TORM (NASDAQ:TRMD) Shares Gap Down – Time to Sell?

TORM plc (NASDAQ:TRMD) gapped down prior to trading on Wednesday . The stock had previously closed at $29.15, but opened at $27.90. TORM shares last traded at $27.88, with a volume of 377,961 shares traded.

Wall Street Analyst Weigh In

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

TORM Stock Down 2.1 %

The company has a current ratio of 3.18, a quick ratio of 2.94 and a debt-to-equity ratio of 0.53. The stock has a fifty day moving average of $34.11 and a 200-day moving average of $35.69.

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, beating the consensus estimate of $1.99 by $0.03. TORM had a return on equity of 36.06% and a net margin of 43.81%. The business had revenue of $437.70 million during the quarter, compared to the consensus estimate of $325.38 million. During the same period in the previous year, the company posted $2.14 EPS. On average, research analysts predict that TORM plc will post 7.12 earnings per share for the current year.

TORM Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 11th. Stockholders of record on Thursday, August 29th were issued a dividend of $1.80 per share. The ex-dividend date of this dividend was Thursday, August 29th. This is an increase from TORM’s previous quarterly dividend of $1.50. This represents a $7.20 annualized dividend and a dividend yield of 26.71%. TORM’s dividend payout ratio is 67.44%.

Hedge Funds Weigh In On TORM

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. National Bank of Canada FI acquired a new position in shares of TORM in the 2nd quarter valued at about $26,000. Fifth Third Bancorp bought a new position in TORM in the 2nd quarter valued at about $43,000. Syquant Capital Sas acquired a new position in TORM during the 2nd quarter valued at about $46,000. Headlands Technologies LLC bought a new stake in TORM during the 1st quarter worth approximately $51,000. Finally, Point72 Hong Kong Ltd bought a new position in shares of TORM in the second quarter valued at approximately $78,000. 73.89% of the stock is currently owned by institutional investors and hedge funds.

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.