TORM (NASDAQ:TRMD) Shares Gap Up to $37.50

TORM plc (NASDAQ:TRMD) gapped up before the market opened on Monday . The stock had previously closed at $37.50, but opened at $38.76. TORM shares last traded at $38.77, with a volume of 52,024 shares changing hands.

Analysts Set New Price Targets

Separately, Evercore ISI boosted their price target on TORM from $45.00 to $48.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 23rd.

TORM Trading Up 1.5 %

The firm has a market capitalization of $3.06 billion, a PE ratio of 4.73 and a beta of 0.27. The company has a quick ratio of 2.37, a current ratio of 2.60 and a debt-to-equity ratio of 0.53. The company’s 50-day simple moving average is $37.37 and its 200 day simple moving average is $35.50.

TORM (NASDAQ:TRMD) last posted its earnings results on Wednesday, May 8th. The company reported $2.08 EPS for the quarter, missing analysts’ consensus estimates of $2.21 by ($0.13). TORM had a net margin of 44.74% and a return on equity of 39.79%. The firm had revenue of $444.10 million for the quarter, compared to analysts’ expectations of $332.61 million. As a group, sell-side analysts expect that TORM plc will post 7.36 EPS for the current year.

TORM Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 4th. Stockholders of record on Wednesday, May 22nd were given a $1.50 dividend. This is a boost from TORM’s previous quarterly dividend of $1.36. The ex-dividend date of this dividend was Tuesday, May 21st. This represents a $6.00 dividend on an annualized basis and a dividend yield of 15.76%. TORM’s dividend payout ratio (DPR) is presently 55.30%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its stake in shares of TORM by 7.9% during the first quarter. Vanguard Group Inc. now owns 1,179,417 shares of the company’s stock worth $41,221,000 after acquiring an additional 85,937 shares during the last quarter. Norges Bank purchased a new stake in TORM during the 4th quarter worth approximately $22,306,000. Bank of New York Mellon Corp grew its position in TORM by 2.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 355,151 shares of the company’s stock worth $13,769,000 after purchasing an additional 8,185 shares during the last quarter. Quantbot Technologies LP acquired a new position in TORM during the 1st quarter valued at approximately $2,836,000. Finally, Swiss National Bank raised its holdings in shares of TORM by 18.4% in the first quarter. Swiss National Bank now owns 79,609 shares of the company’s stock worth $2,700,000 after buying an additional 12,353 shares during the last quarter. 73.89% of the stock is 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.