Royal Bank of Canada Raises Stock Position in Torm Plc $TRMD

Key Points

• Royal Bank of Canada nearly doubled its Torm stake in the first quarter, adding 34,482 shares to own 70,962 shares valued at approximately $1.98 million.
• Institutional interest increased broadly, with Norges Bank and Sei Investments initiating positions; institutional investors now own 73.89% of Torm’s stock.
• Torm shares recently traded at $30.61, while analysts maintain a “Moderate Buy” consensus with an average $37 price target. CEO Jacob Balslev Meldgaard separately sold 170,133 shares at an average price of $32.30.

Royal Bank of Canada lifted its stake in Torm Plc (NASDAQ:TRMD - Free Report) by 94.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 70,962 shares of the company's stock after purchasing an additional 34,482 shares during the period. Royal Bank of Canada owned 0.07% of Torm worth $1,980,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Universal Beteiligungs und Servicegesellschaft mbH lifted its holdings in Torm by 275.8% in the fourth quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 91,286 shares of the company's stock worth $1,785,000 after buying an additional 66,992 shares during the period. Lazard Asset Management LLC purchased a new position in shares of Torm during the 1st quarter worth approximately $1,819,000. Public Employees Retirement System of Ohio raised its position in shares of Torm by 153.8% in the 1st quarter. Public Employees Retirement System of Ohio now owns 78,203 shares of the company's stock worth $2,190,000 after acquiring an additional 47,386 shares in the last quarter. Norges Bank bought a new position in shares of Torm in the 4th quarter worth approximately $24,830,000. Finally, Sei Investments Co. purchased a new position in shares of Torm in the 1st quarter valued at approximately $7,705,000. Institutional investors own 73.89% of the company's stock.

Torm Price Performance

Shares of NASDAQ TRMD opened at $30.61 on Tuesday. The company has a 50 day simple moving average of $29.07 and a two-hundred day simple moving average of $28.84. Torm Plc has a fifty-two week low of $19.30 and a fifty-two week high of $35.33. The company has a market capitalization of $3.12 billion, a price-to-earnings ratio of 9.00 and a beta of 0.09. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.20 and a current ratio of 1.40.

Insider Buying and Selling at Torm

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

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Pareto Securities lowered Torm from a "hold" rating to a "hold" rating in a research report on Wednesday, May 13th. Weiss Ratings reiterated a "hold (c)" rating on shares of Torm in a report on Wednesday, July 15th. Wall Street Zen lowered Torm from a "strong-buy" rating to a "buy" rating in a research report on Sunday, August 9th. Finally, Evercore restated an "outperform" rating and set a $37.00 target price on shares of Torm in a report on Wednesday, July 22nd. One research 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. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $37.00.

Torm Company Profile

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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