TORM (NASDAQ:TRMD) Trading 1.9% Higher

TORM plc (NASDAQ:TRMD) rose 1.9% during trading on Thursday . The company traded as high as $35.16 and last traded at $35.15. Approximately 149,839 shares were traded during trading, a decline of 78% from the average daily volume of 684,907 shares. The stock had previously closed at $34.50.

Analysts Set New Price Targets

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

TORM Stock Up 2.5 %

The company has a quick ratio of 2.94, a current ratio of 3.18 and a debt-to-equity ratio of 0.53. The firm’s fifty day moving average is $36.46 and its two-hundred day moving average is $36.10.

TORM (NASDAQ:TRMD) last released its earnings results on Thursday, August 15th. The company reported $2.02 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.99 by $0.03. TORM had a return on equity of 36.06% and a net margin of 43.81%. The firm had revenue of $437.70 million during the quarter, compared to analysts’ expectations of $325.38 million. During the same quarter last year, the business posted $2.14 earnings per share. On average, sell-side analysts forecast that TORM plc will post 7.1 EPS for the current year.

TORM Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 11th. Stockholders of record on Thursday, August 29th were issued a $1.80 dividend. This represents a $7.20 annualized dividend and a dividend yield of 20.36%. The ex-dividend date of this dividend was Thursday, August 29th. This is an increase from TORM’s previous quarterly dividend of $1.50. TORM’s payout ratio is 66.41%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. National Bank of Canada FI purchased a new position in shares of TORM in the second quarter valued at $26,000. Vanguard Personalized Indexing Management LLC raised its position in shares of TORM by 7.8% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 11,220 shares of the company’s stock valued at $433,000 after buying an additional 811 shares in the last quarter. Creekmur Asset Management LLC bought a new position in shares of TORM in the 4th quarter valued at about $27,000. Zurcher Kantonalbank Zurich Cantonalbank raised its position in TORM by 12.4% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,338 shares of the company’s stock valued at $365,000 after purchasing an additional 1,030 shares during the period. Finally, Fifth Third Bancorp bought a new stake in shares of TORM in the 2nd quarter valued at approximately $43,000. Institutional investors own 73.89% of the company’s stock.

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.