TORM (NASDAQ:TRMD) Trading 1.2% Higher – Here’s Why

TORM plc (NASDAQ:TRMD)’s share price traded up 1.2% during mid-day trading on Monday . The stock traded as high as $23.47 and last traded at $23.12. 416,370 shares were traded during mid-day trading, a decline of 46% from the average session volume of 776,143 shares. The stock had previously closed at $22.85.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Evercore ISI raised their target price on shares of TORM from $45.00 to $48.00 and gave the stock an “outperform” rating in a report on Tuesday, July 23rd. Fearnley Fonds raised shares of TORM to a “hold” rating in a research note on Friday, September 27th. Finally, Jefferies Financial Group cut their target price on shares of TORM from $37.00 to $32.00 and set a “buy” rating on the stock in a research report on Thursday.

TORM Trading Up 2.7 %

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 business’s 50-day simple moving average is $30.20 and its 200 day simple moving average is $34.64.

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

TORM Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 4th. Stockholders of record on Thursday, November 21st will be given a $0.876 dividend. This represents a $3.50 dividend on an annualized basis and a dividend yield of 14.93%. The ex-dividend date is Thursday, November 21st. TORM’s payout ratio is currently 68.05%.

Institutional Trading of TORM

A number of institutional investors have recently bought and sold shares of the stock. Marshall Wace LLP boosted its stake in TORM by 860.9% in 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. Two Sigma Advisers LP boosted its stake in TORM by 2.6% in the 3rd quarter. Two Sigma Advisers LP now owns 1,266,900 shares of the company’s stock worth $43,315,000 after purchasing an additional 32,500 shares in the last quarter. Acadian Asset Management LLC boosted its stake in TORM by 320.5% in the 2nd quarter. Acadian Asset Management LLC now owns 1,265,792 shares of the company’s stock worth $49,189,000 after purchasing an additional 964,801 shares in the last quarter. Vanguard Group Inc. boosted its stake in TORM by 7.9% in the 1st 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 in the last quarter. Finally, Renaissance Technologies LLC boosted its stake in TORM by 38.9% in the 2nd quarter. Renaissance Technologies LLC now owns 669,200 shares of the company’s stock worth $25,945,000 after purchasing an additional 187,300 shares in the last quarter. 73.89% of the stock is currently owned by institutional investors and hedge funds.

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.