TORM (NASDAQ:TRMD) Shares Gap Down – What’s Next?

TORM plc (NASDAQ:TRMD) gapped down before the market opened on Wednesday . The stock had previously closed at $29.15, but opened at $27.90. TORM shares last traded at $27.88, with a volume of 377,961 shares changing hands.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. Evercore ISI upped their target price on shares of TORM from $45.00 to $48.00 and gave the company an “outperform” rating in a research note on Tuesday, July 23rd. Fearnley Fonds upgraded shares of TORM to a “hold” rating in a research report on Friday, September 27th.

TORM Stock Performance

The company has a debt-to-equity ratio of 0.53, a current ratio of 3.18 and a quick ratio of 2.94. The company has a market cap of $2.26 billion, a price-to-earnings ratio of 3.49 and a beta of 0.24. The stock has a 50-day moving average price of $34.30 and a 200 day moving average price of $35.75.

TORM (NASDAQ:TRMD) last announced its earnings results on Thursday, August 15th. The company reported $2.02 EPS for the quarter, topping the consensus estimate 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 36.06%. During the same period last year, the company posted $2.14 EPS. As a group, analysts anticipate that TORM plc will post 7.12 EPS for the current fiscal year.

TORM Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 11th. Shareholders of record on Thursday, August 29th were issued a dividend of $1.80 per share. This represents a $7.20 dividend on an annualized basis and a yield of 25.99%. The ex-dividend date was Thursday, August 29th. This is a boost from TORM’s previous quarterly dividend of $1.50. TORM’s dividend payout ratio is 66.29%.

Institutional Trading of TORM

Several hedge funds and other institutional investors have recently modified their holdings of the company. National Bank of Canada FI acquired a new stake in TORM in the 2nd quarter valued at approximately $26,000. Fifth Third Bancorp acquired a new stake in shares of TORM in the second quarter valued at approximately $43,000. Syquant Capital Sas bought a new stake in shares of TORM in the second quarter worth $46,000. Headlands Technologies LLC bought a new stake in shares of TORM in the first quarter worth $51,000. Finally, Point72 Hong Kong Ltd acquired a new position in TORM during the second quarter worth $78,000. Institutional investors and hedge funds 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.