BlackRock Inc. Acquires New Holdings in Toro Corp. $TORO

Key Points

• BlackRock acquired 8.98 million Toro shares worth approximately $874.4 million, giving it an estimated 41.81% ownership stake.
• Other institutions, including Renaissance Technologies, GSA Capital Partners and the State of Wyoming, also increased or initiated positions, although institutional investors collectively own just 1.74% of Toro.
• Analyst sentiment remains cautious, with Toro holding an overall “Hold” rating. Shares recently opened at $6.16, while the company reported a quarterly loss of $0.02 per share on $5.96 million in revenue.

BlackRock Inc. purchased a new position in Toro Corp. (NASDAQ:TORO - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 8,975,940 shares of the company's stock, valued at approximately $874,436,000. BlackRock Inc. owned about 41.81% of Toro at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of TORO. Group One Trading LLC purchased a new stake in Toro during the third quarter valued at approximately $70,000. Citadel Advisors LLC purchased a new position in shares of Toro during the 3rd quarter worth $79,000. Renaissance Technologies LLC boosted its stake in shares of Toro by 19.2% during the 4th quarter. Renaissance Technologies LLC now owns 186,700 shares of the company's stock worth $986,000 after acquiring an additional 30,100 shares during the last quarter. GSA Capital Partners LLP bought a new stake in shares of Toro during the 2nd quarter valued at $1,605,000. Finally, State of Wyoming purchased a new stake in shares of Toro in the 2nd quarter worth $1,813,000. Institutional investors own 1.74% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have commented on TORO. Weiss Ratings cut shares of Toro from a "hold (c)" rating to a "hold (c-)" rating in a research note on Thursday, July 30th. Wall Street Zen upgraded Toro to a "hold" rating in a research report on Saturday, June 20th. One equities research analyst has rated the stock with a Hold rating, According to MarketBeat, the company currently has an average rating of "Hold".

Toro Price Performance

Shares of TORO opened at $6.16 on Friday. The firm has a market cap of $132.26 million, a P/E ratio of 154.04 and a beta of 2.53. Toro Corp. has a 1 year low of $2.64 and a 1 year high of $8.50. The company has a 50 day simple moving average of $5.20 and a two-hundred day simple moving average of $4.71.

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

About Toro

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.

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