TORM (NASDAQ:TRMD) Stock Price Down 1.8% – Here’s Why

TORM plc (NASDAQ:TRMD)’s share price dropped 1.8% during mid-day trading on Tuesday . The company traded as low as $23.34 and last traded at $23.37. Approximately 325,941 shares changed hands during mid-day trading, a decline of 57% from the average daily volume of 758,715 shares. The stock had previously closed at $23.80.

Analyst Upgrades and Downgrades

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

TORM Stock Down 0.4 %

The firm has a market capitalization of $1.93 billion, a PE ratio of 3.06 and a beta of 0.27. The stock has a 50 day simple moving average of $30.60 and a 200 day simple moving average of $34.80. 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 data on Thursday, August 15th. The company reported $2.02 EPS for the quarter, beating analysts’ consensus estimates of $1.99 by $0.03. The company had revenue of $437.70 million during the quarter, compared to analysts’ expectations of $325.38 million. TORM had a return on equity of 34.45% and a net margin of 43.81%. During the same quarter in the prior year, the business earned $2.14 earnings per share. As a group, sell-side analysts forecast that TORM plc will post 6.41 earnings per share for the current year.

TORM Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 4th. Stockholders of record on Thursday, November 21st will be issued a $0.876 dividend. The ex-dividend date is Thursday, November 21st. This represents a $3.50 annualized dividend and a dividend yield of 14.83%. TORM’s payout ratio is 45.28%.

Institutional Investors Weigh In On TORM

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

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.