Torm Plc (NASDAQ:TRMD) Short Interest Update

Key Points

• Short interest fell 38.5% to 655,620 shares as of July 15, representing approximately 0.6% of Torm’s outstanding shares and just 1.1 days of average trading volume.
• Torm reported quarterly EPS of $1.18, below the $1.33 consensus estimate, while revenue of $402 million exceeded expectations. The company also declared a quarterly dividend of $0.70 per share, equating to a 9.4% annualized yield.
• Analysts maintain a “Moderate Buy” consensus rating with a $37 price target, compared with shares opening at $29.87; institutional investors own 73.89% of the stock.

Torm Plc (NASDAQ:TRMD - Get Free Report) was the target of a large decline in short interest in the month of July. As of July 15th, there was short interest totaling 655,620 shares, a decline of 38.5% from the June 30th total of 1,065,543 shares. Approximately 0.6% of the company's shares are short sold. Based on an average daily volume of 573,255 shares, the days-to-cover ratio is presently 1.1 days.

Torm Price Performance

Shares of TRMD stock opened at $29.87 on Thursday. The business's fifty day moving average is $28.98 and its 200 day moving average is $28.22. The company has a quick ratio of 1.20, a current ratio of 1.40 and a debt-to-equity ratio of 0.35. The stock has a market cap of $3.05 billion, a price-to-earnings ratio of 8.79 and a beta of 0.10. Torm has a twelve month low of $18.00 and a twelve month high of $35.33.

Torm (NASDAQ:TRMD - Get Free Report) last announced its quarterly earnings data on Wednesday, May 13th. The company reported $1.18 EPS for the quarter, missing the consensus estimate of $1.33 by ($0.15). Torm had a net margin of 24.45% and a return on equity of 15.81%. The firm had revenue of $402.00 million for the quarter, compared to analysts' expectations of $297.43 million.

Torm Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 11th. Investors of record on Thursday, May 28th were given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 9.4%. The ex-dividend date of this dividend was Thursday, May 28th. Torm's dividend payout ratio (DPR) is 60.00%.

Insider Transactions at Torm

In other Torm news, CEO Jacob Balslev Meldgaard sold 379,014 shares of the company's stock in a transaction on Monday, May 18th. The shares were sold at an average price of $31.94, for a total value of $12,105,707.16. Following the completion of the transaction, the chief executive officer directly owned 348,411 shares in the company, valued at approximately $11,128,247.34. This represents a 52.10% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.37% of the company's stock.

Institutional Investors Weigh In On Torm

Several hedge funds have recently bought and sold shares of the business. Quarry LP bought a new position in shares of Torm during the third quarter valued at approximately $35,000. Tower Research Capital LLC TRC bought a new stake in shares of Torm in the 2nd quarter worth approximately $46,000. Optiver Holding B.V. bought a new stake in shares of Torm in the 1st quarter worth approximately $67,000. Wexford Capital LP bought a new stake in shares of Torm in the 3rd quarter worth approximately $120,000. Finally, Hilton Head Capital Partners LLC purchased a new stake in shares of Torm in the 4th quarter worth approximately $121,000. Institutional investors own 73.89% of the company's stock.

Analyst Ratings Changes

TRMD has been the topic of several research analyst reports. Weiss Ratings reiterated a "hold (c)" rating on shares of Torm in a research report on Wednesday, July 15th. Evercore restated an "outperform" rating and issued a $37.00 price objective on shares of Torm in a report on Wednesday, July 22nd. Pareto Securities lowered shares of Torm from a "hold" rating to a "hold" rating in a report on Wednesday, May 13th. Finally, Wall Street Zen cut Torm from a "strong-buy" rating to a "buy" rating in a research report on Saturday, June 13th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $37.00.

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.

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