TORM (NASDAQ:TRMD) Stock Price Down 1.1% - Here's What Happened

TORM plc (NASDAQ:TRMD - Get Free Report)'s stock price was down 1.1% during trading on Tuesday . The company traded as low as $26.40 and last traded at $26.51. Approximately 377,657 shares were traded during trading, a decline of 49% from the average daily volume of 733,448 shares. The stock had previously closed at $26.81.

Wall Street Analysts Forecast Growth

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

TORM Stock Down 1.9 %

The company has a debt-to-equity ratio of 0.53, a current ratio of 3.18 and a quick ratio of 2.94. The stock's fifty day simple moving average is $33.46 and its 200-day simple moving average is $35.53. The stock has a market cap of $2.14 billion, a P/E ratio of 3.37 and a beta of 0.24.

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

TORM Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 11th. Stockholders of record on Thursday, August 29th were issued a dividend of $1.80 per share. This represents a $7.20 dividend on an annualized basis and a dividend yield of 27.38%. The ex-dividend date of this dividend was Thursday, August 29th. This is a boost from TORM's previous quarterly dividend of $1.50. TORM's payout ratio is 67.31%.

Institutional Investors Weigh In On TORM

Hedge funds and other institutional investors have recently modified their holdings of the stock. SG Americas Securities LLC boosted its stake in TORM by 597.3% during the second quarter. SG Americas Securities LLC now owns 22,914 shares of the company's stock valued at $888,000 after buying an additional 19,628 shares in the last quarter. BNP Paribas Financial Markets bought a new position in shares of TORM during the 1st quarter valued at about $1,229,000. Lighthouse Investment Partners LLC grew its stake in shares of TORM by 276.2% in the 2nd 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 bought a new stake in shares of TORM in the 2nd quarter worth approximately $9,619,000. Finally, Sei Investments Co. lifted its stake in TORM by 250.0% during the second quarter. Sei Investments Co. now owns 43,492 shares of the company's stock valued at $1,686,000 after purchasing an additional 31,066 shares during the last quarter. 73.89% of the stock is currently owned by institutional investors.

About TORM

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.