Torm (NASDAQ:TRMD) Sets New 1-Year High After Dividend Announcement

Shares of Torm Plc (NASDAQ:TRMD) hit a new 52-week high on Wednesday following a dividend announcement from the company. The company traded as high as $35.16 and last traded at $32.8990, with a volume of 76698 shares traded. The stock had previously closed at $34.57.

The newly announced dividend which will be paid on Thursday, June 11th. Stockholders of record on Thursday, May 28th will be issued a dividend of $0.70 per share. The ex-dividend date is Thursday, May 28th. This represents a $2.80 annualized dividend and a dividend yield of 8.9%. Torm’s dividend payout ratio (DPR) is 60.00%.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on TRMD. Wall Street Zen upgraded Torm from a “hold” rating to a “buy” rating in a report on Sunday, April 12th. Weiss Ratings restated a “hold (c)” rating on shares of Torm in a report on Friday, April 17th. Evercore set a $35.00 target price on Torm in a report on Tuesday, April 21st. Finally, Pareto Securities cut Torm from a “hold” rating to a “hold” rating in a report on Wednesday. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $35.00.

Torm Stock Down 3.3%

The stock has a market cap of $3.22 billion, a price-to-earnings ratio of 9.28 and a beta of 0.14. The company has a quick ratio of 1.16, a current ratio of 1.33 and a debt-to-equity ratio of 0.32. The stock has a fifty day moving average of $29.48 and a two-hundred day moving average of $25.16.

Torm (NASDAQ:TRMD) last issued its earnings results on Wednesday, May 13th. The company reported $1.18 earnings per share for the quarter, missing analysts’ consensus estimates of $1.33 by ($0.15). Torm had a net margin of 24.45% and a return on equity of 16.03%. The firm had revenue of $402.00 million during the quarter, compared to analyst estimates of $297.43 million.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of TRMD. Norges Bank acquired a new position in shares of Torm during the fourth quarter worth about $24,830,000. Brevan Howard Capital Management LP acquired a new position in shares of Torm during the second quarter worth about $7,523,000. Sei Investments Co. acquired a new position in shares of Torm during the first quarter worth about $7,705,000. Marnell Management LLC acquired a new position in shares of Torm during the fourth quarter worth about $4,815,000. Finally, Fearnley Asset Management AS acquired a new position in shares of Torm during the fourth quarter worth about $4,048,000. Institutional investors and hedge funds own 73.89% of the company’s stock.

About Torm

Torm A/S (NASDAQ: TRMD) is an international shipping company specializing in the transportation of refined petroleum products. The firm owns and operates a modern fleet of product tankers, including both Handysize and MR vessels, which are designed to carry a broad range of clean petroleum cargoes such as gasoline, jet fuel and diesel. Torm’s core business revolves around voyage and time-charter contracts with major oil companies, trading houses and other energy sector clients around the world.

The company’s fleet is deployed on global trade routes, with particular focus on major refining and consumption regions in Europe, North America and Asia.