Torm (NASDAQ:TRMD) Shares Gap Down – What’s Next?

Torm Plc (NASDAQ:TRMD)’s stock price gapped down prior to trading on Thursday . The stock had previously closed at $27.23, but opened at $25.75. Torm shares last traded at $24.9880, with a volume of 743,257 shares changing hands.

Analysts Set New Price Targets

Several analysts recently issued reports on TRMD shares. Wall Street Zen upgraded Torm from a “hold” rating to a “buy” rating in a report on Saturday, March 7th. Evercore reiterated an “outperform” rating and set a $34.00 price objective on shares of Torm in a research note on Thursday, February 26th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $34.00.

Torm Trading Down 1.5%

The business has a 50 day moving average of $25.22 and a two-hundred day moving average of $22.70. The firm has a market cap of $2.28 billion, a P/E ratio of 8.55 and a beta of -0.01. The company has a current ratio of 1.33, a quick ratio of 1.16 and a debt-to-equity ratio of 0.32.

Torm (NASDAQ:TRMD) last released its quarterly earnings data on Thursday, February 26th. The company reported $0.87 EPS for the quarter, topping analysts’ consensus estimates of $0.83 by $0.04. The firm had revenue of $347.60 million during the quarter, compared to analysts’ expectations of $236.21 million. Torm had a net margin of 21.29% and a return on equity of 13.26%. Analysts predict that Torm Plc will post 6.27 earnings per share for the current year.

Torm Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 25th. Investors of record on Thursday, March 12th will be paid a $0.70 dividend. This is an increase from Torm’s previous quarterly dividend of $0.62. The ex-dividend date is Thursday, March 12th. This represents a $2.80 dividend on an annualized basis and a yield of 11.5%. Torm’s dividend payout ratio (DPR) is currently 71.83%.

Institutional Investors Weigh In On Torm

Several hedge funds have recently bought and sold shares of TRMD. Vanguard Group Inc. boosted its holdings in shares of Torm by 0.5% during the fourth quarter. Vanguard Group Inc. now owns 2,341,185 shares of the company’s stock worth $46,629,000 after acquiring an additional 11,457 shares during the period. Norges Bank acquired a new stake in Torm during the 2nd quarter worth approximately $20,998,000. Renaissance Technologies LLC boosted its stake in Torm by 25.8% in the 4th quarter. Renaissance Technologies LLC now owns 536,425 shares of the company’s stock valued at $10,503,000 after purchasing an additional 110,000 shares during the period. Brevan Howard Capital Management LP acquired a new position in Torm in the 2nd quarter valued at $7,523,000. Finally, Millennium Management LLC grew its holdings in Torm by 119.5% in the 4th quarter. Millennium Management LLC now owns 252,811 shares of the company’s stock valued at $4,950,000 after buying an additional 137,648 shares in the last quarter. 73.89% of the stock is currently owned by institutional investors and hedge funds.

Torm Company Profile

Torm A/S (NASDAQ: TRMD) is an international shipping company specializing in the transportation of refined petroleum products. The firm owns and operates a modern fleet of product tankers, including both Handysize and MR vessels, which are designed to carry a broad range of clean petroleum cargoes such as gasoline, jet fuel and diesel. Torm’s core business revolves around voyage and time-charter contracts with major oil companies, trading houses and other energy sector clients around the world.

The company’s fleet is deployed on global trade routes, with particular focus on major refining and consumption regions in Europe, North America and Asia.