Jefferies Financial Group Has Lowered Expectations for TORM (NASDAQ:TRMD) Stock Price

TORM (NASDAQ:TRMD) had its target price cut by Jefferies Financial Group from $37.00 to $32.00 in a research note published on Thursday morning,Benzinga reports. They currently have a buy rating on the stock.

A number of other brokerages have also issued reports on TRMD. Fearnley Fonds raised shares of TORM to a “hold” rating in a report on Friday, September 27th. Evercore ISI lifted their price target on TORM from $45.00 to $48.00 and gave the company an “outperform” rating in a report on Tuesday, July 23rd.

TORM Stock Performance

Shares of NASDAQ TRMD traded down $0.51 during midday trading on Thursday, hitting $23.12. The stock had a trading volume of 427,343 shares, compared to its average volume of 772,270. TORM has a 52 week low of $22.77 and a 52 week high of $40.47. The business’s 50 day moving average is $30.40 and its 200-day moving average is $34.72. The company has a current ratio of 2.47, a quick ratio of 2.24 and a debt-to-equity ratio of 0.51.

TORM (NASDAQ:TRMD) last posted its quarterly earnings results on Thursday, August 15th. The company reported $2.02 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 quarter in the previous year, the business posted $2.14 EPS. As a group, analysts predict that TORM will post 6.41 EPS for the current year.

TORM Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 4th. Stockholders of record on Thursday, November 21st will be given 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 dividend yield of 15.16%. TORM’s payout ratio is currently 68.05%.

Institutional Investors Weigh In On TORM

Several hedge funds have recently modified their holdings of TRMD. Marshall Wace LLP increased its holdings in TORM by 860.9% during the 2nd quarter. Marshall Wace LLP now owns 1,429,989 shares of the company’s stock worth $55,441,000 after purchasing an additional 1,281,176 shares in the last quarter. Acadian Asset Management LLC increased its position in shares of TORM by 320.5% during the second quarter. Acadian Asset Management LLC now owns 1,265,792 shares of the company’s stock valued at $49,189,000 after acquiring an additional 964,801 shares in the last quarter. Vanguard Group Inc. boosted its holdings in TORM by 7.9% in the first quarter. Vanguard Group Inc. now owns 1,179,417 shares of the company’s stock worth $41,221,000 after purchasing an additional 85,937 shares during the last quarter. Renaissance Technologies LLC boosted its stake in shares of TORM by 38.9% during the 2nd quarter. Renaissance Technologies LLC now owns 669,200 shares of the company’s stock worth $25,945,000 after acquiring an additional 187,300 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in TORM by 2.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 355,151 shares of the company’s stock worth $13,769,000 after buying an additional 8,185 shares during the period. Institutional investors and hedge funds own 73.89% of the company’s stock.

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.