TORM (NASDAQ:TRMD) Shares Gap Up – Time to Buy?

TORM plc (NASDAQ:TRMD)’s stock price gapped up prior to trading on Thursday . The stock had previously closed at $17.35, but opened at $18.87. TORM shares last traded at $19.45, with a volume of 664,846 shares changing hands.

Wall Street Analysts Forecast Growth

Separately, Jefferies Financial Group dropped their price target on shares of TORM from $37.00 to $32.00 and set a “buy” rating on the stock in a research report on Thursday, November 14th.

TORM Price Performance

The company has a quick ratio of 2.24, a current ratio of 2.47 and a debt-to-equity ratio of 0.51. The business has a fifty day moving average of $19.81 and a 200 day moving average of $25.28. The firm has a market cap of $1.80 billion, a P/E ratio of 2.48 and a beta of 0.14.

TORM (NASDAQ:TRMD) last posted its earnings results on Thursday, March 6th. The company reported $0.75 earnings per share for the quarter, missing analysts’ consensus estimates of $0.81 by ($0.06). TORM had a return on equity of 34.45% and a net margin of 43.81%. On average, sell-side analysts anticipate that TORM plc will post 6.27 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of TRMD. Mackenzie Financial Corp lifted its position in TORM by 225.7% during the fourth quarter. Mackenzie Financial Corp now owns 36,177 shares of the company’s stock worth $704,000 after acquiring an additional 25,071 shares during the last quarter. Millennium Management LLC lifted its holdings in TORM by 439.0% during the 4th quarter. Millennium Management LLC now owns 430,399 shares of the company’s stock worth $8,371,000 after purchasing an additional 350,555 shares during the last quarter. Deutsche Bank AG boosted its stake in TORM by 14.2% in the 4th quarter. Deutsche Bank AG now owns 88,381 shares of the company’s stock valued at $1,719,000 after purchasing an additional 10,970 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its holdings in TORM by 104.1% in the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 32,071 shares of the company’s stock valued at $624,000 after buying an additional 16,360 shares in the last quarter. Finally, Bridgefront Capital LLC bought a new position in TORM during the 4th quarter worth $270,000. 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.