Bank of America Corp DE Has $455,000 Holdings in TORM plc (NASDAQ:TRMD)

Bank of America Corp DE reduced its stake in TORM plc (NASDAQ:TRMD - Free Report) by 75.2% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 23,418 shares of the company's stock after selling 71,142 shares during the quarter. Bank of America Corp DE's holdings in TORM were worth $455,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Jones Financial Companies Lllp lifted its holdings in TORM by 49.5% during the 4th quarter. Jones Financial Companies Lllp now owns 5,859 shares of the company's stock worth $114,000 after buying an additional 1,939 shares in the last quarter. Tower Research Capital LLC TRC grew its position in TORM by 8.6% in the 4th quarter. Tower Research Capital LLC TRC now owns 8,991 shares of the company's stock valued at $175,000 after buying an additional 711 shares during the last quarter. Apollon Wealth Management LLC raised its position in TORM by 26.1% in the fourth quarter. Apollon Wealth Management LLC now owns 10,719 shares of the company's stock worth $208,000 after acquiring an additional 2,219 shares in the last quarter. Aristides Capital LLC purchased a new stake in shares of TORM during the 4th quarter worth approximately $216,000. Finally, NewEdge Advisors LLC increased its stake in shares of TORM by 16.4% during the 4th quarter. NewEdge Advisors LLC now owns 11,964 shares of the company's stock worth $233,000 after purchasing an additional 1,685 shares in the last quarter. Institutional investors and hedge funds own 73.89% of the company's stock.

Analysts Set New Price Targets

Several brokerages have commented on TRMD. Fearnley Fonds upgraded TORM from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, May 6th. Evercore ISI dropped their price target on TORM from $25.00 to $23.00 and set an "outperform" rating on the stock in a report on Tuesday, April 22nd. Pareto Securities upgraded shares of TORM from a "hold" rating to a "buy" rating in a report on Wednesday, May 14th. Finally, Kepler Capital Markets lowered TORM from a "hold" rating to a "strong sell" rating in a report on Thursday, March 27th. One analyst has rated the stock with a sell rating, three have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $27.50.

TORM Stock Up 4.2%

Shares of NASDAQ TRMD traded up $0.73 during mid-day trading on Thursday, reaching $18.15. 934,656 shares of the company's stock were exchanged, compared to its average volume of 953,396. The firm has a market capitalization of $1.71 billion, a price-to-earnings ratio of 2.35 and a beta of 0.13. The company has a current ratio of 2.47, a quick ratio of 2.24 and a debt-to-equity ratio of 0.51. TORM plc has a twelve month low of $13.60 and a twelve month high of $40.47. The business has a fifty day simple moving average of $16.42 and a 200 day simple moving average of $18.31.

TORM (NASDAQ:TRMD - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The company reported $0.62 earnings per share for the quarter, missing the consensus estimate of $0.64 by ($0.02). The company had revenue of $214.00 million for the quarter, compared to analyst estimates of $244.25 million. TORM had a return on equity of 34.45% and a net margin of 43.81%. As a group, equities analysts expect that TORM plc will post 6.27 EPS for the current fiscal year.

TORM Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 4th. Shareholders of record on Thursday, May 22nd were given a dividend of $0.40 per share. The ex-dividend date of this dividend was Thursday, May 22nd. This represents a $1.60 dividend on an annualized basis and a yield of 8.82%. TORM's dividend payout ratio (DPR) is 24.47%.

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.