TORM (NASDAQ:TRMD) Shares Down 1.4% – Here’s What Happened

TORM plc (NASDAQ:TRMD) traded down 1.4% during trading on Wednesday . The company traded as low as $24.07 and last traded at $24.61. 479,837 shares changed hands during trading, a decline of 36% from the average session volume of 744,068 shares. The stock had previously closed at $24.96.

Analysts Set New Price Targets

Several research firms recently issued reports on TRMD. Fearnley Fonds raised shares of TORM to a “hold” rating in a research note on Friday, September 27th. Evercore ISI boosted their price target on TORM from $45.00 to $48.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 23rd.

TORM Price Performance

The company has a market cap of $2.02 billion, a P/E ratio of 3.17 and a beta of 0.27. The company’s 50-day moving average price is $31.98 and its two-hundred day moving average price is $35.21. The company has a current ratio of 3.18, a quick ratio of 2.94 and a debt-to-equity ratio of 0.53.

TORM (NASDAQ:TRMD) last issued its quarterly earnings results on Thursday, August 15th. The company reported $2.02 earnings per share for the quarter, beating analysts’ consensus estimates of $1.99 by $0.03. The business had revenue of $437.70 million during the quarter, compared to the consensus estimate of $325.38 million. TORM had a return on equity of 36.06% and a net margin of 43.81%. During the same period in the previous year, the business earned $2.14 EPS. As a group, sell-side analysts expect that TORM plc will post 7.12 earnings per share for the current year.

TORM Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 11th. Stockholders 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 dividend yield of 29.09%. The ex-dividend date of this dividend was Thursday, August 29th. This is a boost from TORM’s previous quarterly dividend of $1.50. TORM’s payout ratio is 67.31%.

Institutional Trading of TORM

Large investors have recently added to or reduced their stakes in the business. National Bank of Canada FI bought a new position in shares of TORM during the 2nd quarter valued at about $26,000. Fifth Third Bancorp acquired a new position in TORM in the 2nd quarter worth approximately $43,000. Syquant Capital Sas purchased a new position in TORM during the 2nd quarter worth approximately $46,000. Assetmark Inc. grew its position in TORM by 76.9% during the 3rd quarter. Assetmark Inc. now owns 1,187 shares of the company’s stock worth $41,000 after purchasing an additional 516 shares in the last quarter. Finally, Headlands Technologies LLC acquired a new stake in TORM during the 1st quarter valued at $51,000. 73.89% of the stock is currently owned by institutional investors and hedge funds.

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.