Insider Selling: Torm (NASDAQ:TRMD) CFO Sells 7,533 Shares of Stock

Key Points

• Torm CFO Kim Balle sold 7,533 shares at an average price of $36.35, totaling $273,824.55. Following the transaction, Balle owned just 510 shares, a 93.66% reduction; he also sold 35,000 shares in two earlier September transactions.
• Torm announced a quarterly dividend of $2.40 per share, up from $0.70, implying an annualized dividend of $9.60 and a 27.9% yield.
• TRMD was trading at $34.42, while analysts maintained a generally positive outlook with a consensus “Buy” rating and an average price target of $38.00. The company’s latest quarterly revenue exceeded estimates, although earnings per share slightly missed expectations.

Torm Plc (NASDAQ:TRMD - Get Free Report) CFO Kim Balle sold 7,533 shares of the company's stock in a transaction on Tuesday, September 22nd. The stock was sold at an average price of $36.35, for a total transaction of $273,824.55. Following the transaction, the chief financial officer owned 510 shares of the company's stock, valued at approximately $18,538.50. This represents a 93.66% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website.

Kim Balle also recently made the following trade(s):

• On Monday, September 21st, Kim Balle sold 15,000 shares of Torm stock. The stock was sold at an average price of $39.08, for a total value of $586,200.00.
• On Friday, September 18th, Kim Balle sold 20,000 shares of Torm stock. The shares were sold at an average price of $39.16, for a total transaction of $783,200.00.

Torm Stock Performance

TRMD stock opened at $34.42 on Thursday. Torm Plc has a 1-year low of $19.30 and a 1-year high of $38.73. The business's 50-day moving average price is $31.90 and its two-hundred day moving average price is $30.22. The company has a current ratio of 2.27, a quick ratio of 1.97 and a debt-to-equity ratio of 0.33. The firm has a market cap of $3.51 billion, a PE ratio of 5.67 and a beta of 0.12.

Torm (NASDAQ:TRMD - Get Free Report) last posted its quarterly earnings results on Wednesday, August 26th. The company reported $3.25 EPS for the quarter, missing analysts' consensus estimates of $3.31 by ($0.06). Torm had a return on equity of 27.24% and a net margin of 35.51%.The company had revenue of $662.80 million during the quarter, compared to analyst estimates of $499.01 million.

Torm Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 24th. Investors of record on Thursday, September 10th will be paid a $2.40 dividend. This is a positive change from Torm's previous quarterly dividend of $0.70. This represents a $9.60 annualized dividend and a dividend yield of 27.9%. The ex-dividend date of this dividend is Thursday, September 10th. Torm's payout ratio is presently 115.32%.

Institutional Trading of Torm

Several hedge funds and other institutional investors have recently modified their holdings of TRMD. Pictet Asset Management Holding SA increased its holdings in Torm by 3.3% in the 1st quarter. Pictet Asset Management Holding SA now owns 15,214 shares of the company's stock worth $431,000 after purchasing an additional 479 shares in the last quarter. Midwest Professional Planners LTD. increased its position in Torm by 0.5% during the 1st quarter. Midwest Professional Planners LTD. now owns 91,505 shares of the company's stock valued at $2,553,000 after purchasing an additional 495 shares during the period. Optiver Holding B.V. acquired a new position in shares of Torm during the first quarter worth about $67,000. PSI Advisors LLC grew its position in shares of Torm by 6.6% during the fourth quarter. PSI Advisors LLC now owns 59,701 shares of the company's stock worth $1,169,000 after acquiring an additional 3,707 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd boosted its stake in shares of Torm by 33.8% during the 1st quarter. Y Intercept Hong Kong Ltd now owns 19,340 shares of the company's stock worth $540,000 after purchasing an additional 4,882 shares during the last quarter. Institutional investors and hedge funds own 73.89% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Weiss Ratings upgraded shares of Torm from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Friday, September 11th. Evercore reaffirmed an "outperform" rating and set a $38.00 target price on shares of Torm in a research note on Wednesday, August 26th. Finally, Wall Street Zen raised shares of Torm from a "buy" rating to a "strong-buy" rating in a report on Saturday, September 19th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $38.00.

Torm Company Profile

TORM plc is an international product tanker company that transports refined oil products and other energy-related cargoes by sea. Its vessels carry products such as gasoline, jet fuel, diesel and other clean petroleum products between production, storage and consumption markets.

The company operates a fleet of product tankers across several size categories, including long-range, medium-range and Handysize vessels. TORM provides seaborne transportation services to oil companies, trading houses and other commercial customers, with operations serving major shipping routes and energy markets worldwide.

TORM traces its history to 1889 and is headquartered in Copenhagen, Denmark.

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.