Torm (NASDAQ:TRMD) Issues Quarterly Earnings Results

Torm (NASDAQ:TRMD) released its quarterly earnings results on Thursday. The company reported $0.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.60 by $0.17, Zacks reports. The firm had revenue of $342.60 million during the quarter, compared to analyst estimates of $258.49 million. Torm had a net margin of 24.90% and a return on equity of 15.73%.

Torm Trading Up 4.5%

TRMD traded up $0.96 during trading on Thursday, hitting $22.32. The company’s stock had a trading volume of 846,055 shares, compared to its average volume of 456,963. Torm has a twelve month low of $13.60 and a twelve month high of $25.55. The company has a quick ratio of 2.30, a current ratio of 2.57 and a debt-to-equity ratio of 0.46. The stock’s fifty day moving average price is $21.61 and its 200-day moving average price is $19.22. The firm has a market capitalization of $2.10 billion, a P/E ratio of 6.76 and a beta of 0.06.

Torm Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 3rd. Shareholders of record on Thursday, November 20th will be paid a $0.62 dividend. This represents a $2.48 annualized dividend and a yield of 11.1%. This is a boost from Torm’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Thursday, November 20th. Torm’s payout ratio is presently 35.45%.

Analyst Upgrades and Downgrades

TRMD has been the topic of a number of recent analyst reports. Fearnley Fonds downgraded shares of Torm from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, September 3rd. Evercore ISI set a $23.00 price target on shares of Torm and gave the stock an “outperform” rating in a research report on Thursday, August 14th. Weiss Ratings restated a “hold (c)” rating on shares of Torm in a research report on Wednesday, October 8th. Finally, Pareto Securities downgraded shares of Torm from a “buy” rating to a “hold” rating in a research report on Tuesday, August 19th. Two research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $27.50.

Hedge Funds Weigh In On Torm

Several institutional investors have recently added to or reduced their stakes in TRMD. Tower Research Capital LLC TRC acquired a new position in Torm in the second quarter valued at approximately $46,000. Invesco Ltd. acquired a new position in Torm in the second quarter valued at approximately $190,000. NewEdge Advisors LLC lifted its stake in Torm by 39.9% in the first quarter. NewEdge Advisors LLC now owns 16,740 shares of the company’s stock valued at $276,000 after buying an additional 4,776 shares during the period. Cetera Investment Advisers lifted its stake in Torm by 22.4% in the second quarter. Cetera Investment Advisers now owns 17,610 shares of the company’s stock valued at $293,000 after buying an additional 3,221 shares during the period. Finally, Raymond James Financial Inc. bought a new stake in shares of Torm during the second quarter valued at approximately $348,000. 73.89% of the stock is owned by institutional investors and hedge funds.

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.