TORM (NASDAQ:TRMD) Stock Price Down 1.2%

TORM plc (NASDAQ:TRMD) shares traded down 1.2% during mid-day trading on Tuesday . The stock traded as low as $32.43 and last traded at $32.71. 243,715 shares were traded during trading, a decline of 64% from the average session volume of 685,057 shares. The stock had previously closed at $33.12.

Wall Street Analysts Forecast Growth

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

TORM Stock Performance

The firm has a market capitalization of $2.66 billion, a PE ratio of 4.13 and a beta of 0.24. The business has a 50-day simple moving average of $37.27 and a 200-day simple moving average of $36.02. The company has a debt-to-equity ratio of 0.53, a current ratio of 3.18 and a quick ratio of 2.94.

TORM (NASDAQ:TRMD) last posted its quarterly earnings data on Thursday, August 15th. The company reported $2.02 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 company had revenue of $437.70 million during the quarter, compared to analyst estimates of $325.38 million. During the same period in the previous year, the firm earned $2.14 earnings per share. Equities research analysts expect that TORM plc will post 7.1 earnings per share for the current fiscal year.

TORM Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 11th. Investors of record on Thursday, August 29th will be issued a dividend of $1.80 per share. This represents a $7.20 annualized dividend and a yield of 22.09%. This is an increase from TORM’s previous quarterly dividend of $1.50. The ex-dividend date is Thursday, August 29th. TORM’s dividend payout ratio is presently 66.29%.

Institutional Investors Weigh In On TORM

Several hedge funds and other institutional investors have recently modified their holdings of the business. National Bank of Canada FI bought a new stake in shares of TORM during the second quarter worth $26,000. Creekmur Asset Management LLC bought a new stake in TORM during the 4th quarter valued at about $27,000. Scarborough Advisors LLC purchased a new stake in TORM in the 4th quarter valued at about $37,000. Fifth Third Bancorp bought a new position in TORM in the 2nd quarter worth about $43,000. Finally, Syquant Capital Sas purchased a new position in shares of TORM during the second quarter worth approximately $46,000. 73.89% of the stock is currently owned by hedge funds and other institutional investors.

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.