TORM (NASDAQ:TRMD) Trading Up 2.9%

TORM plc (NASDAQ:TRMD) shares rose 2.9% during trading on Tuesday . The company traded as high as $36.30 and last traded at $36.04. Approximately 257,988 shares changed hands during trading, a decline of 62% from the average daily volume of 684,555 shares. The stock had previously closed at $35.01.

Wall Street Analysts Forecast Growth

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

TORM Price Performance

The stock’s 50 day moving average price is $36.70 and its 200-day moving average price is $36.03. 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 earnings results on Thursday, August 15th. The company reported $2.02 earnings per share for the quarter, beating analysts’ consensus estimates of $1.99 by $0.03. The business had revenue of $437.70 million during 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 company posted $2.14 EPS. Analysts predict that TORM plc will post 7.1 EPS for the current year.

TORM Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 11th. Shareholders of record on Thursday, August 29th were given a dividend of $1.80 per share. This is an increase from TORM’s previous quarterly dividend of $1.50. The ex-dividend date of this dividend was Thursday, August 29th. This represents a $7.20 dividend on an annualized basis and a yield of 19.97%. TORM’s dividend payout ratio (DPR) is 66.41%.

Institutional Investors Weigh In On TORM

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