Torm (NASDAQ:TRMD) Sets New 52-Week High – Here’s What Happened

Torm Plc (NASDAQ:TRMD) reached a new 52-week high during trading on Wednesday . The stock traded as high as $35.16 and last traded at $32.8990, with a volume of 76698 shares trading hands. The stock had previously closed at $34.57.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the stock. Weiss Ratings reissued a “hold (c)” rating on shares of Torm in a research note on Friday, April 17th. Wall Street Zen raised shares of Torm from a “hold” rating to a “buy” rating in a research note on Sunday, April 12th. Finally, Evercore set a $35.00 price objective on shares of Torm in a research note on Tuesday, April 21st. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $35.00.

Torm Trading Down 6.2%

The company’s 50 day moving average price is $29.43 and its 200 day moving average price is $25.01. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.33 and a quick ratio of 1.16. The firm has a market cap of $3.31 billion, a PE ratio of 11.35 and a beta of 0.14.

Torm (NASDAQ:TRMD) last issued its quarterly earnings results on Wednesday, May 13th. The company reported $1.18 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.33 by ($0.15). Torm had a return on equity of 13.26% and a net margin of 21.29%.The firm had revenue of $402.00 million during the quarter, compared to analysts’ expectations of $297.43 million.

Torm Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 25th. Investors of record on Thursday, March 12th were paid a $0.70 dividend. This is an increase from Torm’s previous quarterly dividend of $0.62. This represents a $2.80 dividend on an annualized basis and a yield of 8.6%. The ex-dividend date was Thursday, March 12th. Torm’s payout ratio is presently 71.83%.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in TRMD. Norges Bank purchased a new position in Torm in the fourth quarter worth approximately $24,830,000. Brevan Howard Capital Management LP purchased a new position in Torm in the second quarter worth approximately $7,523,000. Marnell Management LLC purchased a new position in Torm in the fourth quarter worth approximately $4,815,000. Fearnley Asset Management AS purchased a new position in Torm in the fourth quarter worth approximately $4,048,000. Finally, Barclays PLC lifted its stake in Torm by 613.2% in the third quarter. Barclays PLC now owns 206,508 shares of the company’s stock worth $4,258,000 after acquiring an additional 177,551 shares during the last quarter. Hedge funds and other institutional investors own 73.89% of the company’s stock.

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.