Torm Plc (NASDAQ:TRMD – Get Free Report) traded down 5.4% during trading on Thursday . The company traded as low as $28.12 and last traded at $28.2060. 347,434 shares were traded during trading, a decline of 57% from the average session volume of 809,093 shares. The stock had previously closed at $29.82.
Analyst Upgrades and Downgrades
Several equities analysts have issued reports on TRMD shares. Pareto Securities downgraded Torm from a “hold” rating to a “hold” rating in a research report on Wednesday, May 13th. Wall Street Zen upgraded Torm from a “buy” rating to a “strong-buy” rating in a research note on Saturday, May 16th. Evercore set a $35.00 price target on Torm in a report on Tuesday, April 21st. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Torm in a research report on Friday, April 17th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $35.00.
Get Our Latest Stock Report on Torm
Torm Stock Down 2.6%
Torm (NASDAQ:TRMD – Get Free Report) last announced its quarterly earnings data on Wednesday, May 13th. The company reported $1.18 EPS for the quarter, missing analysts’ consensus estimates of $1.33 by ($0.15). The firm had revenue of $402.00 million during the quarter, compared to the consensus estimate of $297.43 million. Torm had a net margin of 24.45% and a return on equity of 15.81%.
Torm Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Thursday, June 11th. Investors of record on Thursday, May 28th will be issued a $0.70 dividend. The ex-dividend date is Thursday, May 28th. This represents a $2.80 annualized dividend and a yield of 10.3%. Torm’s dividend payout ratio (DPR) is currently 60.00%.
Insider Buying and Selling
In related news, CEO Jacob Balslev Meldgaard sold 170,133 shares of Torm stock in a transaction dated Wednesday, May 20th. The stock was sold at an average price of $32.30, for a total value of $5,495,295.90. Following the completion of the sale, the chief executive officer directly owned 348,411 shares in the company, valued at $11,253,675.30. This trade represents a 32.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.37% of the stock is currently owned by insiders.
Institutional Inflows and Outflows
Several hedge funds have recently modified their holdings of TRMD. Royal Bank of Canada grew its position in shares of Torm by 1,346.6% during the 1st quarter. Royal Bank of Canada now owns 87,285 shares of the company’s stock worth $1,438,000 after buying an additional 81,251 shares during the period. NewEdge Advisors LLC boosted its stake in Torm by 39.9% in the first quarter. NewEdge Advisors LLC now owns 16,740 shares of the company’s stock valued at $276,000 after acquiring an additional 4,776 shares during the last quarter. Geode Capital Management LLC boosted its stake in Torm by 0.7% in the second quarter. Geode Capital Management LLC now owns 83,133 shares of the company’s stock valued at $1,385,000 after acquiring an additional 611 shares during the last quarter. Cetera Investment Advisers grew its holdings in Torm by 22.4% during the 2nd quarter. Cetera Investment Advisers now owns 17,610 shares of the company’s stock worth $293,000 after acquiring an additional 3,221 shares during the period. Finally, Invesco Ltd. acquired a new stake in Torm during the 2nd quarter worth $190,000. Institutional investors own 73.89% of the company’s stock.
Torm Company Profile
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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