Platinum Investment Management Ltd. Buys 73,240 Shares of TORM plc (NASDAQ:TRMD)

Platinum Investment Management Ltd. lifted its stake in TORM plc (NASDAQ:TRMD) by 92.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 152,439 shares of the company’s stock after buying an additional 73,240 shares during the period. Platinum Investment Management Ltd. owned approximately 0.16% of TORM worth $2,929,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Assetmark Inc. increased its holdings in shares of TORM by 76.9% during the third quarter. Assetmark Inc. now owns 1,187 shares of the company’s stock worth $41,000 after buying an additional 516 shares in the last quarter. Quarry LP acquired a new stake in TORM during the 3rd quarter worth about $51,000. Jones Financial Companies Lllp grew its holdings in TORM by 49.5% during the 4th quarter. Jones Financial Companies Lllp now owns 5,859 shares of the company’s stock worth $114,000 after acquiring an additional 1,939 shares during the period. Thrivent Financial for Lutherans bought a new position in shares of TORM during the 3rd quarter worth about $224,000. Finally, Apollon Wealth Management LLC boosted its position in shares of TORM by 26.1% during the 4th quarter. Apollon Wealth Management LLC now owns 10,719 shares of the company’s stock worth $208,000 after purchasing an additional 2,219 shares in the last quarter. 73.89% of the stock is currently owned by institutional investors.

TORM Price Performance

Shares of NASDAQ TRMD opened at $19.40 on Wednesday. TORM plc has a fifty-two week low of $16.76 and a fifty-two week high of $40.47. The stock has a market cap of $1.82 billion, a price-to-earnings ratio of 2.51 and a beta of 0.14. The company has a debt-to-equity ratio of 0.51, a quick ratio of 2.24 and a current ratio of 2.47. The firm’s 50-day simple moving average is $19.54 and its 200 day simple moving average is $23.98.

TORM Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 2nd. Shareholders of record on Thursday, March 20th will be given a dividend of $0.60 per share. The ex-dividend date is Thursday, March 20th. This represents a $2.40 annualized dividend and a dividend yield of 12.37%. TORM’s dividend payout ratio is currently 27.43%.

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.