Torm (NASDAQ:TRMD) Hits New 52-Week High – Time to Buy?

Shares of Torm Plc (NASDAQ:TRMD) reached a new 52-week high during trading on Tuesday. The stock traded as high as $41.55 and last traded at $41.05, with a volume of 2354033 shares. The stock had previously closed at $40.00.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on TRMD. Evercore restated an “outperform” rating and set a $38.00 price target on shares of Torm in a report on Wednesday, August 26th. Wall Street Zen raised Torm from a “buy” rating to a “strong-buy” rating in a research report on Saturday, September 19th. Finally, Weiss Ratings lowered Torm from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday, September 25th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $38.00.

Torm Stock Down 0.3%

The stock has a market cap of $3.97 billion, a P/E ratio of 6.41 and a beta of 0.07. The company has a current ratio of 2.27, a quick ratio of 1.97 and a debt-to-equity ratio of 0.33. The firm’s fifty day moving average is $33.49 and its 200 day moving average is $31.01.

Torm (NASDAQ:TRMD) last released its quarterly earnings results on Wednesday, August 26th. The company reported $3.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.31 by ($0.06). The firm had revenue of $662.80 million for the quarter, compared to the consensus estimate of $499.01 million. Torm had a net margin of 35.51% and a return on equity of 27.24%.

Torm Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 24th. Investors of record on Thursday, September 10th were paid a dividend of $2.40 per share. This represents a $9.60 annualized dividend and a yield of 24.7%. The ex-dividend date was Thursday, September 10th. This is a positive change from Torm’s previous quarterly dividend of $0.70. Torm’s dividend payout ratio is currently 115.49%.

Insider Transactions at Torm

In other Torm news, CFO Kim Balle sold 7,533 shares of Torm stock in a transaction that occurred on Tuesday, September 22nd. The stock was sold at an average price of $36.35, for a total value of $273,824.55. Following the transaction, the chief financial officer directly owned 510 shares of the company’s stock, valued at $18,538.50. The trade was a 93.66% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Over the last quarter, insiders sold 42,533 shares of company stock valued at $1,643,225. Company insiders own 0.37% of the company’s stock.

Institutional Investors Weigh In On Torm

Several hedge funds have recently modified their holdings of TRMD. Optiver Holding B.V. acquired a new stake in shares of Torm in the first quarter worth $67,000. Bank of New York Mellon Corp acquired a new stake in Torm in the 1st quarter worth $228,000. The Manufacturers Life Insurance Company acquired a new stake in Torm in the 1st quarter worth $252,000. Allianz Asset Management GmbH bought a new position in shares of Torm during the 2nd quarter worth about $267,000. Finally, U S Global Investors Inc. bought a new position in shares of Torm during the 1st quarter worth about $396,000. 73.89% of the stock is owned by institutional investors.

About Torm

TORM plc is a Denmark-based international shipping company that owns and operates product tankers. The company transports refined petroleum products, including gasoline, diesel, jet fuel and naphtha, as well as other clean petroleum and chemical products for customers worldwide.

TORM manages a fleet of tankers across several size classes, including medium-range and larger vessels. Its activities cover commercial and technical vessel management, chartering, and the transportation of liquid cargoes between major production, refining and consumption markets.

Founded in 1889, TORM has its roots in Denmark and has developed into a global product tanker operator serving routes across the Atlantic, Pacific, Middle East and Asia-Pacific regions.