Torm (NASDAQ:TRMD) Shares Down 2.1% – Here’s Why

Torm Plc (NASDAQ:TRMD) shares dropped 2.1% during mid-day trading on Tuesday . The company traded as low as $19.53 and last traded at $19.54. Approximately 420,442 shares traded hands during mid-day trading, an increase of 2% from the average daily volume of 413,518 shares. The stock had previously closed at $19.96.

Analysts Set New Price Targets

A number of research firms recently weighed in on TRMD. Weiss Ratings reissued a “hold (c)” rating on shares of Torm in a report on Wednesday, October 8th. Fearnley Fonds raised shares of Torm from a “hold” rating to a “strong-buy” rating in a research report on Thursday, November 13th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $23.00.

Torm Stock Down 2.1%

The company has a market cap of $1.84 billion, a price-to-earnings ratio of 7.18 and a beta of 0.01. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.37 and a quick ratio of 2.07. The firm has a 50-day moving average price of $21.27 and a 200 day moving average price of $20.41.

Torm (NASDAQ:TRMD) last released its quarterly earnings results on Thursday, November 6th. The company reported $0.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.17. Torm had a return on equity of 13.03% and a net margin of 21.37%.The business had revenue of $342.60 million during the quarter, compared to the consensus estimate of $258.49 million. Sell-side analysts predict that Torm Plc will post 6.27 EPS for the current year.

Torm Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, December 3rd. Stockholders of record on Thursday, November 20th were given a $0.62 dividend. The ex-dividend date of this dividend was Thursday, November 20th. This is a boost from Torm’s previous quarterly dividend of $0.40. This represents a $2.48 dividend on an annualized basis and a dividend yield of 12.7%. Torm’s dividend payout ratio (DPR) is presently 66.54%.

Hedge Funds Weigh In On Torm

A number of hedge funds have recently bought and sold shares of the business. Quarry LP bought a new stake in Torm in the 3rd quarter valued at about $35,000. Tower Research Capital LLC TRC bought a new position in shares of Torm during the second quarter worth approximately $46,000. Wexford Capital LP bought a new position in shares of Torm during the third quarter worth approximately $120,000. Weaver Consulting Group acquired a new stake in shares of Torm in the second quarter valued at approximately $167,000. Finally, Kovack Advisors Inc. bought a new stake in shares of Torm in the second quarter valued at approximately $174,000. 73.89% of the stock is owned by institutional investors.

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.