Assenagon Asset Management S.A. Takes Position in Torm Plc $TRMD

Key Points

• Assenagon Asset Management bought 102,075 shares of Torm worth approximately $2.63 million, representing about 0.10% of the company. Institutional investors collectively own 73.89% of Torm.
• Torm shares opened at $29.37, with the stock valued at about $3.0 billion and trading below its 12-month high of $35.33. The company recently reported quarterly EPS of $1.18, below estimates, but revenue of $402 million exceeded expectations.
• Analysts maintain a generally positive view, with Torm carrying a consensus rating of “Moderate Buy” and an average price target of $37.00. CEO Jacob Balslev Meldgaard separately sold 170,133 shares, reducing his ownership by 32.81%.

Assenagon Asset Management S.A. bought a new position in Torm Plc (NASDAQ:TRMD - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 102,075 shares of the company's stock, valued at approximately $2,632,000. Assenagon Asset Management S.A. owned about 0.10% of Torm as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also made changes to their positions in TRMD. Norges Bank acquired a new stake in Torm during the fourth quarter worth about $24,830,000. Brevan Howard Capital Management LP acquired a new stake in shares of Torm in the second quarter valued at approximately $7,523,000. Sei Investments Co. bought a new position in Torm in the 1st quarter worth approximately $7,705,000. Marnell Management LLC bought a new position in Torm in the 4th quarter worth approximately $4,815,000. Finally, Fearnley Asset Management AS acquired a new stake in Torm in the 4th quarter valued at approximately $4,048,000. 73.89% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, CEO Jacob Balslev Meldgaard sold 170,133 shares of the business's stock in a transaction dated Wednesday, May 20th. The stock was sold at an average price of $32.30, for a total transaction of $5,495,295.90. Following the transaction, the chief executive officer directly owned 348,411 shares in the company, valued at $11,253,675.30. The trade was a 32.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.37% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

TRMD has been the subject of a number of research analyst reports. Wall Street Zen lowered shares of Torm from a "strong-buy" rating to a "buy" rating in a research note on Sunday, August 9th. Pareto Securities lowered Torm from a "hold" rating to a "hold" rating in a research report on Wednesday, May 13th. Evercore reiterated an "outperform" rating and set a $37.00 price objective on shares of Torm in a research report on Wednesday, July 22nd. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of Torm in a research note on Wednesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, Torm has an average rating of "Moderate Buy" and a consensus price target of $37.00.

Torm Stock Up 1.4%

Shares of TRMD stock opened at $29.37 on Friday. Torm Plc has a 12 month low of $19.30 and a 12 month high of $35.33. 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 firm has a market cap of $3.00 billion, a PE ratio of 8.64 and a beta of 0.09. The stock has a 50 day moving average of $29.00 and a 200-day moving average of $28.74.

Torm (NASDAQ:TRMD - Get Free Report) last announced its quarterly earnings data on Wednesday, May 13th. The company reported $1.18 earnings per share (EPS) 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 company had revenue of $402.00 million during the quarter, compared to analyst estimates of $297.43 million.

About Torm

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.

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