TORM (NASDAQ:TRMD) Shares Up 1.2% – Still a Buy?

TORM plc (NASDAQ:TRMD)’s stock price shot up 1.2% on Wednesday . The company traded as high as $23.45 and last traded at $23.23. 419,510 shares changed hands during trading, a decline of 45% from the average session volume of 762,445 shares. The stock had previously closed at $22.95.

Wall Street Analysts Forecast Growth

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

TORM Price Performance

The business’s fifty day moving average price is $30.80 and its 200 day moving average price is $34.87. The company has a quick ratio of 2.24, a current ratio of 2.47 and a debt-to-equity ratio of 0.51.

TORM (NASDAQ:TRMD) last issued its quarterly earnings data on Thursday, August 15th. The company reported $2.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.99 by $0.03. The business had revenue of $437.70 million during the quarter, compared to analyst estimates of $325.38 million. TORM had a net margin of 43.81% and a return on equity of 34.45%. During the same quarter last year, the business earned $2.14 EPS. As a group, analysts anticipate that TORM plc will post 6.41 EPS for the current year.

TORM Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 4th. Investors of record on Thursday, November 21st will be given a $0.876 dividend. This represents a $3.50 annualized dividend and a yield of 14.63%. The ex-dividend date is Thursday, November 21st. TORM’s payout ratio is currently 68.05%.

Institutional Trading of TORM

Several hedge funds and other institutional investors have recently bought and sold shares of TRMD. National Bank of Canada FI bought a new position in shares of TORM during the second quarter valued at approximately $26,000. Fifth Third Bancorp bought a new position in TORM in the second quarter worth $43,000. Syquant Capital Sas bought a new position in TORM in the second quarter worth $46,000. Assetmark Inc. raised its holdings in TORM by 76.9% in the third quarter. Assetmark Inc. now owns 1,187 shares of the company’s stock worth $41,000 after purchasing an additional 516 shares in the last quarter. Finally, Headlands Technologies LLC bought a new position in TORM in the first quarter worth $51,000. 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.