Point72 Hong Kong Ltd Takes Position in TORM plc (NASDAQ:TRMD)

Point72 Hong Kong Ltd acquired a new stake in shares of TORM plc (NASDAQ:TRMD) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 2,000 shares of the company’s stock, valued at approximately $78,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. National Bank of Canada FI acquired a new position in shares of TORM during the 2nd quarter valued at $26,000. Vanguard Personalized Indexing Management LLC boosted its stake in TORM by 7.8% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 11,220 shares of the company’s stock valued at $433,000 after buying an additional 811 shares in the last quarter. Creekmur Asset Management LLC acquired a new position in TORM during the fourth quarter worth about $27,000. Zurcher Kantonalbank Zurich Cantonalbank raised its position in TORM by 12.4% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,338 shares of the company’s stock worth $365,000 after acquiring an additional 1,030 shares in the last quarter. Finally, Fifth Third Bancorp acquired a new stake in TORM in the 2nd quarter valued at about $43,000. Institutional investors own 73.89% of the company’s stock.

TORM Price Performance

NASDAQ TRMD opened at $34.24 on Friday. The stock has a market capitalization of $2.79 billion, a P/E ratio of 4.32 and a beta of 0.24. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.94 and a current ratio of 3.18. The business’s fifty day moving average is $36.35 and its two-hundred day moving average is $36.09. TORM plc has a 1 year low of $25.28 and a 1 year high of $40.47.

TORM (NASDAQ:TRMD) last announced its earnings results on Thursday, August 15th. The company reported $2.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.99 by $0.03. The company had revenue of $437.70 million for the quarter, compared to analyst estimates of $325.38 million. TORM had a return on equity of 36.06% and a net margin of 43.81%. During the same period in the previous year, the firm earned $2.14 earnings per share. On average, research analysts forecast that TORM plc will post 7.1 earnings per share for the current fiscal year.

TORM Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 11th. Shareholders of record on Thursday, August 29th were issued a $1.80 dividend. This represents a $7.20 annualized dividend and a dividend yield of 21.03%. This is a boost from TORM’s previous quarterly dividend of $1.50. The ex-dividend date was Thursday, August 29th. TORM’s dividend payout ratio (DPR) is presently 66.29%.

Analysts Set New Price Targets

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

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.