TORM (NASDAQ:TRMD) Trading Down 2.4% – Here’s Why

TORM plc (NASDAQ:TRMD)’s share price fell 2.4% on Friday . The company traded as low as $24.17 and last traded at $24.19. 505,676 shares traded hands during mid-day trading, a decline of 33% from the average session volume of 753,476 shares. The stock had previously closed at $24.79.

Analyst Ratings Changes

Several analysts have recently commented on the company. Evercore ISI increased their price objective on TORM from $45.00 to $48.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 23rd. Fearnley Fonds raised TORM to a “hold” rating in a report on Friday, September 27th.

TORM Price Performance

The company has a 50 day simple moving average of $31.73 and a 200-day simple moving average of $35.14. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.94 and a current ratio of 3.18.

TORM (NASDAQ:TRMD) last issued its earnings results on Thursday, August 15th. The company reported $2.02 EPS for the quarter, topping the consensus estimate of $1.99 by $0.03. The company had revenue of $437.70 million for the quarter, compared to the consensus estimate of $325.38 million. TORM had a net margin of 43.81% and a return on equity of 36.06%. During the same period in the previous year, the firm earned $2.14 earnings per share. Equities research analysts anticipate that TORM plc will post 7.12 earnings per share for the current fiscal year.

TORM Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 4th. Shareholders of record on Thursday, November 21st will be given a dividend of $0.876 per share. This represents a $3.50 dividend on an annualized basis and a yield of 14.59%. The ex-dividend date is Thursday, November 21st. TORM’s payout ratio is 67.44%.

Institutional Investors Weigh In On TORM

Large investors have recently made changes to their positions in the business. Marshall Wace LLP grew its holdings in TORM by 860.9% in the second quarter. Marshall Wace LLP now owns 1,429,989 shares of the company’s stock worth $55,441,000 after purchasing an additional 1,281,176 shares during the period. Acadian Asset Management LLC boosted its holdings in TORM by 320.5% in the second quarter. Acadian Asset Management LLC now owns 1,265,792 shares of the company’s stock worth $49,189,000 after purchasing an additional 964,801 shares during the last quarter. Vanguard Group Inc. raised its stake in TORM by 7.9% during the 1st quarter. Vanguard Group Inc. now owns 1,179,417 shares of the company’s stock valued at $41,221,000 after buying an additional 85,937 shares during the last quarter. Renaissance Technologies LLC boosted its stake in shares of TORM by 38.9% in the 2nd quarter. Renaissance Technologies LLC now owns 669,200 shares of the company’s stock worth $25,945,000 after buying an additional 187,300 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in shares of TORM by 2.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 355,151 shares of the company’s stock worth $13,769,000 after buying an additional 8,185 shares during the last quarter. 73.89% of the stock is currently owned by institutional investors.

TORM Company Profile

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.