Torm (NASDAQ:TRMD) Reaches New 52-Week High - What's Next?

Key Points

• Torm (NASDAQ:TRMD) reached a new 52-week high of $32.71 intraday (last at $32.549) and has a market capitalization of $3.36 billion with 50-/200-day moving averages at $28.75 and $24.45 respectively.
• Analysts hold a consensus Moderate Buy rating with an average price target of $35.00 (Evercore $35.00; Wall Street Zen recently upgraded the stock to Buy).
• Torm posted a quarterly EPS of $0.87 beating estimates and revenue of $352.6M (vs. $236.2M expected), and raised its quarterly dividend to $0.70 (annualized $2.80, ~8.5% yield).

Torm Plc (NASDAQ:TRMD - Get Free Report)'s share price reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $32.71 and last traded at $32.5490, with a volume of 8445 shares. The stock had previously closed at $32.56.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on TRMD. Evercore set a $35.00 price target on shares of Torm in a research note on Tuesday, April 21st. Wall Street Zen raised shares of Torm from a "hold" rating to a "buy" rating in a research note on Sunday, April 12th. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of Torm in a research note on Friday, April 17th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, Torm currently has a consensus rating of "Moderate Buy" and an average price target of $35.00.

Torm Price Performance

The company's 50-day moving average is $28.75 and its 200-day moving average is $24.45. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.33 and a quick ratio of 1.16. The firm has a market capitalization of $3.36 billion, a price-to-earnings ratio of 11.59 and a beta of 0.14.

Torm (NASDAQ:TRMD - Get Free Report) last released its earnings results on Thursday, February 26th. The company reported $0.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.83 by $0.04. Torm had a net margin of 21.29% and a return on equity of 13.26%. The business had revenue of $352.60 million for the quarter, compared to analysts' expectations of $236.21 million.

Torm Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 25th. Investors of record on Thursday, March 12th were given a $0.70 dividend. This is a boost from Torm's previous quarterly dividend of $0.62. This represents a $2.80 annualized dividend and a dividend yield of 8.5%. The ex-dividend date of this dividend was Thursday, March 12th. Torm's dividend payout ratio is 71.83%.

Institutional Investors Weigh In On Torm

Several hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. boosted its position in shares of Torm by 0.5% in the fourth quarter. Vanguard Group Inc. now owns 2,341,185 shares of the company's stock worth $46,629,000 after acquiring an additional 11,457 shares during the last quarter. Norges Bank acquired a new position in Torm during the fourth quarter valued at approximately $24,830,000. Renaissance Technologies LLC lifted its position in Torm by 25.8% during the fourth quarter. Renaissance Technologies LLC now owns 536,425 shares of the company's stock valued at $10,503,000 after buying an additional 110,000 shares in the last quarter. Brevan Howard Capital Management LP acquired a new position in Torm during the second quarter valued at approximately $7,523,000. Finally, Millennium Management LLC lifted its position in Torm by 119.5% during the fourth quarter. Millennium Management LLC now owns 252,811 shares of the company's stock valued at $4,950,000 after buying an additional 137,648 shares in the last quarter. 73.89% of the stock is owned by institutional investors and hedge funds.

About Torm

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.

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