TORM (NASDAQ:TRMD) Trading Up 1.9% Following Dividend Announcement

TORM plc (NASDAQ:TRMD)’s share price rose 1.9% on Thursday after the company announced a dividend. The stock traded as high as $25.55 and last traded at $25.21. Approximately 693,803 shares were traded during mid-day trading, a decline of 7% from the average daily volume of 747,574 shares. The stock had previously closed at $24.75.

The newly announced dividend which will be paid on Wednesday, December 4th. Investors of record on Thursday, November 21st will be issued a dividend of $0.876 per share. The ex-dividend date is Thursday, November 21st. This represents a $3.50 dividend on an annualized basis and a yield of 14.62%. TORM’s dividend payout ratio (DPR) is presently 67.44%.

Analysts Set New Price Targets

Several brokerages have issued reports on TRMD. Fearnley Fonds upgraded TORM to a “hold” rating in a research note on Friday, September 27th. Evercore ISI upped their price target on 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 3.3 %

The company’s 50-day moving average is $31.51 and its 200 day moving average is $35.07. 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 posted its earnings results on Thursday, August 15th. The company reported $2.02 earnings per share for the quarter, beating analysts’ consensus estimates of $1.99 by $0.03. The firm had revenue of $437.70 million during 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 period last year, the firm posted $2.14 earnings per share. On average, analysts forecast that TORM plc will post 7.12 EPS for the current year.

Institutional Trading of TORM

Hedge funds and other institutional investors have recently bought and sold shares of the stock. National Bank of Canada FI purchased a new stake in TORM in the second quarter valued at $26,000. Fifth Third Bancorp acquired a new stake in shares of TORM in the 2nd quarter valued at about $43,000. Syquant Capital Sas acquired a new stake in shares of TORM in the 2nd quarter valued at about $46,000. Assetmark Inc. lifted its position in TORM by 76.9% during the 3rd quarter. Assetmark Inc. now owns 1,187 shares of the company’s stock worth $41,000 after acquiring an additional 516 shares during the period. Finally, Headlands Technologies LLC acquired a new stake in TORM during the 1st quarter worth approximately $51,000. 73.89% of the stock is owned by institutional investors and hedge funds.

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.