TORM (NASDAQ:TRMD) Shares Gap Down - Here's Why

TORM plc (NASDAQ:TRMD - Get Free Report) gapped down prior to trading on Wednesday . The stock had previously closed at $29.15, but opened at $27.90. TORM shares last traded at $27.88, with a volume of 377,961 shares trading hands.

Analyst Ratings Changes

A number of equities research analysts recently commented on the company. Evercore ISI increased their price target on TORM from $45.00 to $48.00 and gave the company an "outperform" rating in a research report on Tuesday, July 23rd. Fearnley Fonds upgraded shares of TORM to a "hold" rating in a research note on Friday, September 27th.

TORM Trading Down 5.6 %

The stock has a market cap of $2.24 billion, a P/E ratio of 3.48 and a beta of 0.24. The firm's fifty day moving average price is $34.30 and its two-hundred day moving average price is $35.75. The company has a debt-to-equity ratio of 0.53, a current ratio of 3.18 and a quick ratio of 2.94.

TORM (NASDAQ:TRMD - Get Free Report) last issued its quarterly earnings results on Thursday, August 15th. The company reported $2.02 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.99 by $0.03. The firm had revenue of $437.70 million during the quarter, compared to analyst estimates of $325.38 million. TORM had a return on equity of 36.06% and a net margin of 43.81%. During the same quarter in the previous year, the company posted $2.14 earnings per share. As a group, equities research analysts forecast that TORM plc will post 7.12 EPS for the current year.

TORM Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 11th. Shareholders of record on Thursday, August 29th were paid a $1.80 dividend. This is a boost from TORM's previous quarterly dividend of $1.50. This represents a $7.20 dividend on an annualized basis and a yield of 26.15%. The ex-dividend date was Thursday, August 29th. TORM's payout ratio is 66.29%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. SG Americas Securities LLC boosted its stake in shares of TORM by 597.3% during the 2nd quarter. SG Americas Securities LLC now owns 22,914 shares of the company's stock valued at $888,000 after purchasing an additional 19,628 shares in the last quarter. BNP Paribas Financial Markets bought a new position in TORM during the first quarter valued at approximately $1,229,000. Lighthouse Investment Partners LLC boosted its holdings in TORM by 276.2% in the second quarter. Lighthouse Investment Partners LLC now owns 110,049 shares of the company's stock worth $4,267,000 after purchasing an additional 80,793 shares during the last quarter. Hsbc Holdings PLC purchased a new position in shares of TORM in the 2nd quarter worth $9,619,000. Finally, Sei Investments Co. boosted its position in TORM by 250.0% in the second quarter. Sei Investments Co. now owns 43,492 shares of the company's stock worth $1,686,000 after purchasing an additional 31,066 shares during the last quarter. Institutional investors own 73.89% of the company's stock.

TORM Company Profile

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.