Torm (NASDAQ:TRMD) Reaches New 1-Year High – Here’s What Happened

Shares of Torm Plc (NASDAQ:TRMD) hit a new 52-week high during mid-day trading on Wednesday. The company traded as high as $38.80 and last traded at $38.7420, with a volume of 370116 shares traded. The stock had previously closed at $36.15.

Wall Street Analyst Weigh In

TRMD has been the topic of several research analyst reports. Wall Street Zen upgraded Torm from a “buy” rating to a “strong-buy” rating in a research note on Saturday, September 19th. Weiss Ratings cut Torm from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Friday. Finally, Evercore restated an “outperform” rating and issued a $38.00 price objective on shares of Torm in a research note on Wednesday, August 26th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $38.00.

Torm Stock Performance

The firm’s 50 day simple moving average is $32.36 and its 200 day simple moving average is $30.41. The firm has a market capitalization of $3.89 billion, a price-to-earnings ratio of 6.25 and a beta of 0.12. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.97 and a current ratio of 2.27.

Torm (NASDAQ:TRMD) last released its quarterly earnings data on Wednesday, August 26th. The company reported $3.25 earnings per share for the quarter, missing analysts’ consensus estimates of $3.31 by ($0.06). Torm had a return on equity of 27.24% and a net margin of 35.51%.The business had revenue of $662.80 million during the quarter, compared to analyst estimates of $499.01 million.

Torm Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 24th. Shareholders of record on Thursday, September 10th were issued a $2.40 dividend. The ex-dividend date of this dividend was Thursday, September 10th. This is a positive change from Torm’s previous quarterly dividend of $0.70. This represents a $9.60 annualized dividend and a yield of 25.2%. Torm’s dividend payout ratio is currently 115.32%.

Insider Buying and Selling at Torm

In other Torm news, CFO Kim Balle sold 20,000 shares of Torm stock in a transaction dated Friday, September 18th. The stock was sold at an average price of $39.16, for a total transaction of $783,200.00. Following the completion of the transaction, the chief financial officer owned 23,043 shares in the company, valued at approximately $902,363.88. This trade represents a 46.47% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In the last ninety days, insiders sold 42,533 shares of company stock worth $1,643,225. Company insiders own 0.37% of the company’s stock.

Institutional Trading of Torm

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Optiver Holding B.V. acquired a new position in Torm in the first quarter valued at approximately $67,000. Hilton Head Capital Partners LLC purchased a new stake in Torm in the 4th quarter worth approximately $121,000. Savant Capital LLC acquired a new stake in shares of Torm during the 4th quarter worth approximately $203,000. Bank of New York Mellon Corp acquired a new stake in shares of Torm during the 1st quarter worth approximately $228,000. Finally, The Manufacturers Life Insurance Company purchased a new position in shares of Torm during the 1st quarter valued at approximately $252,000. 73.89% of the stock is owned by institutional investors and hedge funds.

About Torm

TORM plc is an international product tanker company that transports refined oil products and other energy-related cargoes by sea. Its vessels carry products such as gasoline, jet fuel, diesel and other clean petroleum products between production, storage and consumption markets.

The company operates a fleet of product tankers across several size categories, including long-range, medium-range and Handysize vessels. TORM provides seaborne transportation services to oil companies, trading houses and other commercial customers, with operations serving major shipping routes and energy markets worldwide.

TORM traces its history to 1889 and is headquartered in Copenhagen, Denmark.