TORM (NASDAQ:TRMD) Stock Price Down 0.9% – Here’s What Happened

Shares of TORM plc (NASDAQ:TRMD) fell 0.9% during mid-day trading on Wednesday . The company traded as low as $25.47 and last traded at $26.06. 499,491 shares changed hands during trading, a decline of 32% from the average session volume of 736,640 shares. The stock had previously closed at $26.30.

Analysts Set New Price Targets

A number of research analysts have recently commented on TRMD shares. Fearnley Fonds raised TORM to a “hold” rating in a report on Friday, September 27th. Evercore ISI boosted their price target on shares of 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 business has a 50 day simple moving average of $32.76 and a 200-day simple moving average of $35.33. 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 announced its quarterly earnings data 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. TORM had a return on equity of 36.06% and a net margin of 43.81%. The business had revenue of $437.70 million during the quarter, compared to analyst estimates of $325.38 million. During the same quarter in the prior year, the firm posted $2.14 earnings per share. Equities research analysts forecast that TORM plc will post 7.12 earnings per share for the current year.

TORM Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 11th. Stockholders of record on Thursday, August 29th were paid a $1.80 dividend. The ex-dividend date of this dividend was Thursday, August 29th. This represents a $7.20 annualized dividend and a dividend yield of 27.81%. This is a boost from TORM’s previous quarterly dividend of $1.50. TORM’s payout ratio is currently 67.44%.

Institutional Trading of TORM

A number of large investors have recently added to or reduced their stakes in the business. National Bank of Canada FI bought a new stake in shares of TORM during the 2nd quarter worth $26,000. Fifth Third Bancorp purchased a new stake in shares of TORM during the second quarter valued at $43,000. Syquant Capital Sas acquired a new position in shares of TORM in the 2nd quarter valued at $46,000. Headlands Technologies LLC acquired a new stake in TORM during the 1st quarter worth about $51,000. Finally, Point72 Hong Kong Ltd purchased a new position in shares of TORM in the second quarter worth approximately $78,000. 73.89% of the stock is currently owned by institutional investors.

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.