TORM (NASDAQ:TRMD) Stock Price Down 0.9% – Here’s Why

TORM plc (NASDAQ:TRMD)’s share price fell 0.9% during trading on Wednesday . The stock traded as low as $31.63 and last traded at $32.06. 324,803 shares changed hands during mid-day trading, a decline of 55% from the average session volume of 713,855 shares. The stock had previously closed at $32.34.

Wall Street Analysts Forecast Growth

TRMD has been the topic of several research reports. Evercore ISI upped their price objective on shares of TORM from $45.00 to $48.00 and gave the company an “outperform” rating in a research note on Tuesday, July 23rd. Fearnley Fonds raised TORM to a “hold” rating in a research report on Friday, September 27th.

TORM Price Performance

The business’s 50 day simple moving average is $35.57 and its 200 day simple moving average is $36.06. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.94 and a current ratio of 3.18.

TORM (NASDAQ:TRMD) last announced its quarterly earnings results on Thursday, August 15th. The company reported $2.02 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.99 by $0.03. The firm had revenue of $437.70 million during the quarter, compared to the consensus estimate of $325.38 million. TORM had a net margin of 43.81% and a return on equity of 36.06%. During the same period last year, the firm posted $2.14 EPS. As a group, sell-side analysts anticipate that TORM plc will post 7.1 earnings per share for the current fiscal year.

TORM Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 11th. Shareholders of record on Thursday, August 29th were paid a $1.80 dividend. The ex-dividend date was Thursday, August 29th. This is an increase from TORM’s previous quarterly dividend of $1.50. This represents a $7.20 dividend on an annualized basis and a dividend yield of 22.54%. TORM’s payout ratio is currently 66.41%.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. National Bank of Canada FI acquired a new position in shares of TORM during the second quarter valued at $26,000. Creekmur Asset Management LLC bought a new stake in TORM in the fourth quarter valued at about $27,000. Scarborough Advisors LLC acquired a new stake in shares of TORM in the 4th quarter valued at approximately $37,000. Fifth Third Bancorp acquired a new position in shares of TORM in the 2nd quarter valued at $43,000. Finally, Syquant Capital Sas acquired a new position in TORM in the second quarter valued at about $46,000. 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.