Torm (NASDAQ:TRMD) Sees Large Volume Increase - Time to Buy?

Key Points

• Torm shares saw a 17% increase in trading volume, with approximately 894,590 shares changing hands; the stock last traded at $30.48 versus a prior close of $31.47.
• Analysts maintain a generally positive view, with a consensus rating of “Moderate Buy” and an average price target of $37.00, implying potential upside from current levels.
• Torm reported quarterly revenue of $662.8 million, well above estimates, although EPS of $3.25 narrowly missed expectations; institutional investors own 73.89% of the company.

Shares of Torm Plc (NASDAQ:TRMD - Get Free Report) saw an uptick in trading volume on Wednesday . Approximately 894,590 shares changed hands during trading, an increase of 17% from the previous session's volume of 766,305 shares.The stock last traded at $30.48 and had previously closed at $31.47.

Analyst Upgrades and Downgrades

Several research firms have recently commented on TRMD. Evercore reissued an "outperform" rating and issued a $37.00 target price on shares of Torm in a report on Wednesday, July 22nd. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Torm in a research note on Wednesday, July 15th. Pareto Securities downgraded shares of Torm from a "hold" rating to a "hold" rating in a report on Wednesday, May 13th. Finally, Wall Street Zen cut shares of Torm from a "strong-buy" rating to a "buy" rating in a research note on Sunday, August 9th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $37.00.

Torm Stock Performance

The company has a market capitalization of $3.13 billion, a P/E ratio of 8.98 and a beta of 0.09. The business has a 50 day moving average of $29.26 and a 200 day moving average of $29.13. The company has a quick ratio of 1.20, a current ratio of 1.40 and a debt-to-equity ratio of 0.35.

Torm (NASDAQ:TRMD - Get Free Report) last released its quarterly earnings data on Wednesday, August 26th. The company reported $3.25 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $3.31 by ($0.06). The firm had revenue of $662.80 million during the quarter, compared to the consensus estimate of $499.01 million. Torm had a return on equity of 15.81% and a net margin of 24.45%.

Institutional Investors Weigh In On Torm

A number of hedge funds have recently bought and sold shares of the business. Quarry LP purchased a new position in shares of Torm in the 3rd quarter worth $35,000. Tower Research Capital LLC TRC purchased a new stake in shares of Torm during the 2nd quarter valued at about $46,000. Optiver Holding B.V. bought a new position in shares of Torm in the 1st quarter valued at about $67,000. Wexford Capital LP bought a new position in shares of Torm in the 3rd quarter valued at about $120,000. Finally, Hilton Head Capital Partners LLC purchased a new position in Torm in the fourth quarter worth about $121,000. Hedge funds and other institutional investors own 73.89% of the company's stock.

Torm Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source