TORM (NASDAQ:TRMD) Trading 2.1% Higher

TORM plc (NASDAQ:TRMD) traded up 2.1% during mid-day trading on Thursday . The company traded as high as $34.04 and last traded at $33.96. 213,372 shares were traded during mid-day trading, a decline of 69% from the average session volume of 684,260 shares. The stock had previously closed at $33.26.

Analyst Upgrades and Downgrades

Separately, Evercore ISI raised their price target 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 stock has a market cap of $2.78 billion, a price-to-earnings ratio of 4.30 and a beta of 0.24. The stock’s 50 day moving average price is $36.82 and its two-hundred day moving average price is $35.98. 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 released its quarterly earnings data on Thursday, August 15th. The company reported $2.02 earnings per share for the quarter, topping analysts’ consensus estimates of $1.99 by $0.03. The firm had revenue of $437.70 million for the quarter, compared to analyst estimates 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 prior year, the business earned $2.14 earnings per share. Equities research analysts forecast that TORM plc will post 7.1 EPS for the current fiscal year.

TORM Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 11th. Stockholders of record on Thursday, August 29th were paid a $1.80 dividend. The ex-dividend date of this dividend was Thursday, August 29th. This represents a $7.20 dividend on an annualized basis and a dividend yield of 21.15%. This is a positive change from TORM’s previous quarterly dividend of $1.50. TORM’s dividend payout ratio is presently 66.29%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Norges Bank purchased a new position in TORM in the fourth quarter valued at $22,306,000. SG Americas Securities LLC increased its holdings in TORM by 597.3% in the second quarter. SG Americas Securities LLC now owns 22,914 shares of the company’s stock valued at $888,000 after buying an additional 19,628 shares in the last quarter. BNP Paribas Financial Markets purchased a new stake in shares of TORM during the first quarter worth about $1,229,000. Quantbot Technologies LP purchased a new stake in shares of TORM during the first quarter worth about $2,836,000. Finally, Swiss National Bank increased its stake in shares of TORM by 18.4% during the first quarter. Swiss National Bank now owns 79,609 shares of the company’s stock worth $2,700,000 after purchasing an additional 12,353 shares in the last quarter. Hedge funds and other institutional investors own 73.89% of the company’s stock.

About TORM

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.