TORM (NASDAQ:TRMD) Trading Down 1.9% – Here’s Why

TORM plc (NASDAQ:TRMD)’s share price traded down 1.9% during trading on Thursday . The company traded as low as $26.93 and last traded at $27.00. 411,399 shares were traded during trading, a decline of 43% from the average session volume of 727,509 shares. The stock had previously closed at $27.53.

Analyst Ratings Changes

A number of research firms have issued reports on TRMD. Fearnley Fonds raised TORM to a “hold” rating in a research report on Friday, September 27th. Evercore ISI raised their target price on TORM from $45.00 to $48.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 23rd.

TORM Price Performance

The company has a debt-to-equity ratio of 0.53, a current ratio of 3.18 and a quick ratio of 2.94. The stock has a 50-day simple moving average of $34.11 and a 200-day simple moving average of $35.69.

TORM (NASDAQ:TRMD) last announced its quarterly earnings results on Thursday, August 15th. The company reported $2.02 earnings per share for the quarter, beating the consensus estimate of $1.99 by $0.03. The company had revenue of $437.70 million during the quarter, compared to analysts’ expectations 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 business earned $2.14 earnings per share. On average, equities research analysts predict that TORM plc will post 7.12 EPS for the current fiscal year.

TORM Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 11th. Stockholders of record on Thursday, August 29th were given a $1.80 dividend. The ex-dividend date of this dividend was Thursday, August 29th. This is a boost from TORM’s previous quarterly dividend of $1.50. This represents a $7.20 annualized dividend and a dividend yield of 26.74%. TORM’s payout ratio is 67.44%.

Hedge Funds Weigh In On TORM

Several hedge funds have recently made changes to their positions in TRMD. Marshall Wace LLP grew its position in TORM by 860.9% during the second quarter. Marshall Wace LLP now owns 1,429,989 shares of the company’s stock worth $55,441,000 after buying an additional 1,281,176 shares in the last quarter. Acadian Asset Management LLC grew its position in TORM by 320.5% during the second quarter. Acadian Asset Management LLC now owns 1,265,792 shares of the company’s stock worth $49,189,000 after buying an additional 964,801 shares in the last quarter. Hsbc Holdings PLC purchased a new position in TORM during the second quarter worth about $9,619,000. International Assets Investment Management LLC purchased a new position in TORM during the third quarter worth about $7,359,000. Finally, Renaissance Technologies LLC grew its position in TORM by 38.9% during the second quarter. Renaissance Technologies LLC now owns 669,200 shares of the company’s stock worth $25,945,000 after buying an additional 187,300 shares in the last quarter. 73.89% of the stock is currently owned by hedge funds and other institutional investors.

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.