TORM (NASDAQ:TRMD) Trading Down 1.3% – Here’s What Happened

TORM plc (NASDAQ:TRMD)’s stock price fell 1.3% on Tuesday . The stock traded as low as $24.93 and last traded at $25.15. 396,116 shares were traded during mid-day trading, a decline of 47% from the average session volume of 741,396 shares. The stock had previously closed at $25.49.

Wall Street Analyst Weigh In

A number of research firms have recently commented on TRMD. Evercore ISI increased 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.

TORM Trading Down 0.8 %

The business’s fifty day moving average is $31.98 and its 200-day moving average is $35.21. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.94 and a current ratio of 3.18. The firm has a market cap of $2.02 billion, a P/E ratio of 3.17 and a beta of 0.27.

TORM (NASDAQ:TRMD) last announced its earnings results on Thursday, August 15th. The company reported $2.02 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.99 by $0.03. The business had revenue of $437.70 million during the quarter, compared to analyst estimates of $325.38 million. TORM had a return on equity of 36.06% and a net margin of 43.81%. During the same period last year, the company earned $2.14 EPS. Analysts predict that TORM plc will post 7.12 EPS for the current year.

TORM Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 11th. Investors of record on Thursday, August 29th were paid a $1.80 dividend. This is a positive change from TORM’s previous quarterly dividend of $1.50. 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. TORM’s payout ratio is currently 67.31%.

Institutional Trading of TORM

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Marshall Wace LLP increased its position in shares of TORM by 860.9% during the second quarter. Marshall Wace LLP now owns 1,429,989 shares of the company’s stock worth $55,441,000 after buying an additional 1,281,176 shares during the period. Acadian Asset Management LLC boosted its position in TORM by 320.5% during the second quarter. Acadian Asset Management LLC now owns 1,265,792 shares of the company’s stock valued at $49,189,000 after acquiring an additional 964,801 shares during the last quarter. Hsbc Holdings PLC acquired a new stake in TORM during the 2nd quarter worth about $9,619,000. International Assets Investment Management LLC bought a new position in shares of TORM in the 3rd quarter worth about $7,359,000. Finally, Renaissance Technologies LLC lifted its stake in shares of TORM by 38.9% in the 2nd quarter. Renaissance Technologies LLC now owns 669,200 shares of the company’s stock valued at $25,945,000 after purchasing an additional 187,300 shares during the period. 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.