Torm Plc to Issue 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) declared a quarterly dividend on Thursday, August 14th, NASDAQ Dividends reports. Investors of record on Friday, August 22nd will be paid a dividend of 0.40 per share on Wednesday, September 3rd. This represents a c) annualized dividend and a yield of 7.9%. The ex-dividend date of this dividend is Friday, August 22nd.

Torm has a dividend payout ratio of 61.5% meaning its dividend is sufficiently covered by earnings. Equities 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 Stock Performance

NASDAQ:TRMD traded up $0.38 during midday trading on Monday, hitting $20.38. The company's stock had a trading volume of 840,765 shares, compared to its average volume of 936,923. Torm has a fifty-two week low of $13.60 and a fifty-two week high of $38.98. The firm's 50 day moving average is $18.26 and its 200-day moving average is $17.72. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.55 and a quick ratio of 2.28. The firm has a market cap of $1.92 billion, a P/E ratio of 6.18 and a beta of 0.12.

Torm (NASDAQ:TRMD - Get Free Report) last issued its quarterly earnings results on Thursday, August 14th. The company reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.01. Torm had a net margin of 24.90% and a return on equity of 15.77%. The company had revenue of $208.20 million for the quarter, compared to the consensus estimate of $207.58 million. Equities analysts anticipate that Torm will post 6.27 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Torm

Hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. raised its stake in shares of Torm by 5.9% during the 1st quarter. Vanguard Group Inc. now owns 1,996,234 shares of the company's stock worth $32,688,000 after buying an additional 111,194 shares during the period. Norges Bank acquired a new position in shares of Torm during the 2nd quarter worth approximately $20,998,000. Brevan Howard Capital Management LP acquired a new position in shares of Torm during the 2nd quarter worth approximately $7,523,000. Lind Value II ApS acquired a new position in shares of Torm during the 2nd quarter worth approximately $7,283,000. Finally, Millennium Management LLC raised its stake in shares of Torm by 439.0% during the 4th quarter. Millennium Management LLC now owns 430,399 shares of the company's stock worth $8,371,000 after buying an additional 350,555 shares during the period. Hedge funds and other institutional investors own 73.89% of the company's stock.

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.