Royal Bank of Canada Purchases 34,482 Shares of Torm Plc $TRMD

Royal Bank of Canada boosted its position in shares of Torm Plc (NASDAQ:TRMD) by 94.5% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 70,962 shares of the company’s stock after purchasing an additional 34,482 shares during the quarter. Royal Bank of Canada’s holdings in Torm were worth $1,980,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of TRMD. Quarry LP purchased a new position in Torm in the third quarter worth about $35,000. Tower Research Capital LLC TRC purchased a new stake in shares of Torm during the second quarter valued at approximately $46,000. Wexford Capital LP purchased a new stake in shares of Torm during the third quarter valued at approximately $120,000. Hilton Head Capital Partners LLC bought a new stake in shares of Torm during the fourth quarter valued at approximately $121,000. Finally, Bank of New York Mellon Corp bought a new stake in shares of Torm during the first quarter valued at approximately $228,000. 73.89% of the stock is currently owned by institutional investors.

Torm Stock Performance

Shares of TRMD stock opened at $30.61 on Tuesday. 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 50 day moving average price of $29.07 and a 200-day moving average price of $28.84. Torm Plc has a 52 week low of $19.30 and a 52 week high of $35.33. The firm has a market capitalization of $3.12 billion, a PE ratio of 9.00 and a beta of 0.09.

Insider Transactions at Torm

In other Torm news, CEO Jacob Balslev Meldgaard sold 170,133 shares of the business’s stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $32.30, for a total transaction of $5,495,295.90. Following the completion of the sale, the chief executive officer directly owned 348,411 shares in the company, valued at approximately $11,253,675.30. The trade was a 32.81% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.37% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on TRMD. Pareto Securities cut Torm from a “hold” rating to a “hold” rating in a research report on Wednesday, May 13th. Evercore reissued an “outperform” rating and issued a $37.00 target price on shares of Torm in a report on Wednesday, July 22nd. Wall Street Zen cut Torm from a “strong-buy” rating to a “buy” rating in a research note on Sunday, August 9th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Torm in a report on Wednesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, Torm presently has an average rating of “Moderate Buy” and a consensus target price of $37.00.

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.