Torm Plc Declares Quarterly Dividend of $0.70 (NASDAQ:TRMD)

Torm Plc (NASDAQ:TRMD) declared a quarterly dividend on Wednesday, May 13th. Shareholders of record on Thursday, May 28th will be paid a dividend of 0.70 per share on Thursday, June 11th. This represents a c) annualized dividend and a yield of 8.6%. The ex-dividend date is Thursday, May 28th.

Torm has increased its dividend payment by an average of 0.1%annually over the last three years. Torm has a dividend payout ratio of 78.5% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings tumble.

Torm Trading Down 6.1%

TRMD traded down $2.11 during trading on Wednesday, hitting $32.46. The company’s stock had a trading volume of 1,612,305 shares, compared to its average volume of 786,433. The stock has a market cap of $3.31 billion, a PE ratio of 11.43 and a beta of 0.14. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.33 and a quick ratio of 1.16. The firm’s 50 day moving average price is $29.43 and its 200-day moving average price is $25.01. Torm has a twelve month low of $15.79 and a twelve month high of $35.33.

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). The firm had revenue of $402.00 million during the quarter, compared to analyst estimates of $297.43 million. Torm had a net margin of 21.29% and a return on equity of 13.26%.

Institutional Trading of Torm

Several large investors have recently modified their holdings of the business. Vanguard Group Inc. grew its stake in shares of Torm by 0.5% during the fourth quarter. Vanguard Group Inc. now owns 2,341,185 shares of the company’s stock valued at $46,629,000 after acquiring an additional 11,457 shares in the last quarter. Norges Bank acquired a new position in Torm in the fourth quarter worth about $24,830,000. Renaissance Technologies LLC grew its stake in Torm by 25.8% in the fourth quarter. Renaissance Technologies LLC now owns 536,425 shares of the company’s stock worth $10,503,000 after purchasing an additional 110,000 shares in the last quarter. Brevan Howard Capital Management LP acquired a new position in Torm in the second quarter worth about $7,523,000. Finally, Millennium Management LLC lifted its holdings in Torm by 119.5% in the fourth quarter. Millennium Management LLC now owns 252,811 shares of the company’s stock worth $4,950,000 after acquiring an additional 137,648 shares during the last quarter. 73.89% of the stock is currently owned by institutional investors and hedge funds.

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.