Toro (NASDAQ:TORO) Trading Down 0.6% – Time to Sell?

Shares of Toro Corp. (NASDAQ:TORO) dropped 0.6% during trading on Monday . The company traded as low as $4.85 and last traded at $4.91. 41,826 shares traded hands during mid-day trading, an increase of 48% from the average session volume of 28,192 shares. The stock had previously closed at $4.94.

Wall Street Analyst Weigh In

Several analysts have weighed in on TORO shares. Weiss Ratings cut Toro from a “hold (c)” rating to a “hold (c-)” rating in a report on Monday, June 29th. Wall Street Zen raised shares of Toro to a “hold” rating in a research note on Saturday, June 20th. One equities research analyst has rated the stock with a Hold rating, According to MarketBeat, the company presently has a consensus rating of “Hold”.

Toro Stock Performance

The firm’s 50-day simple moving average is $5.16 and its 200 day simple moving average is $4.65. The company has a market cap of $105.42 million, a P/E ratio of 122.78 and a beta of 2.55.

Toro (NASDAQ:TORO) last posted its quarterly earnings results on Thursday, May 28th. The company reported ($0.02) earnings per share for the quarter. Toro had a net margin of 22.67% and a return on equity of 2.49%. The company had revenue of $5.96 million during the quarter.

Toro Cuts Dividend

The business also recently announced a dividend, which was paid on Friday, June 5th. Shareholders of record on Monday, May 4th were paid a $0.90 dividend. The ex-dividend date of this dividend was Monday, May 4th.

Insider Transactions at Toro

In related news, CEO Petros Panagiotis Panagiotidis bought 1,982,728 shares of Toro stock in a transaction on Wednesday, April 22nd. The shares were purchased at an average price of $6.08 per share, for a total transaction of $12,054,986.24. Following the completion of the acquisition, the chief executive officer owned 20,488,963 shares in the company, valued at approximately $124,572,895.04. This represents a 10.71% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders bought a total of 2,315,971 shares of company stock worth $14,245,930 in the last quarter.

Institutional Trading of Toro

A number of institutional investors and hedge funds have recently modified their holdings of TORO. Founders Capital Management raised its position in shares of Toro by 28.6% in the 4th quarter. Founders Capital Management now owns 9,000 shares of the company’s stock valued at $48,000 after acquiring an additional 2,000 shares during the period. Group One Trading LLC acquired a new position in Toro during the third quarter valued at approximately $70,000. Citadel Advisors LLC acquired a new position in Toro during the third quarter valued at approximately $79,000. Finally, Renaissance Technologies LLC increased its stake in Toro by 19.2% in the fourth quarter. Renaissance Technologies LLC now owns 186,700 shares of the company’s stock valued at $986,000 after purchasing an additional 30,100 shares in the last quarter. 1.74% of the stock is owned by institutional investors.

Toro Company Profile

Toro Corp., a shipping company, acquires, owns, charters, and operates oceangoing tanker vessels and provides seaborne transportation services for crude oil LPG, and refined petroleum products worldwide. The company operates in three segments: Aframax/LR2 Tanker, Handysize Tanker, and LPG Carrier. As of December 31, 2023, it operated a fleet of one Handysize tanker vessel; one Aframax/LR2 vessel; and four LPG carrier vessels with an aggregate cargo carrying capacity of 0.1 million deadweight ton.