Bank of America Corp DE raised its holdings in Torm Plc (NASDAQ:TRMD - Free Report) by 209.8% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 130,421 shares of the company's stock after buying an additional 88,318 shares during the period. Bank of America Corp DE owned approximately 0.13% of Torm worth $3,639,000 as of its most recent SEC filing.
Several other hedge funds have also recently added to or reduced their stakes in TRMD. Quarry LP purchased a new position in shares of Torm in the 3rd quarter valued at about $35,000. Tower Research Capital LLC TRC purchased a new position in shares of Torm during the second quarter worth about $46,000. Wexford Capital LP acquired a new position in shares of Torm in the third quarter valued at approximately $120,000. Hilton Head Capital Partners LLC purchased a new position in Torm during the 4th quarter worth $121,000. Finally, Invesco Ltd. acquired a new stake in Torm in the second quarter valued at about $190,000. Institutional investors and hedge funds own 73.89% of the company's stock.
Wall Street Analyst Weigh In
Several brokerages recently commented on TRMD. Pareto Securities cut shares of Torm from a "hold" rating to a "hold" rating in a research note on Wednesday, May 13th. Evercore reissued an "outperform" rating and issued a $38.00 price objective on shares of Torm in a research report on Wednesday. Wall Street Zen raised Torm from a "buy" rating to a "strong-buy" rating in a research note on Saturday. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of Torm in a report on Wednesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $38.00.
Check Out Our Latest Stock Report on TRMD
Torm Stock Up 2.6%
Torm stock opened at $32.62 on Friday. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.20 and a current ratio of 2.27. The company has a 50-day simple moving average of $29.40 and a 200-day simple moving average of $29.24. The firm has a market capitalization of $3.33 billion, a P/E ratio of 5.37 and a beta of 0.09. Torm Plc has a one year low of $19.30 and a one year high of $35.33.
Torm (NASDAQ:TRMD - Get Free Report) last posted its earnings results on Wednesday, August 26th. The company reported $3.25 EPS for the quarter, missing the consensus estimate of $3.31 by ($0.06). The business had revenue of $662.80 million during the quarter, compared to analyst estimates of $499.01 million. Torm had a net margin of 35.51% and a return on equity of 27.24%.
Torm Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 24th. Shareholders of record on Thursday, September 10th will be given a $2.40 dividend. This represents a $9.60 annualized dividend and a yield of 29.4%. This is a boost from Torm's previous quarterly dividend of $0.70. The ex-dividend date is Thursday, September 10th. Torm's dividend payout ratio (DPR) is presently 60.00%.
About Torm
(
Free Report)
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.
See Also
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