Kovack Advisors Inc. Sells 1,321 Shares of TORM plc (NASDAQ:TRMD)

Kovack Advisors Inc. cut its holdings in TORM plc (NASDAQ:TRMD) by 6.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 19,692 shares of the company’s stock after selling 1,321 shares during the period. Kovack Advisors Inc.’s holdings in TORM were worth $673,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Assetmark Inc. raised its holdings in shares of TORM by 76.9% in the 3rd quarter. Assetmark Inc. now owns 1,187 shares of the company’s stock worth $41,000 after purchasing an additional 516 shares during the period. National Bank of Canada FI bought a new stake in shares of TORM in the second quarter valued at $26,000. Vanguard Personalized Indexing Management LLC lifted its position in shares of TORM by 7.8% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 11,220 shares of the company’s stock valued at $433,000 after buying an additional 811 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of TORM by 12.4% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,338 shares of the company’s stock worth $365,000 after acquiring an additional 1,030 shares during the period. Finally, Hibernia Wealth Partners LLC increased its holdings in TORM by 5.5% in the 3rd quarter. Hibernia Wealth Partners LLC now owns 20,974 shares of the company’s stock worth $717,000 after acquiring an additional 1,092 shares during the last quarter. 73.89% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

TRMD has been the topic of several recent research reports. Evercore ISI upped their price objective on shares of TORM from $45.00 to $48.00 and gave the company an “outperform” rating in a report on Tuesday, July 23rd. Fearnley Fonds raised shares of TORM to a “hold” rating in a report on Friday, September 27th.

TORM Stock Performance

Shares of TRMD opened at $23.73 on Thursday. TORM plc has a 12-month low of $22.77 and a 12-month high of $40.47. The company has a current ratio of 2.47, a quick ratio of 2.24 and a debt-to-equity ratio of 0.51. The stock has a 50-day moving average price of $30.80 and a 200-day moving average price of $34.87.

TORM (NASDAQ:TRMD) last announced its earnings results on Thursday, August 15th. The company reported $2.02 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.99 by $0.03. The business had revenue of $437.70 million during the quarter, compared to analyst estimates of $325.38 million. TORM had a net margin of 43.81% and a return on equity of 34.45%. During the same period in the previous year, the business posted $2.14 earnings per share. Equities analysts expect that TORM plc will post 6.41 earnings per share for the current year.

TORM Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 4th. Investors of record on Thursday, November 21st will be paid a $0.876 dividend. The ex-dividend date is Thursday, November 21st. This represents a $3.50 dividend on an annualized basis and a yield of 14.77%. TORM’s dividend payout ratio is presently 68.05%.

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.