TORM (NASDAQ:TRMD) Trading Down 4.8%

TORM plc (NASDAQ:TRMD)’s stock price was down 4.8% on Tuesday . The company traded as low as $34.18 and last traded at $34.35. Approximately 509,479 shares were traded during trading, a decline of 25% from the average daily volume of 682,271 shares. The stock had previously closed at $36.09.

Analyst Upgrades and Downgrades

Separately, Evercore ISI raised 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.

TORM Price Performance

The business’s 50 day moving average is $37.76 and its 200 day moving average is $36.03. The company has a debt-to-equity ratio of 0.53, a current ratio of 3.18 and a quick ratio of 2.94.

TORM (NASDAQ:TRMD) last posted its quarterly earnings data on Thursday, August 15th. The company reported $2.02 EPS for the quarter, topping analysts’ consensus estimates of $1.99 by $0.03. TORM had a net margin of 43.81% and a return on equity of 36.06%. The firm had revenue of $437.70 million during the quarter, compared to analyst estimates of $325.38 million. During the same quarter last year, the business posted $2.14 EPS. Equities analysts forecast that TORM plc will post 7.1 EPS for the current year.

TORM Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 11th. Shareholders of record on Thursday, August 29th will be given a $1.80 dividend. This is an increase from TORM’s previous quarterly dividend of $1.50. The ex-dividend date of this dividend is Thursday, August 29th. This represents a $7.20 dividend on an annualized basis and a yield of 21.16%. TORM’s dividend payout ratio is presently 66.41%.

Institutional Investors Weigh In On TORM

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TRMD. Marshall Wace LLP lifted its position in TORM by 860.9% in the 2nd 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 in the last quarter. Acadian Asset Management LLC raised its holdings in shares of TORM by 320.5% during the 2nd quarter. Acadian Asset Management LLC now owns 1,265,792 shares of the company’s stock valued at $49,189,000 after purchasing an additional 964,801 shares in the last quarter. Norges Bank bought a new position in shares of TORM during the 4th quarter valued at $22,306,000. Hsbc Holdings PLC bought a new position in shares of TORM during the 2nd quarter valued at $9,619,000. Finally, Renaissance Technologies LLC raised its holdings in shares of TORM by 38.9% during 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 in the last quarter. Hedge funds and other institutional investors own 73.89% of the company’s stock.

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.