TORM (NASDAQ:TRMD) Trading 0.5% Higher - Here's What Happened

TORM plc (NASDAQ:TRMD - Get Free Report)'s share price shot up 0.5% on Thursday . The stock traded as high as $26.34 and last traded at $26.23. 257,966 shares traded hands during mid-day trading, a decline of 65% from the average session volume of 738,579 shares. The stock had previously closed at $26.10.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on TRMD. Fearnley Fonds raised shares of TORM to a "hold" rating in a report on Friday, September 27th. Evercore ISI upped their target price on shares of TORM from $45.00 to $48.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 23rd.

TORM Price Performance

The firm's 50-day moving average is $32.76 and its 200-day moving average is $35.33. The company has a market capitalization of $2.12 billion, a PE ratio of 3.33 and a beta of 0.24. The company has a quick ratio of 2.94, a current ratio of 3.18 and a debt-to-equity ratio of 0.53.

TORM (NASDAQ:TRMD - Get Free Report) last announced its 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. TORM had a net margin of 43.81% and a return on equity of 36.06%. The company had revenue of $437.70 million during the quarter, compared to analyst estimates of $325.38 million. During the same period in the previous year, the business earned $2.14 earnings per share. Equities analysts predict that TORM plc will post 7.12 earnings per share for the current fiscal year.

TORM Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 11th. Shareholders of record on Thursday, August 29th were given a dividend of $1.80 per share. This represents a $7.20 annualized dividend and a yield of 27.69%. This is a positive change from TORM's previous quarterly dividend of $1.50. The ex-dividend date of this dividend was Thursday, August 29th. TORM's dividend payout ratio is presently 67.31%.

Institutional Trading of TORM

Several institutional investors have recently added to or reduced their stakes in TRMD. National Bank of Canada FI purchased a new stake in TORM during the second quarter valued at about $26,000. Fifth Third Bancorp purchased a new stake in TORM during the second quarter valued at about $43,000. Syquant Capital Sas purchased a new stake in TORM during the second quarter valued at about $46,000. Headlands Technologies LLC purchased a new stake in TORM during the first quarter valued at about $51,000. Finally, Point72 Hong Kong Ltd purchased a new stake in TORM during the second quarter valued at about $78,000. 73.89% of the stock is currently owned by hedge funds and other institutional investors.

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.