TORM (NASDAQ:TRMD) Trading Up 1.3% – Here’s Why

Shares of TORM plc (NASDAQ:TRMD) traded up 1.3% during trading on Friday . The stock traded as high as $27.50 and last traded at $27.32. 358,636 shares were traded during trading, a decline of 51% from the average session volume of 729,505 shares. The stock had previously closed at $26.96.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Evercore ISI lifted their price target on shares of TORM from $45.00 to $48.00 and gave the company an “outperform” rating in a research report on Tuesday, July 23rd. Fearnley Fonds raised TORM to a “hold” rating in a research report on Friday, September 27th.

TORM Trading Up 1.2 %

The business has a 50-day simple moving average of $33.69 and a 200-day simple moving average of $35.58. The company has a market cap of $2.22 billion, a PE ratio of 3.45 and a beta of 0.24. The company has a quick ratio of 2.94, a current ratio of 3.18 and a debt-to-equity ratio of 0.53.

TORM (NASDAQ:TRMD) last posted its quarterly earnings results on Thursday, August 15th. The company reported $2.02 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 the consensus estimate of $325.38 million. TORM had a net margin of 43.81% and a return on equity of 36.06%. During the same quarter in the previous year, the firm posted $2.14 earnings per share. On average, analysts predict that TORM plc will post 7.12 EPS for the current fiscal year.

TORM Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 11th. Shareholders of record on Thursday, August 29th were paid a $1.80 dividend. This is an increase from TORM’s previous quarterly dividend of $1.50. The ex-dividend date was Thursday, August 29th. This represents a $7.20 annualized dividend and a dividend yield of 26.38%. TORM’s payout ratio is 66.29%.

Hedge Funds Weigh In On TORM

A number of institutional investors and hedge funds have recently modified their holdings of TRMD. National Bank of Canada FI acquired a new position in shares of TORM during the second quarter worth $26,000. Fifth Third Bancorp purchased a new stake in TORM in the second quarter valued at $43,000. Syquant Capital Sas purchased a new stake in TORM in the second quarter valued at $46,000. Headlands Technologies LLC purchased a new stake in TORM in the first quarter valued at $51,000. Finally, Point72 Hong Kong Ltd purchased a new stake in TORM in the second quarter valued at $78,000. Institutional investors and hedge funds 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.