Envestnet Asset Management Inc. Has $492,000 Holdings in Torm Plc (NASDAQ:TRMD)

Envestnet Asset Management Inc. boosted its stake in Torm Plc (NASDAQ:TRMD) by 22.4% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 29,855 shares of the company’s stock after purchasing an additional 5,466 shares during the period. Envestnet Asset Management Inc.’s holdings in Torm were worth $492,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of TRMD. Bank of New York Mellon Corp grew its holdings in Torm by 9.1% during the 1st quarter. Bank of New York Mellon Corp now owns 50,538 shares of the company’s stock worth $833,000 after acquiring an additional 4,201 shares during the period. U S Global Investors Inc. grew its holdings in Torm by 20.8% during the 1st quarter. U S Global Investors Inc. now owns 15,251 shares of the company’s stock worth $251,000 after acquiring an additional 2,631 shares during the period. Hibernia Wealth Partners LLC acquired a new stake in Torm during the 1st quarter worth about $167,000. Cambridge Investment Research Advisors Inc. acquired a new stake in Torm during the 1st quarter worth about $184,000. Finally, PSI Advisors LLC grew its holdings in Torm by 23.7% during the 1st quarter. PSI Advisors LLC now owns 52,387 shares of the company’s stock worth $863,000 after acquiring an additional 10,020 shares during the period. 73.89% of the stock is currently owned by institutional investors and hedge funds.

Torm Stock Up 4.6%

Torm stock opened at $19.81 on Wednesday. Torm Plc has a 1-year low of $13.60 and a 1-year high of $38.98. The firm has a market capitalization of $1.86 billion, a price-to-earnings ratio of 4.18 and a beta of 0.12. The company has a current ratio of 2.55, a quick ratio of 2.28 and a debt-to-equity ratio of 0.48. The firm has a 50 day simple moving average of $17.79 and a 200 day simple moving average of $17.74.

Torm (NASDAQ:TRMD) last released its quarterly earnings data on Thursday, May 8th. The company reported $0.62 earnings per share for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.02). Torm had a net margin of 32.20% and a return on equity of 22.40%. The business had revenue of $214.00 million during the quarter, compared to analysts’ expectations of $244.25 million. On average, analysts predict that Torm Plc will post 6.27 earnings per share for the current year.

Torm Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 4th. Stockholders of record on Thursday, May 22nd were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 8.1%. The ex-dividend date was Thursday, May 22nd. Torm’s payout ratio is 24.68%.

Wall Street Analysts Forecast Growth

TRMD has been the subject of several research reports. Fearnley Fonds upgraded Torm from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, May 6th. Pareto Securities upgraded Torm from a “hold” rating to a “buy” rating in a research note on Wednesday, May 14th. Finally, Evercore ISI dropped their price target on shares of Torm from $25.00 to $23.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 22nd. One equities research analyst has rated the stock with a sell rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $27.50.

About Torm

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.