Torm (NASDAQ:TRMD) Releases Quarterly Earnings Results, Beats Expectations By $0.17 EPS

Torm (NASDAQ:TRMD) released its earnings results on Thursday. The company reported $0.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.60 by $0.17, Zacks reports. The company had revenue of $342.60 million for the quarter, compared to analyst estimates of $258.49 million. Torm had a return on equity of 15.73% and a net margin of 24.90%.

Torm Trading Up 4.5%

Shares of TRMD stock traded up $0.96 during mid-day trading on Thursday, reaching $22.32. 846,055 shares of the stock traded hands, compared to its average volume of 456,963. The stock’s fifty day simple moving average is $21.61 and its two-hundred day simple moving average is $19.22. Torm has a 1-year low of $13.60 and a 1-year high of $25.55. The company has a market cap of $2.10 billion, a price-to-earnings ratio of 6.76 and a beta of 0.06. The company has a quick ratio of 2.30, a current ratio of 2.57 and a debt-to-equity ratio of 0.46.

Torm Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 3rd. Stockholders of record on Thursday, November 20th will be paid a dividend of $0.62 per share. The ex-dividend date of this dividend is Thursday, November 20th. This is a positive change from Torm’s previous quarterly dividend of $0.40. This represents a $2.48 dividend on an annualized basis and a dividend yield of 11.1%. Torm’s payout ratio is 35.45%.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. Evercore ISI set a $23.00 price objective on Torm and gave the company an “outperform” rating in a research note on Thursday, August 14th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Torm in a research note on Wednesday, October 8th. Pareto Securities lowered Torm from a “buy” rating to a “hold” rating in a research note on Tuesday, August 19th. Finally, Fearnley Fonds lowered Torm from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, September 3rd. Two investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $27.50.

Institutional Trading of Torm

A number of hedge funds have recently made changes to their positions in TRMD. Royal Bank of Canada boosted its stake in shares of Torm by 1,346.6% during the first quarter. Royal Bank of Canada now owns 87,285 shares of the company’s stock valued at $1,438,000 after purchasing an additional 81,251 shares in the last quarter. NewEdge Advisors LLC boosted its stake in shares of Torm by 39.9% during the first quarter. NewEdge Advisors LLC now owns 16,740 shares of the company’s stock valued at $276,000 after purchasing an additional 4,776 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Torm by 0.7% during the second quarter. Geode Capital Management LLC now owns 83,133 shares of the company’s stock valued at $1,385,000 after purchasing an additional 611 shares in the last quarter. Cetera Investment Advisers boosted its stake in shares of Torm by 22.4% during the second quarter. Cetera Investment Advisers now owns 17,610 shares of the company’s stock valued at $293,000 after purchasing an additional 3,221 shares in the last quarter. Finally, Invesco Ltd. acquired a new stake in shares of Torm during the second quarter valued at about $190,000. 73.89% of the stock is owned by institutional investors and hedge funds.

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.