Torm (NASDAQ:TRMD) Reaches New 12-Month High – Here’s Why

Torm Plc (NASDAQ:TRMD)’s stock price hit a new 52-week high during mid-day trading on Wednesday. The stock traded as high as $42.64 and last traded at $41.79, with a volume of 760,972 shares trading hands. The stock had previously closed at $40.37.

Analysts Set New Price Targets

TRMD has been the topic of a number of research reports. Evercore reaffirmed an “outperform” rating on shares of Torm in a research report on Tuesday. Weiss Ratings raised Torm from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, October 9th. Finally, Wall Street Zen upgraded shares of Torm from a “buy” rating to a “strong-buy” rating in a research note on Saturday, September 19th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $38.00.

Torm Stock Up 0.2%

The business has a 50-day moving average price of $36.64 and a 200-day moving average price of $30.48. The stock has a market cap of $4.40 billion, a PE ratio of 7.09 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.

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

Torm Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 24th. Stockholders of record on Thursday, September 10th were paid a $2.40 dividend. This is a boost from Torm’s previous quarterly dividend of $0.70. The ex-dividend date of this dividend was Thursday, September 10th. This represents a $9.60 annualized dividend and a dividend yield of 22.3%. Torm’s dividend payout ratio is currently 115.49%.

Insider Buying and Selling

In other news, CFO Kim Balle sold 20,000 shares of the stock in a transaction on Friday, September 18th. The stock was sold at an average price of $39.16, for a total value of $783,200.00. Following the sale, the chief financial officer directly owned 23,043 shares in the company, valued at approximately $902,363.88. This trade represents a 46.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last three months, insiders sold 42,533 shares of company stock worth $1,643,225. Company insiders own 0.37% of the company’s stock.

Hedge Funds Weigh In On Torm

A number of institutional investors have recently modified their holdings of TRMD. Pictet Asset Management Holding SA boosted its holdings in shares of Torm by 3.3% during the first quarter. Pictet Asset Management Holding SA now owns 15,214 shares of the company’s stock worth $431,000 after purchasing an additional 479 shares during the last quarter. Midwest Professional Planners LTD. increased its stake in shares of Torm by 0.5% in the 1st quarter. Midwest Professional Planners LTD. now owns 91,505 shares of the company’s stock valued at $2,553,000 after buying an additional 495 shares during the period. Signaturefd LLC bought a new position in shares of Torm during the third quarter worth $29,000. Optiver Holding B.V. bought a new stake in Torm in the first quarter valued at approximately $67,000. Finally, Y Intercept Hong Kong Ltd raised its position in Torm by 33.8% during the first quarter. Y Intercept Hong Kong Ltd now owns 19,340 shares of the company’s stock valued at $540,000 after purchasing an additional 4,882 shares in the last quarter. 73.89% of the stock is owned by institutional investors and hedge funds.

Torm Company Profile

TORM plc is a maritime transportation company that owns and operates a fleet of product tankers. The company primarily transports refined petroleum products, including gasoline, diesel, jet fuel and naphtha, connecting refineries, storage facilities and distribution markets around the world.

TORM’s fleet serves the global clean-product tanker market and includes vessels in several size categories, such as long-range and medium-range tankers. Its vessels operate on international trade routes, supporting the movement of energy products between major production and consumption regions.

Founded in Denmark in 1889, TORM has grown into an international shipping company headquartered in Copenhagen.