Man Group plc Takes $25.17 Million Position in Toro Corp. $TORO

Key Points

• Man Group plc acquired 258,393 Toro shares worth approximately $25.17 million, giving it a 1.20% stake in the company.
• Several other institutions also established or expanded positions during the second quarter, but institutional investors collectively own only 1.74% of Toro.
• Toro shares opened at $6.16, while analysts maintain an average “Hold” rating. The company reported quarterly revenue of $5.96 million and a loss of $0.02 per share.

Man Group plc purchased a new stake in Toro Corp. (NASDAQ:TORO - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 258,393 shares of the company's stock, valued at approximately $25,173,000. Man Group plc owned about 1.20% of Toro as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new position in Toro during the second quarter worth $874,436,000. Bank of New York Mellon Corp purchased a new position in shares of Toro during the 2nd quarter worth $94,442,000. The Manufacturers Life Insurance Company purchased a new position in shares of Toro during the 2nd quarter worth $37,971,000. Diamond Hill Capital Management LLC Investment Advisor purchased a new position in shares of Toro during the 2nd quarter worth $23,721,000. Finally, Algert Global LLC boosted its position in shares of Toro by 4,594.4% during the 2nd quarter. Algert Global LLC now owns 241,760 shares of the company's stock valued at $23,552,000 after acquiring an additional 236,610 shares during the last quarter. Hedge funds and other institutional investors own 1.74% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Wall Street Zen raised shares of Toro to a "hold" rating in a research note on Saturday, June 20th. Weiss Ratings downgraded shares of Toro from a "hold (c)" rating to a "hold (c-)" rating in a report on Thursday, July 30th. One equities research analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, Toro has an average rating of "Hold".

Toro Stock Down 1.3%

Shares of Toro stock opened at $6.16 on Thursday. The firm has a market cap of $132.26 million, a PE ratio of 154.04 and a beta of 2.53. Toro Corp. has a 52 week low of $2.64 and a 52 week high of $8.50. The business's fifty day simple moving average is $5.26 and its 200-day simple moving average is $4.78.

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

Want to see what other hedge funds are holding TORO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Toro Corp. (NASDAQ:TORO - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source