TORM (NASDAQ:TRMD) Trading 2.6% Higher

TORM plc (NASDAQ:TRMD) rose 2.6% on Monday . The stock traded as high as $35.16 and last traded at $34.93. Approximately 154,385 shares traded hands during mid-day trading, a decline of 77% from the average daily volume of 684,421 shares. The stock had previously closed at $34.05.

Analyst Upgrades and Downgrades

Separately, Evercore ISI upped their target price on TORM from $45.00 to $48.00 and gave the company an “outperform” rating in a report on Tuesday, July 23rd.

TORM Stock Performance

The business has a fifty day simple moving average of $36.82 and a 200 day simple moving average of $36.01. The company has a current ratio of 3.18, a quick ratio of 2.94 and a debt-to-equity ratio of 0.53.

TORM (NASDAQ:TRMD) last released its quarterly earnings results on Thursday, August 15th. The company reported $2.02 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to the consensus estimate of $325.38 million. During the same quarter in the previous year, the firm posted $2.14 EPS. As a group, equities research analysts forecast that TORM plc will post 7.1 earnings per share for the current year.

TORM Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 11th. Investors of record on Thursday, August 29th were issued a $1.80 dividend. This is a positive change from TORM’s previous quarterly dividend of $1.50. This represents a $7.20 annualized dividend and a yield of 20.64%. The ex-dividend date of this dividend was Thursday, August 29th. TORM’s payout ratio is currently 66.41%.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in TRMD. Marshall Wace LLP boosted its holdings in TORM by 860.9% in the second quarter. Marshall Wace LLP now owns 1,429,989 shares of the company’s stock worth $55,441,000 after purchasing an additional 1,281,176 shares during the period. Acadian Asset Management LLC boosted its holdings in shares of TORM by 320.5% in the 2nd quarter. Acadian Asset Management LLC now owns 1,265,792 shares of the company’s stock valued at $49,189,000 after buying an additional 964,801 shares during the period. Vanguard Group Inc. grew its position in shares of TORM by 7.9% during the 1st quarter. Vanguard Group Inc. now owns 1,179,417 shares of the company’s stock valued at $41,221,000 after buying an additional 85,937 shares during the last quarter. Norges Bank acquired a new stake in TORM during the fourth quarter worth about $22,306,000. Finally, Renaissance Technologies LLC lifted its holdings in TORM by 38.9% in the second quarter. Renaissance Technologies LLC now owns 669,200 shares of the company’s stock worth $25,945,000 after acquiring an additional 187,300 shares during the last quarter. Institutional investors and hedge funds 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.