Torm Plc (NASDAQ:TRMD) Sees Significant Decrease in Short Interest

Torm Plc (NASDAQ:TRMD) was the recipient of a large decrease in short interest during the month of October. As of October 15th, there was short interest totaling 657,093 shares, a decrease of 56.1% from the September 30th total of 1,497,540 shares. Approximately 0.6% of the shares of the stock are short sold. Based on an average daily trading volume, of 2,421,529 shares, the days-to-cover ratio is currently 0.3 days.

Analysts Set New Price Targets

A number of brokerages recently commented on TRMD. Weiss Ratings raised Torm from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, October 9th. Wall Street Zen upgraded shares of Torm from a “buy” rating to a “strong-buy” rating in a report on Saturday, September 19th. Finally, Evercore reiterated an “outperform” rating on shares of Torm in a report on Tuesday. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $38.00.

Torm Stock Up 0.5%

NASDAQ TRMD opened at $43.24 on Friday. Torm has a one year low of $19.30 and a one year high of $43.13. The stock’s 50 day simple moving average is $36.64 and its 200 day simple moving average is $30.48. The firm has a market cap of $4.41 billion, a PE ratio of 7.08 and a beta of 0.07. The company has a debt-to-equity ratio of 0.33, a current ratio of 2.27 and a quick ratio of 1.97.

Torm (NASDAQ:TRMD) last posted its quarterly earnings data on Wednesday, August 26th. The company reported $3.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.31 by ($0.06). The firm had revenue of $662.80 million for the quarter, compared to analyst estimates of $499.01 million. Torm had a return on equity of 27.24% and a net margin of 35.51%.

Torm Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 24th. Stockholders of record on Thursday, September 10th were issued a $2.40 dividend. This represents a $9.60 annualized dividend and a dividend yield of 22.2%. This is a boost from Torm’s previous quarterly dividend of $0.70. The ex-dividend date was Thursday, September 10th. Torm’s dividend payout ratio is currently 115.49%.

Insider Buying and Selling

In other Torm news, CFO Kim Balle sold 7,533 shares of Torm stock in a transaction that occurred on Tuesday, September 22nd. The shares were sold at an average price of $36.35, for a total value of $273,824.55. Following the completion of the sale, the chief financial officer directly owned 510 shares of the company’s stock, valued at approximately $18,538.50. The trade was a 93.66% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last three months, insiders sold 42,533 shares of company stock worth $1,643,225. Company insiders own 0.37% of the company’s stock.

Hedge Funds Weigh In On Torm

Large investors have recently modified their holdings of the business. Signaturefd LLC acquired a new stake in Torm in the 3rd quarter valued at about $29,000. Optiver Holding B.V. bought a new stake in shares of Torm during the 1st quarter worth $67,000. Bank of New York Mellon Corp acquired a new stake in Torm in the first quarter valued at approximately $228,000. The Manufacturers Life Insurance Company acquired a new position in Torm in the 1st quarter worth about $252,000. Finally, Allianz Asset Management GmbH bought a new stake in Torm during the 2nd quarter worth approximately $267,000. 73.89% of the stock is currently owned by institutional investors and hedge funds.

Torm Company Profile

TORM plc is a maritime transportation company that owns and operates a fleet of product tankers. The company primarily transports refined petroleum products, including gasoline, diesel, jet fuel and naphtha, connecting refineries, storage facilities and distribution markets around the world.

TORM’s fleet serves the global clean-product tanker market and includes vessels in several size categories, such as long-range and medium-range tankers. Its vessels operate on international trade routes, supporting the movement of energy products between major production and consumption regions.

Founded in Denmark in 1889, TORM has grown into an international shipping company headquartered in Copenhagen.