Torm (NASDAQ:TRMD) Stock Price Up 2.4% – Here’s What Happened

Torm Plc (NASDAQ:TRMD) shares rose 2.4% on Thursday . The stock traded as high as $30.29 and last traded at $30.19. 381,293 shares traded hands during mid-day trading, a decline of 40% from the average daily volume of 630,681 shares. The stock had previously closed at $29.48.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on TRMD shares. Evercore reiterated an “outperform” rating and set a $37.00 price objective on shares of Torm in a research report on Wednesday. Pareto Securities downgraded Torm from a “hold” rating to a “hold” rating in a research report on Wednesday, May 13th. Wall Street Zen downgraded Torm from a “strong-buy” rating to a “buy” rating in a research report on Saturday, June 13th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Torm in a research report on Wednesday, July 15th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $37.00.

Torm Stock Performance

The firm has a market capitalization of $3.09 billion, a P/E ratio of 8.91 and a beta of 0.10. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.40 and a quick ratio of 1.20. The firm has a 50-day moving average price of $29.13 and a two-hundred day moving average price of $27.99.

Torm (NASDAQ:TRMD) last posted its quarterly earnings results on Wednesday, May 13th. The company reported $1.18 EPS for the quarter, missing the consensus estimate of $1.33 by ($0.15). The business had revenue of $402.00 million during the quarter, compared to the consensus estimate of $297.43 million. Torm had a net margin of 24.45% and a return on equity of 15.81%.

Torm Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, June 11th. Stockholders of record on Thursday, May 28th were given a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 9.2%. The ex-dividend date of this dividend was Thursday, May 28th. Torm’s payout ratio is presently 60.00%.

Insiders Place Their Bets

In other Torm news, CEO Jacob Balslev Meldgaard sold 170,133 shares of Torm stock in a transaction dated Wednesday, May 20th. The stock was sold at an average price of $32.30, for a total value of $5,495,295.90. Following the transaction, the chief executive officer owned 348,411 shares in the company, valued at $11,253,675.30. The trade was a 32.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.37% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the company. Arrowstreet Capital Limited Partnership grew its holdings in Torm by 0.7% in the first quarter. Arrowstreet Capital Limited Partnership now owns 3,064,258 shares of the company’s stock worth $86,032,000 after purchasing an additional 21,280 shares during the last quarter. Vanguard Group Inc. increased its holdings 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 purchased a new position in shares of Torm in the 4th quarter valued at approximately $24,830,000. Renaissance Technologies LLC increased its stake in Torm by 25.8% during the 4th quarter. Renaissance Technologies LLC now owns 536,425 shares of the company’s stock valued at $10,503,000 after purchasing an additional 110,000 shares in the last quarter. Finally, Brevan Howard Capital Management LP purchased a new position in shares of Torm in the second quarter worth $7,523,000. Institutional investors own 73.89% of the company’s stock.

Torm Company Profile

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.