Kim Balle Sells 15,000 Shares of Torm (NASDAQ:TRMD) Stock

Key Points

• CFO Kim Balle sold 15,000 Torm shares at an average price of $39.08, reducing his direct ownership by 65.1% to 8,043 shares. He also sold an additional 27,533 shares in two other recent transactions.
• Torm reported quarterly EPS of $3.25, slightly below estimates, while revenue of $662.8 million exceeded expectations. The company raised its quarterly dividend to $2.40, implying a 27.9% annualized yield.
• Analysts maintain a generally positive outlook, with a consensus “Buy” rating and a $38 price target; institutional investors own approximately 73.9% of the company.

Torm Plc (NASDAQ:TRMD - Get Free Report) CFO Kim Balle sold 15,000 shares of the firm's stock in a transaction on Monday, September 21st. The shares were sold at an average price of $39.08, for a total transaction of $586,200.00. Following the transaction, the chief financial officer directly owned 8,043 shares of the company's stock, valued at $314,320.44. The trade was a 65.10% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link.

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

• On Tuesday, September 22nd, Kim Balle sold 7,533 shares of Torm stock. The stock was sold at an average price of $36.35, for a total transaction of $273,824.55.
• 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 Down 0.6%

Shares of NASDAQ TRMD opened at $34.42 on Thursday. The company has a debt-to-equity ratio of 0.33, a current ratio of 2.27 and a quick ratio of 1.97. The stock has a market capitalization of $3.51 billion, a PE ratio of 5.67 and a beta of 0.12. The business's fifty day moving average price is $31.90 and its 200-day moving average price is $30.22. Torm Plc has a one year low of $19.30 and a one year high of $38.73.

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

Torm Increases Dividend

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

Hedge Funds Weigh In On Torm

Several institutional investors and hedge funds have recently modified their holdings of TRMD. Arrowstreet Capital Limited Partnership grew its position in Torm by 0.7% in the first quarter. Arrowstreet Capital Limited Partnership now owns 3,064,258 shares of the company's stock worth $86,032,000 after acquiring an additional 21,280 shares during the period. Norges Bank acquired a new position in Torm in the fourth quarter worth approximately $24,830,000. Sei Investments Co. acquired a new position in Torm during the 1st quarter valued at about $7,705,000. Marnell Management LLC bought a new stake in shares of Torm during the fourth quarter worth $4,815,000. Finally, Folketrygdfondet raised its holdings in shares of Torm by 174.0% in the 4th quarter. Folketrygdfondet now owns 238,662 shares of the company's stock valued at $4,673,000 after purchasing an additional 151,563 shares during the period. Institutional investors and hedge funds own 73.89% of the company's stock.

Wall Street Analysts Forecast Growth

TRMD has been the subject of several recent analyst reports. Wall Street Zen upgraded shares of Torm from a "buy" rating to a "strong-buy" rating in a research note on Saturday, September 19th. Weiss Ratings raised Torm from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Friday, September 11th. Finally, Evercore restated an "outperform" rating and set a $38.00 price target on shares of Torm in a research report on Wednesday, August 26th. One investment 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 MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus 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.