Torm (NASDAQ:TRMD) Posts Earnings Results, Beats Estimates By $0.17 EPS

Torm (NASDAQ:TRMD) released its quarterly earnings results on Thursday. The company reported $0.77 earnings per share for the quarter, topping the consensus estimate of $0.60 by $0.17, Zacks reports. Torm had a net margin of 21.37% and a return on equity of 13.10%. The firm had revenue of $342.60 million for the quarter, compared to analysts’ expectations of $258.49 million.

Torm Price Performance

TRMD traded up $0.46 during midday trading on Friday, hitting $22.78. The stock had a trading volume of 538,166 shares, compared to its average volume of 475,232. Torm has a 1 year low of $13.60 and a 1 year high of $24.87. The company has a debt-to-equity ratio of 0.46, a quick ratio of 2.30 and a current ratio of 2.57. The business has a fifty day moving average of $21.63 and a 200 day moving average of $19.27. The company has a market cap of $2.14 billion, a P/E ratio of 8.38 and a beta of 0.06.

Torm Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 3rd. Investors of record on Thursday, November 20th will be given a $0.62 dividend. This represents a $2.48 dividend on an annualized basis and a yield of 10.9%. The ex-dividend date is Thursday, November 20th. This is a positive change from Torm’s previous quarterly dividend of $0.40. Torm’s dividend payout ratio is presently 35.45%.

Analysts Set New Price Targets

TRMD has been the subject of several recent analyst reports. Fearnley Fonds cut Torm from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, September 3rd. Pareto Securities downgraded Torm from a “buy” rating to a “hold” rating in a research report on Tuesday, August 19th. Weiss Ratings reissued a “hold (c)” rating on shares of Torm in a report on Wednesday, October 8th. Finally, Evercore ISI set a $23.00 price objective on shares of Torm and gave the stock an “outperform” rating in a research report on Thursday, August 14th. Two equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $27.50.

Institutional Investors Weigh In On Torm

Institutional investors have recently made changes to their positions in the business. Tower Research Capital LLC TRC purchased a new position in Torm in the 2nd quarter worth $46,000. Invesco Ltd. bought a new position in shares of Torm during the second quarter valued at about $190,000. NewEdge Advisors LLC increased its holdings in shares of Torm by 39.9% in the first quarter. NewEdge Advisors LLC now owns 16,740 shares of the company’s stock worth $276,000 after buying an additional 4,776 shares during the period. Cetera Investment Advisers increased its holdings in shares of Torm by 22.4% in the second quarter. Cetera Investment Advisers now owns 17,610 shares of the company’s stock worth $293,000 after buying an additional 3,221 shares during the period. Finally, Raymond James Financial Inc. bought a new stake in shares of Torm in the 2nd quarter valued at about $348,000. Hedge funds and other institutional investors own 73.89% of the company’s stock.

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.