TORM (NASDAQ:TRMD) Stock Price Up 0.6%

TORM plc (NASDAQ:TRMD) was up 0.6% on Friday . The company traded as high as $33.71 and last traded at $33.40. Approximately 155,520 shares traded hands during trading, a decline of 77% from the average daily volume of 685,715 shares. The stock had previously closed at $33.21.

Wall Street Analysts Forecast Growth

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

TORM Price Performance

The firm’s 50 day moving average is $37.37 and its 200 day moving average is $36.00. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.94 and a current ratio of 3.18.

TORM (NASDAQ:TRMD) last issued its quarterly 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 business had revenue of $437.70 million for the quarter, compared to the consensus estimate 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 prior year, the firm posted $2.14 earnings per share. Research analysts forecast that TORM plc will post 7.1 earnings per share for the current fiscal year.

TORM Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 11th. Shareholders of record on Thursday, August 29th will be paid a $1.80 dividend. The ex-dividend date of this dividend is Thursday, August 29th. This is a boost from TORM’s previous quarterly dividend of $1.50. This represents a $7.20 dividend on an annualized basis and a yield of 21.79%. TORM’s dividend payout ratio (DPR) is 66.41%.

Institutional Investors Weigh In On TORM

A number of large investors have recently modified their holdings of TRMD. National Bank of Canada FI acquired a new stake in TORM in the 2nd quarter worth approximately $26,000. Vanguard Personalized Indexing Management LLC lifted its stake in shares of TORM by 7.8% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 11,220 shares of the company’s stock worth $433,000 after buying an additional 811 shares during the period. Creekmur Asset Management LLC purchased a new stake in shares of TORM during the fourth quarter valued at $27,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of TORM by 12.4% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,338 shares of the company’s stock valued at $365,000 after acquiring an additional 1,030 shares during the period. Finally, Fifth Third Bancorp purchased a new position in TORM in the 2nd quarter worth $43,000. Hedge funds and other institutional investors own 73.89% of the company’s stock.

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.