Torm (NASDAQ:TRMD) Sees Large Volume Increase – Time to Buy?

Shares of Torm Plc (NASDAQ:TRMD) saw strong trading volume on Wednesday . 894,590 shares traded hands during mid-day 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.

Analysts Set New Price Targets

A number of brokerages have recently commented on TRMD. Evercore reiterated an “outperform” rating and issued a $37.00 target price on shares of Torm in a report on Wednesday, July 22nd. Pareto Securities lowered Torm from a “hold” rating to a “hold” rating in a report on Wednesday, May 13th. Wall Street Zen downgraded Torm from a “strong-buy” rating to a “buy” rating in a research report on Sunday, August 9th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Torm in a research note on Wednesday, July 15th. One 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 stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $37.00.

Torm Price Performance

The company has a current ratio of 1.40, a quick ratio of 1.20 and a debt-to-equity ratio of 0.35. The company has a market capitalization of $3.13 billion, a PE ratio of 8.98 and a beta of 0.09. The stock’s 50-day moving average is $29.26 and its two-hundred day moving average is $29.13.

Torm (NASDAQ:TRMD) last released its earnings results on Wednesday, August 26th. The company reported $3.25 EPS for the quarter, missing analysts’ consensus estimates of $3.31 by ($0.06). Torm had a net margin of 24.45% and a return on equity of 15.81%. The business had revenue of $662.80 million for the quarter, compared to the consensus estimate of $499.01 million.

Hedge Funds Weigh In On Torm

Large investors have recently bought and sold shares of the business. Quarry LP bought a new position in Torm in the 3rd quarter valued at $35,000. Tower Research Capital LLC TRC bought a new stake in shares of Torm during the second quarter worth $46,000. Optiver Holding B.V. bought a new stake in shares of Torm during the first quarter worth $67,000. Wexford Capital LP purchased a new stake in shares of Torm during the third quarter valued at $120,000. Finally, Hilton Head Capital Partners LLC purchased a new stake in shares of Torm during the fourth quarter valued at $121,000. Hedge funds and other institutional investors own 73.89% of the company’s stock.

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.