Arrowstreet Capital Limited Partnership Sells 1,138,498 Shares of Torm Plc $TRMD

Arrowstreet Capital Limited Partnership reduced its position in shares of Torm Plc (NASDAQ:TRMD) by 27.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,045,268 shares of the company’s stock after selling 1,138,498 shares during the period. Arrowstreet Capital Limited Partnership owned 3.24% of Torm worth $50,944,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Norges Bank bought a new stake in Torm in the 2nd quarter worth about $20,998,000. Legal & General Group Plc boosted its stake in shares of Torm by 12.5% in the 2nd quarter. Legal & General Group Plc now owns 81,038 shares of the company’s stock worth $1,361,000 after buying an additional 9,019 shares during the last quarter. Weaver Consulting Group bought a new position in shares of Torm in the second quarter valued at approximately $167,000. Cetera Investment Advisers increased its position in shares of Torm by 22.4% during the second quarter. Cetera Investment Advisers now owns 17,610 shares of the company’s stock valued at $293,000 after acquiring an additional 3,221 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in shares of Torm by 0.7% during the second quarter. Geode Capital Management LLC now owns 83,133 shares of the company’s stock valued at $1,385,000 after acquiring an additional 611 shares during the last quarter. 73.89% of the stock is currently owned by hedge funds and other institutional investors.

Torm Stock Performance

Shares of TRMD stock opened at $21.27 on Friday. The firm’s 50 day moving average is $21.47 and its 200 day moving average is $19.99. The stock has a market capitalization of $2.00 billion, a P/E ratio of 7.82 and a beta of 0.01. Torm Plc has a 12 month low of $13.60 and a 12 month high of $23.67. The company has a current ratio of 2.37, a quick ratio of 2.07 and a debt-to-equity ratio of 0.36.

Torm (NASDAQ:TRMD) last released its quarterly earnings data on Thursday, November 6th. The company reported $0.77 earnings per share for the quarter, beating analysts’ consensus estimates of $0.60 by $0.17. The business had revenue of $342.60 million during the quarter, compared to analyst estimates of $258.49 million. Torm had a net margin of 21.37% and a return on equity of 13.03%. On average, sell-side analysts anticipate that Torm Plc will post 6.27 earnings per share for the current year.

Torm Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 3rd. Investors of record on Thursday, November 20th were paid a dividend of $0.62 per share. This represents a $2.48 dividend on an annualized basis and a dividend yield of 11.7%. The ex-dividend date was Thursday, November 20th. This is a positive change from Torm’s previous quarterly dividend of $0.40. Torm’s dividend payout ratio is presently 66.54%.

Wall Street Analyst Weigh In

TRMD has been the topic of several research analyst reports. Weiss Ratings reissued a “hold (c)” rating on shares of Torm in a research report on Wednesday, October 8th. Pareto Securities cut Torm from a “buy” rating to a “hold” rating in a research note on Tuesday, August 19th. Fearnley Fonds upgraded shares of Torm from a “hold” rating to a “strong-buy” rating in a research report on Thursday, November 13th. Finally, Evercore ISI set a $23.00 price objective on shares of Torm and gave the stock an “outperform” rating in a report on Thursday, August 14th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $23.00.

Torm 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.