Torm (NASDAQ:TRMD) Releases Earnings Results, Beats Expectations By $0.17 EPS

Torm (NASDAQ:TRMD) issued its quarterly earnings results on Thursday. The company reported $0.77 earnings per share for the quarter, beating analysts’ consensus estimates of $0.60 by $0.17, Zacks reports. The business had revenue of $342.60 million during the quarter, compared to analyst estimates of $258.49 million. Torm had a net margin of 24.90% and a return on equity of 15.73%.

Torm Trading Up 4.5%

TRMD traded up $0.96 during trading on Thursday, reaching $22.32. 846,055 shares of the company’s stock were exchanged, compared to its average volume of 456,963. The company’s fifty day moving average price is $21.61 and its 200-day moving average price is $19.22. The company has a debt-to-equity ratio of 0.46, a quick ratio of 2.30 and a current ratio of 2.57. Torm has a fifty-two week low of $13.60 and a fifty-two week high of $25.55. The firm has a market capitalization of $2.10 billion, a PE ratio of 6.76 and a beta of 0.06.

Torm Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 3rd. Shareholders of record on Thursday, November 20th will be issued a dividend of $0.62 per share. The ex-dividend date of this dividend is Thursday, November 20th. This represents a $2.48 dividend on an annualized basis and a yield of 11.1%. This is a boost from Torm’s previous quarterly dividend of $0.40. Torm’s dividend payout ratio (DPR) is presently 35.45%.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on TRMD shares. Evercore ISI set a $23.00 price target on shares of Torm and gave the company an “outperform” rating in a report on Thursday, August 14th. Weiss Ratings reissued a “hold (c)” rating on shares of Torm in a report on Wednesday, October 8th. Fearnley Fonds lowered shares of Torm from a “strong-buy” rating to a “hold” rating in a report on Wednesday, September 3rd. Finally, Pareto Securities lowered shares of Torm from a “buy” rating to a “hold” rating in a report on Tuesday, August 19th. Two investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Torm has a consensus rating of “Hold” and an average target price of $27.50.

Hedge Funds Weigh In On Torm

Institutional investors and hedge funds have recently made changes to their positions in the company. Tower Research Capital LLC TRC acquired a new position in shares of Torm in the 2nd quarter valued at $46,000. Invesco Ltd. acquired a new position in shares of Torm in the 2nd quarter valued at $190,000. NewEdge Advisors LLC grew its holdings in shares of Torm by 39.9% in the 1st quarter. NewEdge Advisors LLC now owns 16,740 shares of the company’s stock valued at $276,000 after buying an additional 4,776 shares during the period. Cetera Investment Advisers grew its holdings in shares of Torm by 22.4% in the 2nd quarter. Cetera Investment Advisers now owns 17,610 shares of the company’s stock valued at $293,000 after buying an additional 3,221 shares during the period. Finally, Raymond James Financial Inc. acquired a new position in shares of Torm in the 2nd quarter valued at $348,000. Institutional investors and hedge funds 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.