Allianz Asset Management GmbH Sells 46,592 Shares of Torm Plc $TRMD

Allianz Asset Management GmbH cut its holdings in Torm Plc (NASDAQ:TRMD) by 41.9% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 64,670 shares of the company’s stock after selling 46,592 shares during the quarter. Allianz Asset Management GmbH owned about 0.07% of Torm worth $1,330,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Tower Research Capital LLC TRC bought a new position in shares of Torm during the 2nd quarter valued at $46,000. Weaver Consulting Group acquired a new position in Torm during the second quarter worth $167,000. Kovack Advisors Inc. bought a new position in Torm during the second quarter valued at about $174,000. Invesco Ltd. acquired a new stake in shares of Torm in the second quarter worth about $190,000. Finally, State of Wyoming bought a new stake in shares of Torm during the 3rd quarter worth about $254,000. 73.89% of the stock is owned by institutional investors.

Torm Stock Performance

TRMD opened at $25.89 on Friday. The company has a quick ratio of 2.07, a current ratio of 2.37 and a debt-to-equity ratio of 0.36. The stock’s 50 day moving average price is $22.05 and its two-hundred day moving average price is $21.56. The firm has a market capitalization of $2.43 billion, a P/E ratio of 9.52 and a beta of 0.04. Torm Plc has a 12-month low of $13.60 and a 12-month high of $25.95.

Analysts Set New Price Targets

Separately, Fearnley Fonds raised Torm from a “hold” rating to a “strong-buy” rating in a research note on Thursday, November 13th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $23.00.

Torm Company Profile

Torm A/S (NASDAQ: TRMD) is an international shipping company specializing in the transportation of refined petroleum products. The firm owns and operates a modern fleet of product tankers, including both Handysize and MR vessels, which are designed to carry a broad range of clean petroleum cargoes such as gasoline, jet fuel and diesel. Torm’s core business revolves around voyage and time-charter contracts with major oil companies, trading houses and other energy sector clients around the world.

The company’s fleet is deployed on global trade routes, with particular focus on major refining and consumption regions in Europe, North America and Asia.