TORM (NASDAQ:TRMD) Shares Down 0.7%

TORM plc (NASDAQ:TRMD)’s stock price was down 0.7% on Monday . The stock traded as low as $33.87 and last traded at $34.01. 223,338 shares traded hands during trading, a decline of 67% from the average session volume of 686,874 shares. The stock had previously closed at $34.24.

Analysts Set New Price Targets

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

TORM Price Performance

The stock has a market capitalization of $2.77 billion, a PE ratio of 4.29 and a beta of 0.24. The company has a current ratio of 3.18, a quick ratio of 2.94 and a debt-to-equity ratio of 0.53. The firm has a 50 day moving average price of $36.35 and a 200 day moving average price of $36.12.

TORM (NASDAQ:TRMD) last posted its quarterly earnings data on Thursday, August 15th. The company reported $2.02 earnings per share 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 firm had revenue of $437.70 million for the quarter, compared to analysts’ expectations of $325.38 million. During the same period in the previous year, the firm earned $2.14 EPS. Research analysts anticipate that TORM plc will post 7.1 earnings per share for the current year.

TORM Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 11th. Stockholders of record on Thursday, August 29th were paid a $1.80 dividend. The ex-dividend date of this dividend was Thursday, August 29th. This is a boost from TORM’s previous quarterly dividend of $1.50. This represents a $7.20 dividend on an annualized basis and a dividend yield of 21.18%. TORM’s dividend payout ratio is 66.29%.

Institutional Investors Weigh In On TORM

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Marshall Wace LLP lifted its holdings in TORM by 860.9% in the 2nd quarter. Marshall Wace LLP now owns 1,429,989 shares of the company’s stock worth $55,441,000 after purchasing an additional 1,281,176 shares in the last quarter. Acadian Asset Management LLC grew its position in TORM by 320.5% in the 2nd quarter. Acadian Asset Management LLC now owns 1,265,792 shares of the company’s stock valued at $49,189,000 after acquiring an additional 964,801 shares during the last quarter. Vanguard Group Inc. increased its stake in TORM by 7.9% in the 1st quarter. Vanguard Group Inc. now owns 1,179,417 shares of the company’s stock worth $41,221,000 after buying an additional 85,937 shares during the period. Norges Bank purchased a new position in shares of TORM during the fourth quarter worth approximately $22,306,000. Finally, Renaissance Technologies LLC lifted its stake in TORM by 38.9% in the second quarter. Renaissance Technologies LLC now owns 669,200 shares of the company’s stock worth $25,945,000 after acquiring an additional 187,300 shares during the period. 73.89% of the stock is owned by institutional investors.

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.