on TRMD. Weiss Ratings reissued a “hold (c)” rating on shares of Torm in a report on Wednesday, July 15th. Wall Street Zen cut shares of Torm from a “strong-buy” rating to a “buy” rating in a report on Saturday, June 13th. Evercore reiterated an “outperform” rating and issued a $37.00 price target on shares of Torm in a research report on Wednesday, July 22nd. Finally, Pareto Securities cut shares of Torm from a “hold” rating to a “hold” rating in a research note on Wednesday, May 13th. One equities research 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. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $37.00.

Torm Stock Up 1.4%

TRMD opened at $30.24 on Friday. The business has a 50 day moving average price of $28.94 and a two-hundred day moving average price of $28.27. The company has a quick ratio of 1.20, a current ratio of 1.40 and a debt-to-equity ratio of 0.35. The company has a market cap of $3.09 billion, a PE ratio of 8.89 and a beta of 0.10. Torm Plc has a 52 week low of $18.00 and a 52 week high of $35.33.

Torm (NASDAQ:TRMD) last posted its quarterly earnings data on Wednesday, May 13th. The company reported $1.18 earnings per share for the quarter, missing analysts’ consensus estimates of $1.33 by ($0.15). Torm had a return on equity of 15.81% and a net margin of 24.45%.The company had revenue of $402.00 million for the quarter, compared to analyst estimates of $297.43 million.

Torm Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 11th. Investors of record on Thursday, May 28th were given a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 9.3%. The ex-dividend date was Thursday, May 28th. Torm’s dividend payout ratio (DPR) is 60.00%.

Insider Transactions at Torm

In other Torm news, CEO Jacob Balslev Meldgaard sold 379,014 shares of the business’s stock in a transaction on Monday, May 18th. The shares were sold at an average price of $31.94, for a total value of $12,105,707.16. Following the transaction, the chief executive officer directly owned 348,411 shares of the company’s stock, valued at approximately $11,128,247.34. The trade was a 52.10% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.37% of the company’s stock.

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.