TORM (NASDAQ:TRMD) Stock Price Up 0.6%

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

Wall Street Analyst Weigh In

Separately, Evercore ISI increased their price objective on shares of 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 company’s 50-day moving average is $37.49 and its 200-day moving average is $36.00. The firm has a market cap of $2.70 billion, a price-to-earnings ratio of 4.22 and a beta of 0.24. The company has a current ratio of 3.18, a quick ratio of 2.94 and a debt-to-equity ratio of 0.53.

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. TORM had a return on equity of 36.06% and a net margin of 43.81%. The firm had revenue of $437.70 million for the quarter, compared to the consensus estimate of $325.38 million. During the same quarter last year, the business posted $2.14 EPS. Equities research analysts predict that TORM plc will post 7.1 earnings per share for the current year.

TORM Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 11th. Shareholders of record on Thursday, August 29th will be paid a dividend of $1.80 per share. This is an increase from TORM’s previous quarterly dividend of $1.50. The ex-dividend date is Thursday, August 29th. This represents a $7.20 annualized dividend and a yield of 21.74%. TORM’s payout ratio is presently 66.29%.

Hedge Funds Weigh In On TORM

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Point72 Asset Management L.P. acquired a new position in TORM in the 2nd quarter worth about $744,000. Lighthouse Investment Partners LLC increased its stake in shares of TORM by 276.2% in the second quarter. Lighthouse Investment Partners LLC now owns 110,049 shares of the company’s stock valued at $4,267,000 after buying an additional 80,793 shares during the period. Point72 Hong Kong Ltd bought a new position in TORM in the 2nd quarter valued at approximately $78,000. Cubist Systematic Strategies LLC boosted its position in TORM by 42.7% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 147,802 shares of the company’s stock worth $5,730,000 after buying an additional 44,259 shares during the period. Finally, Marshall Wace LLP boosted its position in TORM by 860.9% during the 2nd 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 during the period. 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.