Torm (NASDAQ:TRMD) Releases Earnings Results, Beats Expectations By $0.17 EPS

Torm (NASDAQ:TRMD) announced its earnings results on Thursday. The company reported $0.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.60 by $0.17, Zacks reports. Torm had a net margin of 24.90% and a return on equity of 15.73%. The company had revenue of $342.60 million during the quarter, compared to analysts’ expectations of $258.49 million.

Torm Price Performance

Shares of TRMD stock traded up $0.40 on Friday, reaching $22.72. The company had a trading volume of 477,635 shares, compared to its average volume of 853,432. The stock has a market capitalization of $2.14 billion, a PE ratio of 6.88 and a beta of 0.06. The company has a quick ratio of 2.30, a current ratio of 2.57 and a debt-to-equity ratio of 0.46. The business’s 50-day moving average is $21.61 and its 200 day moving average is $19.22. Torm has a one year low of $13.60 and a one year high of $24.87.

Torm Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 3rd. Shareholders of record on Thursday, November 20th will be paid a dividend of $0.62 per share. The ex-dividend date of this dividend is Thursday, November 20th. This is a positive change from Torm’s previous quarterly dividend of $0.40. This represents a $2.48 annualized dividend and a yield of 10.9%. Torm’s payout ratio is presently 35.45%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. Fearnley Fonds downgraded shares of Torm from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, September 3rd. Pareto Securities lowered Torm from a “buy” rating to a “hold” rating in a research note on Tuesday, August 19th. Evercore ISI set a $23.00 target price on Torm and gave the company an “outperform” rating in a research report on Thursday, August 14th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Torm in a report on Wednesday, October 8th. Two analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $27.50.

Institutional Trading of Torm

A number of hedge funds have recently added to or reduced their stakes in the stock. Geode Capital Management LLC grew its stake in shares of Torm by 0.7% during the second quarter. Geode Capital Management LLC now owns 83,133 shares of the company’s stock worth $1,385,000 after buying an additional 611 shares during the last quarter. NewEdge Advisors LLC boosted its holdings in shares of Torm by 5.4% during the 2nd quarter. NewEdge Advisors LLC now owns 17,650 shares of the company’s stock valued at $294,000 after acquiring an additional 910 shares in the last quarter. Glenorchy Capital Ltd grew its position in Torm by 3.5% during the 2nd quarter. Glenorchy Capital Ltd now owns 29,670 shares of the company’s stock worth $494,000 after acquiring an additional 1,003 shares during the last quarter. Tower Research Capital LLC TRC bought a new stake in Torm during the 2nd quarter worth $46,000. Finally, Cetera Investment Advisers increased its holdings in Torm by 22.4% in the 2nd quarter. Cetera Investment Advisers now owns 17,610 shares of the company’s stock worth $293,000 after purchasing an additional 3,221 shares in the last quarter. Institutional investors and hedge funds own 73.89% of the company’s stock.

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.