TORM (NASDAQ:TRMD) Hits New 12-Month Low – Here’s What Happened

Shares of TORM plc (NASDAQ:TRMD) hit a new 52-week low on Tuesday . The stock traded as low as $23.35 and last traded at $23.49, with a volume of 158355 shares. The stock had previously closed at $23.80.

Analysts Set New Price Targets

Several brokerages have commented on TRMD. Evercore ISI raised their price objective on TORM from $45.00 to $48.00 and gave the company an “outperform” rating in a research report on Tuesday, July 23rd. Fearnley Fonds raised shares of TORM to a “hold” rating in a research report on Friday, September 27th.

TORM Price Performance

The firm has a 50-day moving average of $31.02 and a 200 day moving average of $34.96. The company has a market capitalization of $1.87 billion, a PE ratio of 3.02 and a beta of 0.27. The company has a debt-to-equity ratio of 0.53, a current ratio of 3.18 and a quick ratio of 2.94.

TORM (NASDAQ:TRMD) last announced its quarterly earnings results on Thursday, August 15th. The company reported $2.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.99 by $0.03. The firm had revenue of $437.70 million for the quarter, compared to the consensus estimate of $325.38 million. TORM had a net margin of 43.81% and a return on equity of 34.97%. During the same quarter last year, the firm posted $2.14 EPS. As a group, research analysts anticipate that TORM plc will post 6.41 earnings per share for the current fiscal year.

TORM Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 4th. Shareholders of record on Thursday, November 21st will be paid a dividend of $0.876 per share. The ex-dividend date is Thursday, November 21st. This represents a $3.50 dividend on an annualized basis and a yield of 15.27%. TORM’s dividend payout ratio is presently 45.28%.

Hedge Funds Weigh In On TORM

Institutional investors and hedge funds have recently made changes to their positions in the business. National Bank of Canada FI purchased a new position in TORM during the second quarter valued at approximately $26,000. Assetmark Inc. lifted its stake in shares of TORM by 76.9% during the 3rd quarter. Assetmark Inc. now owns 1,187 shares of the company’s stock valued at $41,000 after buying an additional 516 shares in the last quarter. Fifth Third Bancorp bought a new position in TORM in the 2nd quarter worth $43,000. Syquant Capital Sas purchased a new stake in TORM in the 2nd quarter worth $46,000. Finally, Headlands Technologies LLC bought a new stake in TORM during the first quarter valued at about $51,000. Hedge funds and other institutional investors own 73.89% of the company’s stock.

TORM Company 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.