Torm (NASDAQ:TRMD) Sets New 12-Month High After Dividend Announcement

Torm Plc (NASDAQ:TRMD)’s stock price reached a new 52-week high during trading on Wednesday following a dividend announcement from the company. The company traded as high as $35.16 and last traded at $32.8990, with a volume of 76698 shares trading hands. The stock had previously closed at $34.57.

The newly announced dividend which will be paid on Thursday, June 11th. Shareholders of record on Thursday, May 28th will be given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 8.9%. The ex-dividend date of this dividend is Thursday, May 28th. Torm’s payout ratio is currently 60.00%.

Analyst Upgrades and Downgrades

Several research firms have weighed in on TRMD. Wall Street Zen raised shares of Torm from a “hold” rating to a “buy” rating in a research report on Sunday, April 12th. Evercore set a $35.00 target price on shares of Torm in a research report on Tuesday, April 21st. Pareto Securities downgraded shares of Torm from a “hold” rating to a “hold” rating in a research report on Wednesday. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Torm in a research report on Friday, April 17th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, Torm currently has an average rating of “Moderate Buy” and a consensus target price of $35.00.

Torm Stock Performance

The company has a market cap of $3.22 billion, a PE ratio of 9.28 and a beta of 0.14. The company has a current ratio of 1.33, a quick ratio of 1.16 and a debt-to-equity ratio of 0.32. The firm’s 50-day simple moving average is $29.48 and its two-hundred day simple moving average is $25.16.

Torm (NASDAQ:TRMD) last released its earnings results on Wednesday, May 13th. The company reported $1.18 earnings per share for the quarter, missing the consensus estimate of $1.33 by ($0.15). Torm had a return on equity of 16.03% and a net margin of 24.45%.The company had revenue of $402.00 million for the quarter, compared to analysts’ expectations of $297.43 million.

Institutional Trading of Torm

Institutional investors and hedge funds have recently bought and sold shares of the business. Folketrygdfondet acquired a new stake in Torm during the 3rd quarter valued at approximately $1,796,000. Journey Advisory Group LLC acquired a new stake in Torm during the 3rd quarter valued at approximately $2,920,000. Universal Beteiligungs und Servicegesellschaft mbH lifted its stake in Torm by 275.8% during the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 91,286 shares of the company’s stock valued at $1,785,000 after acquiring an additional 66,992 shares during the period. Tweedy Browne Co LLC lifted its stake in Torm by 109.5% during the 3rd quarter. Tweedy Browne Co LLC now owns 40,007 shares of the company’s stock valued at $825,000 after acquiring an additional 20,914 shares during the period. Finally, Fox Run Management L.L.C. lifted its stake in Torm by 309.3% during the 3rd quarter. Fox Run Management L.L.C. now owns 41,440 shares of the company’s stock valued at $854,000 after acquiring an additional 31,316 shares during the period. 73.89% of the stock is currently owned by institutional investors and hedge funds.

Torm Company Profile

Torm A/S (NASDAQ: TRMD) is an international shipping company specializing in the transportation of refined petroleum products. The firm owns and operates a modern fleet of product tankers, including both Handysize and MR vessels, which are designed to carry a broad range of clean petroleum cargoes such as gasoline, jet fuel and diesel. Torm’s core business revolves around voyage and time-charter contracts with major oil companies, trading houses and other energy sector clients around the world.

The company’s fleet is deployed on global trade routes, with particular focus on major refining and consumption regions in Europe, North America and Asia.