Torm Plc Announces Quarterly Dividend of $0.40 (NASDAQ:TRMD)

Key Points

• Torm Plc has declared a quarterly dividend of $0.40 per share, payable on September 3rd to stockholders of record as of August 22nd, reflecting an annualized yield of 8.0%.
• The company reported earnings of $0.58 per share for the most recent quarter, slightly exceeding analysts' expectations of $0.57.
• Several analysts have upgraded their ratings on Torm, with a consensus rating of "Moderate Buy" and an average price target of $27.50.

Torm Plc (NASDAQ:TRMD - Get Free Report) announced a quarterly dividend on Thursday, August 14th, NASDAQ Dividends reports. Shareholders of record on Friday, August 22nd will be given a dividend of 0.40 per share on Wednesday, September 3rd. This represents a c) annualized dividend and a yield of 7.8%. The ex-dividend date is Friday, August 22nd.

Torm has a payout ratio of 61.5% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Torm to earn $3.58 per share next year, which means the company should continue to be able to cover its $1.60 annual dividend with an expected future payout ratio of 44.7%.

Torm Trading Up 2.3%

Shares of TRMD traded up $0.46 during trading hours on Wednesday, hitting $20.57. The company had a trading volume of 684,507 shares, compared to its average volume of 799,733. The firm has a market cap of $1.93 billion, a P/E ratio of 6.23 and a beta of 0.12. The stock's 50 day moving average price is $18.45 and its 200 day moving average price is $17.76. The company has a quick ratio of 2.28, a current ratio of 2.57 and a debt-to-equity ratio of 0.46. Torm has a 52-week low of $13.60 and a 52-week high of $38.98.

Torm (NASDAQ:TRMD - Get Free Report) last issued its earnings results on Thursday, August 14th. The company reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.01. Torm had a return on equity of 15.73% and a net margin of 24.90%.The company had revenue of $208.20 million during the quarter, compared to analysts' expectations of $207.58 million. On average, research analysts predict that Torm will post 6.27 EPS for the current year.

Institutional Trading of Torm

Hedge funds and other institutional investors have recently modified their holdings of the business. Tower Research Capital LLC TRC bought a new position in shares of Torm in the 2nd quarter worth about $46,000. Brevan Howard Capital Management LP bought a new stake in Torm during the second quarter worth about $7,523,000. Raymond James Financial Inc. bought a new stake in Torm during the second quarter worth about $348,000. Glenorchy Capital Ltd grew its holdings in Torm by 3.5% in the second quarter. Glenorchy Capital Ltd now owns 29,670 shares of the company's stock worth $494,000 after purchasing an additional 1,003 shares during the period. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its holdings in Torm by 59.3% in the second quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 51,084 shares of the company's stock worth $858,000 after purchasing an additional 19,013 shares during the period. 73.89% of the stock is owned by hedge funds and other 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.