Torm Plc (NASDAQ:TRMD) Short Interest Update

Torm Plc (NASDAQ:TRMD) saw a large increase in short interest in May. As of May 29th, there was short interest totaling 1,868,749 shares, an increase of 225.1% from the May 14th total of 574,838 shares. Based on an average daily trading volume, of 1,008,919 shares, the days-to-cover ratio is currently 1.9 days. Currently, 1.8% of the shares of the stock are sold short.

Torm Price Performance

Shares of NASDAQ TRMD traded up $1.45 during mid-day trading on Friday, hitting $30.40. 722,751 shares of the company’s stock traded hands, compared to its average volume of 809,553. The company’s 50-day moving average is $30.58 and its two-hundred day moving average is $26.21. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.40 and a quick ratio of 1.20. The company has a market capitalization of $3.10 billion, a P/E ratio of 8.94 and a beta of 0.08. Torm has a 1 year low of $16.36 and a 1 year high of $35.33.

Torm (NASDAQ:TRMD) last announced its earnings results on Wednesday, May 13th. The company reported $1.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.33 by ($0.15). The business had revenue of $402.00 million for the quarter, compared to analysts’ expectations of $297.43 million. Torm had a net margin of 24.45% and a return on equity of 15.81%.

Torm Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, June 11th. Investors of record on Thursday, May 28th were issued a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 9.2%. The ex-dividend date was Thursday, May 28th. Torm’s dividend payout ratio is presently 60.00%.

Analyst Upgrades and Downgrades

Several analysts have commented on TRMD shares. Wall Street Zen upgraded shares of Torm from a “buy” rating to a “strong-buy” rating in a research note on Saturday, May 16th. Weiss Ratings restated a “hold (c)” rating on shares of Torm in a research report on Friday, April 17th. Pareto Securities cut shares of Torm from a “hold” rating to a “hold” rating in a research report on Wednesday, May 13th. Finally, Evercore set a $35.00 target price on shares of Torm in a research report on Tuesday, April 21st. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, Torm currently has a consensus rating of “Moderate Buy” and a consensus target price of $35.00.

Insider Buying and Selling at Torm

In related news, CEO Jacob Balslev Meldgaard sold 379,014 shares of Torm stock in a transaction on Monday, May 18th. The shares were sold at an average price of $31.94, for a total transaction of $12,105,707.16. Following the transaction, the chief executive officer owned 348,411 shares in the company, valued at approximately $11,128,247.34. The trade was a 52.10% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.37% of the company’s stock.

Institutional Trading of Torm

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Optiver Holding B.V. purchased a new stake in Torm in the 1st quarter worth about $67,000. Bank of America Corp DE raised its position in Torm by 209.8% in the 1st quarter. Bank of America Corp DE now owns 130,421 shares of the company’s stock worth $3,639,000 after purchasing an additional 88,318 shares during the period. Amundi raised its position in Torm by 106.8% in the 1st quarter. Amundi now owns 29,503 shares of the company’s stock worth $823,000 after purchasing an additional 15,239 shares during the period. Royal Bank of Canada raised its position in Torm by 94.5% in the 1st quarter. Royal Bank of Canada now owns 70,962 shares of the company’s stock worth $1,980,000 after purchasing an additional 34,482 shares during the period. Finally, The Manufacturers Life Insurance Company purchased a new stake in Torm in the 1st quarter worth about $252,000. 73.89% of the stock is owned by hedge funds and other institutional investors.

About Torm

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.