TORM (NASDAQ:TRMD) Shares Down 4.8%

TORM plc (NASDAQ:TRMD) was down 4.8% on Tuesday . The company traded as low as $34.18 and last traded at $34.35. Approximately 509,479 shares changed hands during trading, a decline of 25% from the average daily volume of 682,271 shares. The stock had previously closed at $36.09.

Wall Street Analysts Forecast Growth

Separately, Evercore ISI increased their target price on shares of TORM from $45.00 to $48.00 and gave the company an “outperform” rating in a research report on Tuesday, July 23rd.

TORM Trading Down 2.2 %

The firm’s 50-day simple moving average is $37.60 and its 200 day simple moving average is $36.01. The stock has a market capitalization of $2.71 billion, a P/E ratio of 4.24 and a beta of 0.24. The company has a quick ratio of 2.94, a current ratio of 3.18 and a debt-to-equity ratio of 0.53.

TORM (NASDAQ:TRMD) last released its quarterly earnings results on Thursday, August 15th. The company reported $2.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.99 by $0.03. The business had revenue of $437.70 million for the quarter, compared to analyst estimates of $325.38 million. TORM had a net margin of 43.81% and a return on equity of 36.06%. During the same quarter in the previous year, the business earned $2.14 earnings per share. Equities research analysts anticipate that TORM plc will post 7.1 EPS for the current fiscal year.

TORM Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 11th. Investors of record on Thursday, August 29th will be issued a dividend of $1.80 per share. This is a boost from TORM’s previous quarterly dividend of $1.50. This represents a $7.20 annualized dividend and a dividend yield of 21.68%. The ex-dividend date of this dividend is Thursday, August 29th. TORM’s dividend payout ratio (DPR) is currently 66.29%.

Institutional Investors Weigh In On TORM

Several large investors have recently made changes to their positions in TRMD. International Assets Investment Management LLC acquired a new stake in TORM in the fourth quarter valued at approximately $2,000,000. Norges Bank acquired a new position in shares of TORM during the 4th quarter valued at about $22,306,000. PNC Financial Services Group Inc. lifted its holdings in TORM by 65.3% in the 4th quarter. PNC Financial Services Group Inc. now owns 9,420 shares of the company’s stock worth $286,000 after purchasing an additional 3,720 shares during the last quarter. Trexquant Investment LP bought a new stake in TORM during the fourth quarter worth approximately $546,000. Finally, CWA Asset Management Group LLC acquired a new position in TORM during the fourth quarter valued at approximately $681,000. Institutional investors own 73.89% of the company’s stock.

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.