Millennium Management LLC Grows Position in TORM plc (NASDAQ:TRMD)

Millennium Management LLC grew its stake in shares of TORM plc (NASDAQ:TRMD) by 439.0% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 430,399 shares of the company’s stock after purchasing an additional 350,555 shares during the period. Millennium Management LLC owned approximately 0.46% of TORM worth $8,371,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in TRMD. Hsbc Holdings PLC lifted its stake in shares of TORM by 49.2% in the fourth quarter. Hsbc Holdings PLC now owns 153,460 shares of the company’s stock valued at $2,959,000 after purchasing an additional 50,589 shares during the period. Exchange Traded Concepts LLC acquired a new stake in shares of TORM during the 4th quarter valued at approximately $312,000. Vanguard Group Inc. lifted its position in shares of TORM by 22.4% during the 4th quarter. Vanguard Group Inc. now owns 1,885,040 shares of the company’s stock valued at $36,417,000 after acquiring an additional 345,463 shares during the period. Y Intercept Hong Kong Ltd boosted its stake in shares of TORM by 174.3% during the 4th quarter. Y Intercept Hong Kong Ltd now owns 43,219 shares of the company’s stock worth $841,000 after acquiring an additional 27,465 shares in the last quarter. Finally, Franklin Resources Inc. grew its holdings in shares of TORM by 86.3% in the 4th quarter. Franklin Resources Inc. now owns 61,429 shares of the company’s stock worth $1,180,000 after acquiring an additional 28,455 shares during the period. 73.89% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have commented on TRMD. Kepler Capital Markets downgraded TORM from a “hold” rating to a “strong sell” rating in a research report on Thursday, March 27th. Pareto Securities upgraded shares of TORM from a “hold” rating to a “buy” rating in a research report on Wednesday, May 14th. Fearnley Fonds upgraded shares of TORM from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 6th. Finally, Evercore ISI reduced their price target on shares of TORM from $25.00 to $23.00 and set an “outperform” rating on the stock in a report on Tuesday, April 22nd. One analyst has rated the stock with a sell rating, three have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $27.50.

TORM Stock Performance

NASDAQ TRMD opened at $16.93 on Monday. The company has a quick ratio of 2.24, a current ratio of 2.47 and a debt-to-equity ratio of 0.51. TORM plc has a fifty-two week low of $13.60 and a fifty-two week high of $40.47. The business has a fifty day moving average of $16.55 and a 200-day moving average of $18.83. The stock has a market cap of $1.59 billion, a price-to-earnings ratio of 2.19 and a beta of 0.12.

TORM (NASDAQ:TRMD) last announced its earnings results on Thursday, May 8th. The company reported $0.62 earnings per share for the quarter, missing the consensus estimate of $0.64 by ($0.02). TORM had a net margin of 43.81% and a return on equity of 34.45%. The firm had revenue of $214.00 million during the quarter, compared to analyst estimates of $244.25 million. As a group, analysts predict that TORM plc will post 6.27 earnings per share for the current fiscal year.

TORM Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 4th. Investors of record on Thursday, May 22nd will be paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 9.45%. The ex-dividend date is Thursday, May 22nd. TORM’s payout ratio is 24.47%.

TORM Company Profile

TORM plc, a shipping company, owns and operates a fleet of product tankers in the United Kingdom. It operates in two operating segments, Tanker and Marine Exhaust. The Tanker segment transports refined oil products, such as gasoline, jet fuel, kerosene, naphtha, and gas oil, as well as dirty petroleum products, including fuel oil.