Lazard Asset Management LLC Takes Position in Torm Plc $TRMD

Key Points

• Lazard Asset Management initiated a position in Torm, purchasing 65,193 shares valued at approximately $1.82 million. Institutional investors collectively own 73.89% of the company.
• Torm reported quarterly revenue of $402 million, exceeding estimates, but earnings per share of $1.18 fell short of the $1.33 consensus forecast. The company also paid a quarterly dividend of $0.70 per share, representing a 9.3% annualized yield.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $37, while CEO Jacob Balslev Meldgaard sold 379,014 shares worth approximately $12.1 million.

Lazard Asset Management LLC acquired a new position in shares of Torm Plc (NASDAQ:TRMD - Free Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 65,193 shares of the company's stock, valued at approximately $1,819,000. Lazard Asset Management LLC owned 0.06% of Torm at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in TRMD. Arrowstreet Capital Limited Partnership raised its stake in Torm by 0.7% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 3,064,258 shares of the company's stock valued at $86,032,000 after acquiring an additional 21,280 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Torm by 0.5% in the fourth quarter. Vanguard Group Inc. now owns 2,341,185 shares of the company's stock worth $46,629,000 after purchasing an additional 11,457 shares in the last quarter. Norges Bank bought a new position in shares of Torm in the fourth quarter worth $24,830,000. Renaissance Technologies LLC increased its holdings in shares of Torm by 25.8% during the fourth quarter. Renaissance Technologies LLC now owns 536,425 shares of the company's stock valued at $10,503,000 after purchasing an additional 110,000 shares during the period. Finally, Brevan Howard Capital Management LP acquired a new position in shares of Torm during the second quarter valued at $7,523,000. 73.89% of the stock is owned by institutional investors.

Torm Stock Down 0.4%

TRMD opened at $30.18 on Tuesday. Torm Plc has a one year low of $18.24 and a one year high of $35.33. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.20 and a current ratio of 1.40. The stock's fifty day moving average is $28.90 and its 200-day moving average is $28.37. The company has a market capitalization of $3.08 billion, a PE ratio of 8.88 and a beta of 0.09.

Torm (NASDAQ:TRMD - Get Free Report) last announced its 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). The firm had revenue of $402.00 million for the quarter, compared to the consensus estimate of $297.43 million. Torm had a net margin of 24.45% and a return on equity of 15.81%.

Torm Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 11th. Stockholders of record on Thursday, May 28th were given a dividend of $0.70 per share. The ex-dividend date was Thursday, May 28th. This represents a $2.80 annualized dividend and a dividend yield of 9.3%. Torm's dividend payout ratio (DPR) is 60.00%.

Analyst Ratings Changes

A number of brokerages recently issued reports on TRMD. Weiss Ratings reiterated a "hold (c)" rating on shares of Torm in a research report on Wednesday, July 15th. Wall Street Zen upgraded shares of Torm from a "buy" rating to a "strong-buy" rating in a research report on Saturday. Pareto Securities lowered shares of Torm from a "hold" rating to a "hold" rating in a research note on Wednesday, May 13th. Finally, Evercore reiterated an "outperform" rating and issued a $37.00 price objective on shares of Torm in a report on Wednesday, July 22nd. One investment 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's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $37.00.

Insider Activity

In other news, 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 value of $12,105,707.16. Following the transaction, the chief executive officer owned 348,411 shares of the company's stock, valued at $11,128,247.34. The trade was a 52.10% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 0.37% of the stock is owned by corporate insiders.

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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