Jacob Balslev Meldgaard Sells 379,014 Shares of Torm (NASDAQ:TRMD) Stock

Torm Plc (NASDAQ:TRMD) CEO Jacob Balslev Meldgaard sold 379,014 shares of Torm stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $31.94, for a total transaction of $12,105,707.16. Following the sale, the chief executive officer owned 348,411 shares in the company, valued at approximately $11,128,247.34. The trade was a 52.10% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Jacob Balslev Meldgaard also recently made the following trade(s):

• On Wednesday, May 20th, Jacob Balslev Meldgaard sold 170,133 shares of Torm stock. The stock was sold at an average price of $32.30, for a total transaction of $5,495,295.90.

Torm Trading Down 0.6%

Shares of TRMD opened at $32.49 on Friday. The company’s fifty day moving average is $29.81 and its 200 day moving average is $25.54. Torm Plc has a fifty-two week low of $15.79 and a fifty-two week high of $35.33. The stock has a market capitalization of $3.32 billion, a PE ratio of 9.56 and a beta of 0.14. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.20 and a current ratio of 1.40.

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

Torm Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 11th. Investors of record on Thursday, May 28th will be given a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 8.6%. The ex-dividend date is Thursday, May 28th. Torm’s payout ratio is currently 60.00%.

Institutional Trading of Torm

Hedge funds have recently added to or reduced their stakes in the business. Quarry LP purchased a new stake in Torm in the third quarter worth about $35,000. Tower Research Capital LLC TRC purchased a new stake in Torm in the second quarter worth about $46,000. Wexford Capital LP purchased a new stake in Torm in the third quarter worth about $120,000. Hilton Head Capital Partners LLC purchased a new stake in Torm in the fourth quarter worth about $121,000. Finally, Bank of New York Mellon Corp purchased a new stake in Torm in the first quarter worth about $228,000. 73.89% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

TRMD has been the topic of several research reports. Pareto Securities cut shares of Torm from a “hold” rating to a “hold” rating in a research report on Wednesday, May 13th. Evercore set a $35.00 price target on shares of Torm in a research report on Tuesday, April 21st. Wall Street Zen upgraded shares of Torm from a “buy” rating to a “strong-buy” rating in a research report on Saturday, May 16th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Torm in a research report on Friday, April 17th. 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.com, the company has an average rating of “Moderate Buy” and an average price target of $35.00.

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.