Torm (NASDAQ:TRMD) Sees Strong Trading Volume – Still a Buy?

Torm Plc (NASDAQ:TRMD) saw unusually-strong trading volume on Thursday . Approximately 789,036 shares were traded during mid-day trading, a decline of 10% from the previous session’s volume of 881,134 shares.The stock last traded at $34.8860 and had previously closed at $34.42.

Analyst Ratings Changes

Several research analysts recently weighed in on TRMD shares. Weiss Ratings upgraded shares of Torm from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, September 11th. Evercore reiterated an “outperform” rating and issued a $38.00 price objective on shares of Torm in a report on Wednesday, August 26th. Finally, Wall Street Zen upgraded Torm from a “buy” rating to a “strong-buy” rating in a research note on Saturday, September 19th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, Torm presently has a consensus rating of “Buy” and an average target price of $38.00.

Torm Stock Up 1.2%

The company has a quick ratio of 1.97, a current ratio of 2.27 and a debt-to-equity ratio of 0.33. The business has a 50-day moving average price of $31.90 and a 200-day moving average price of $30.22. The firm has a market capitalization of $3.55 billion, a PE ratio of 5.72 and a beta of 0.12.

Torm (NASDAQ:TRMD) last announced its quarterly earnings results on Wednesday, August 26th. The company reported $3.25 earnings per share for the quarter, missing the consensus estimate of $3.31 by ($0.06). The firm had revenue of $662.80 million for the quarter, compared to analyst estimates of $499.01 million. Torm had a net margin of 35.51% and a return on equity of 27.24%.

Torm Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 24th. Investors of record on Thursday, September 10th will be given a dividend of $2.40 per share. This represents a $9.60 dividend on an annualized basis and a dividend yield of 27.6%. The ex-dividend date of this dividend is Thursday, September 10th. This is an increase from Torm’s previous quarterly dividend of $0.70. Torm’s dividend payout ratio is 115.32%.

Insider Activity at Torm

In related news, CFO Kim Balle sold 20,000 shares of the firm’s stock in a transaction dated Friday, September 18th. The stock was sold at an average price of $39.16, for a total transaction of $783,200.00. Following the completion of the transaction, the chief financial officer directly owned 23,043 shares in the company, valued at $902,363.88. This trade represents a 46.47% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders sold 42,533 shares of company stock worth $1,643,225 in the last ninety days. Company insiders own 0.37% of the company’s stock.

Hedge Funds Weigh In On Torm

Institutional investors and hedge funds have recently made changes to their positions in the stock. Pictet Asset Management Holding SA grew its holdings in Torm by 3.3% in the 1st quarter. Pictet Asset Management Holding SA now owns 15,214 shares of the company’s stock valued at $431,000 after buying an additional 479 shares in the last quarter. Midwest Professional Planners LTD. boosted its position in shares of Torm by 0.5% in the first quarter. Midwest Professional Planners LTD. now owns 91,505 shares of the company’s stock valued at $2,553,000 after acquiring an additional 495 shares during the period. Optiver Holding B.V. bought a new stake in shares of Torm in the first quarter valued at about $67,000. PSI Advisors LLC grew its stake in shares of Torm by 6.6% in the fourth quarter. PSI Advisors LLC now owns 59,701 shares of the company’s stock valued at $1,169,000 after acquiring an additional 3,707 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd grew its stake in shares of Torm by 33.8% in the first quarter. Y Intercept Hong Kong Ltd now owns 19,340 shares of the company’s stock valued at $540,000 after acquiring an additional 4,882 shares in the last quarter. 73.89% of the stock is owned by institutional investors and hedge funds.

About Torm

TORM plc is an international product tanker company that transports refined oil products and other energy-related cargoes by sea. Its vessels carry products such as gasoline, jet fuel, diesel and other clean petroleum products between production, storage and consumption markets.

The company operates a fleet of product tankers across several size categories, including long-range, medium-range and Handysize vessels. TORM provides seaborne transportation services to oil companies, trading houses and other commercial customers, with operations serving major shipping routes and energy markets worldwide.

TORM traces its history to 1889 and is headquartered in Copenhagen, Denmark.