TORM (NASDAQ:TRMD) Trading Down 1.8% – Here’s Why

TORM plc (NASDAQ:TRMD) dropped 1.8% on Tuesday . The stock traded as low as $23.34 and last traded at $23.37. Approximately 325,941 shares were traded during trading, a decline of 57% from the average daily volume of 758,715 shares. The stock had previously closed at $23.80.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. Fearnley Fonds upgraded TORM to a “hold” rating in a research note on Friday, September 27th. Evercore ISI boosted their price target 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 Price Performance

The firm has a market cap of $1.87 billion, a PE ratio of 3.02 and a beta of 0.27. The business has a fifty day moving average of $31.02 and a 200-day moving average of $34.96. The company has a current ratio of 3.18, a quick ratio of 2.94 and a debt-to-equity ratio of 0.53.

TORM (NASDAQ:TRMD) last issued its quarterly earnings results on Thursday, August 15th. The company reported $2.02 EPS for the quarter, topping analysts’ consensus estimates of $1.99 by $0.03. The firm 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 34.97%. During the same quarter in the prior year, the firm earned $2.14 EPS. As a group, research analysts predict that TORM plc will post 6.41 earnings per share for the current year.

TORM Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 4th. Investors of record on Thursday, November 21st will be paid a $0.876 dividend. This represents a $3.50 annualized dividend and a dividend yield of 15.27%. The ex-dividend date is Thursday, November 21st. TORM’s payout ratio is 45.28%.

Institutional Trading of TORM

Several large investors have recently bought and sold shares of TRMD. BNP Paribas Financial Markets purchased a new position in shares of TORM in the 1st quarter worth $1,229,000. SG Americas Securities LLC purchased a new stake in TORM during the first quarter valued at approximately $115,000. Swiss National Bank lifted its holdings in shares of TORM by 18.4% in the 1st quarter. Swiss National Bank now owns 79,609 shares of the company’s stock worth $2,700,000 after acquiring an additional 12,353 shares during the last quarter. Headlands Technologies LLC purchased a new stake in TORM in the first quarter worth $51,000. Finally, Midwest Professional Planners LTD. bought a new position in shares of TORM during the 1st quarter worth $1,437,000. 73.89% of the stock is 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.