1,245,660 Shares in Torm Plc $TRMD Purchased by Norges Bank

Norges Bank bought a new stake in Torm Plc (NASDAQ:TRMD) in the 2nd quarter, according to its most recent disclosure with the SEC. The fund bought 1,245,660 shares of the company’s stock, valued at approximately $20,998,000. Norges Bank owned approximately 1.33% of Torm at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the business. Lind Value II ApS acquired a new position in shares of Torm in the second quarter valued at approximately $7,283,000. Vanguard Group Inc. lifted its holdings in Torm by 5.9% during the 1st quarter. Vanguard Group Inc. now owns 1,996,234 shares of the company’s stock worth $32,688,000 after buying an additional 111,194 shares in the last quarter. Royal Bank of Canada boosted its position in Torm by 1,346.6% in the 1st quarter. Royal Bank of Canada now owns 87,285 shares of the company’s stock valued at $1,438,000 after buying an additional 81,251 shares during the period. Nuveen LLC acquired a new position in shares of Torm in the first quarter worth $841,000. Finally, Commons Capital LLC purchased a new stake in shares of Torm during the second quarter worth $450,000. Institutional investors and hedge funds own 73.89% of the company’s stock.

Torm Stock Down 0.5%

Shares of NASDAQ TRMD opened at $21.13 on Tuesday. The business has a 50-day moving average of $21.48 and a two-hundred day moving average of $20.07. The company has a market capitalization of $1.99 billion, a price-to-earnings ratio of 7.77 and a beta of 0.01. Torm Plc has a 1 year low of $13.60 and a 1 year high of $23.67. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.37 and a quick ratio of 2.07.

Torm (NASDAQ:TRMD) last issued its earnings results on Thursday, November 6th. The company reported $0.77 earnings per share for the quarter, topping the consensus estimate of $0.60 by $0.17. The business had revenue of $342.60 million for the quarter, compared to analyst estimates of $258.49 million. Torm had a return on equity of 13.03% and a net margin of 21.37%. On average, analysts forecast that Torm Plc will post 6.27 earnings per share for the current fiscal year.

Torm Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 3rd. Stockholders of record on Thursday, November 20th were given a dividend of $0.62 per share. The ex-dividend date was Thursday, November 20th. This represents a $2.48 annualized dividend and a dividend yield of 11.7%. This is a boost from Torm’s previous quarterly dividend of $0.40. Torm’s payout ratio is presently 66.54%.

Analysts Set New Price Targets

TRMD has been the subject of a number of recent research reports. Weiss Ratings reiterated a “hold (c)” rating on shares of Torm in a report on Wednesday, October 8th. Pareto Securities cut Torm from a “buy” rating to a “hold” rating in a research note on Tuesday, August 19th. Evercore ISI set a $23.00 price objective on Torm and gave the stock an “outperform” rating in a research report on Thursday, August 14th. Finally, Fearnley Fonds raised shares of Torm from a “hold” rating to a “strong-buy” rating in a report on Thursday, November 13th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $23.00.

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.