Torm Plc (NASDAQ:TRMD – Get Free Report) saw an uptick in trading volume on Wednesday following a dividend announcement from the company. Approximately 894,590 shares traded hands during trading, an increase of 17% from the previous session’s volume of 766,305 shares.The stock last traded at $30.48 and had previously closed at $31.47.
The newly announced dividend which will be paid on Thursday, September 24th. Stockholders of record on Thursday, September 10th will be issued a $2.40 dividend. This is a positive change from Torm’s previous quarterly dividend of $0.70. The ex-dividend date is Thursday, September 10th. This represents a $9.60 dividend on an annualized basis and a dividend yield of 30.2%. Torm’s dividend payout ratio (DPR) is presently 60.00%.
Analyst Upgrades and Downgrades
A number of research firms have issued reports on TRMD. Evercore reiterated an “outperform” rating and issued a $38.00 target price on shares of Torm in a research note on Wednesday. Weiss Ratings reissued a “hold (c)” rating on shares of Torm in a research report on Wednesday, July 15th. Wall Street Zen downgraded Torm from a “strong-buy” rating to a “buy” rating in a research note on Sunday, August 9th. Finally, Pareto Securities cut shares of Torm from a “hold” rating to a “hold” rating in a report on Wednesday, May 13th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $38.00.
Torm Stock Up 5.7%
The firm has a market capitalization of $3.24 billion, a P/E ratio of 5.24 and a beta of 0.09. The business has a 50 day moving average price of $29.33 and a 200 day moving average price of $29.22. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.40 and a quick ratio of 1.20.
Torm (NASDAQ:TRMD – Get Free Report) last posted its quarterly earnings data 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). Torm had a net margin of 35.51% and a return on equity of 28.29%. The business had revenue of $662.80 million during the quarter, compared to the consensus estimate of $499.01 million.
Institutional Trading of Torm
A number of large investors have recently bought and sold shares of the stock. Norges Bank bought a new position in shares of Torm during the fourth quarter valued at $24,830,000. Brevan Howard Capital Management LP acquired a new stake in shares of Torm in the 2nd quarter valued at $7,523,000. Sei Investments Co. bought a new stake in shares of Torm in the 1st quarter worth about $7,705,000. Marnell Management LLC bought a new stake in shares of Torm in the 4th quarter worth about $4,815,000. Finally, Fearnley Asset Management AS acquired a new stake in shares of Torm during the 4th quarter worth about $4,048,000. 73.89% of the stock is currently owned by institutional investors.
About Torm
Torm A/S (NASDAQ: TRMD) is an international shipping company specializing in the transportation of refined petroleum products. The firm owns and operates a modern fleet of product tankers, including both Handysize and MR vessels, which are designed to carry a broad range of clean petroleum cargoes such as gasoline, jet fuel and diesel. Torm’s core business revolves around voyage and time-charter contracts with major oil companies, trading houses and other energy sector clients around the world.
The company’s fleet is deployed on global trade routes, with particular focus on major refining and consumption regions in Europe, North America and Asia.
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