TORM (NASDAQ:TRMD) Stock Price Up 1.5%

TORM plc (NASDAQ:TRMD)’s stock price was up 1.5% during trading on Wednesday . The stock traded as high as $36.72 and last traded at $36.58. Approximately 177,292 shares changed hands during trading, a decline of 74% from the average daily volume of 684,246 shares. The stock had previously closed at $36.05.

Wall Street Analysts Forecast Growth

Separately, Evercore ISI upped their target price on TORM from $45.00 to $48.00 and gave the company an “outperform” rating in a research report on Tuesday, July 23rd.

TORM Stock Performance

The firm’s fifty day simple moving average is $36.74 and its 200 day simple moving average is $36.03. The company has a debt-to-equity ratio of 0.53, a current ratio of 3.18 and a quick ratio of 2.94.

TORM (NASDAQ:TRMD) last posted its quarterly earnings data on Thursday, August 15th. The company reported $2.02 EPS for the quarter, beating analysts’ consensus estimates of $1.99 by $0.03. TORM had a return on equity of 36.06% and a net margin of 43.81%. The business had revenue of $437.70 million during the quarter, compared to analysts’ expectations of $325.38 million. During the same period in the previous year, the business earned $2.14 earnings per share. Sell-side analysts anticipate that TORM plc will post 7.1 earnings per share for the current year.

TORM Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 11th. Investors of record on Thursday, August 29th were given a dividend of $1.80 per share. This represents a $7.20 annualized dividend and a dividend yield of 19.90%. This is a boost from TORM’s previous quarterly dividend of $1.50. The ex-dividend date of this dividend was Thursday, August 29th. TORM’s payout ratio is presently 66.41%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. National Bank of Canada FI purchased a new position in TORM during the second quarter worth about $26,000. Creekmur Asset Management LLC purchased a new stake in TORM in the fourth quarter valued at approximately $27,000. Fifth Third Bancorp acquired a new position in TORM during the second quarter worth $43,000. Syquant Capital Sas purchased a new position in shares of TORM during the second quarter worth $46,000. Finally, Scarborough Advisors LLC acquired a new stake in shares of TORM in the fourth quarter valued at $37,000. 73.89% of the stock is currently owned by institutional investors and hedge funds.

About TORM

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.