TORM (NASDAQ:TRMD) Price Target Lowered to $32.00 at Jefferies Financial Group

TORM (NASDAQ:TRMD) had its price target reduced by Jefferies Financial Group from $37.00 to $32.00 in a research report report published on Thursday morning,Benzinga reports. They currently have a buy rating on the stock.

TRMD has been the topic of several other research reports. Fearnley Fonds upgraded shares of TORM to a “hold” rating in a research note on Friday, September 27th. Evercore ISI upped their price objective on TORM from $45.00 to $48.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 23rd.

TORM Price Performance

Shares of NASDAQ:TRMD traded down $0.51 during trading on Thursday, reaching $23.12. The stock had a trading volume of 427,343 shares, compared to its average volume of 772,270. The business’s 50-day moving average price is $30.40 and its 200 day moving average price is $34.72. The company has a debt-to-equity ratio of 0.51, a quick ratio of 2.24 and a current ratio of 2.47. TORM has a 52 week low of $22.77 and a 52 week high of $40.47.

TORM (NASDAQ:TRMD) last issued its quarterly earnings results on Thursday, August 15th. The company reported $2.02 earnings per share for the quarter, topping analysts’ consensus estimates of $1.99 by $0.03. The company had revenue of $437.70 million during the quarter, compared to the consensus estimate of $325.38 million. TORM had a net margin of 43.81% and a return on equity of 34.45%. During the same quarter in the prior year, the firm posted $2.14 EPS. On average, equities analysts anticipate that TORM will post 6.41 EPS for the current fiscal year.

TORM Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 4th. Stockholders of record on Thursday, November 21st will be given a dividend of $0.876 per share. This represents a $3.50 annualized dividend and a dividend yield of 15.16%. The ex-dividend date of this dividend is Thursday, November 21st. TORM’s dividend payout ratio (DPR) is presently 68.05%.

Hedge Funds Weigh In On TORM

Several large investors have recently added to or reduced their stakes in the company. National Bank of Canada FI acquired a new stake in TORM during the 2nd quarter worth $26,000. Assetmark Inc. raised its position in TORM by 76.9% during the third quarter. Assetmark Inc. now owns 1,187 shares of the company’s stock valued at $41,000 after purchasing an additional 516 shares in the last quarter. Fifth Third Bancorp acquired a new position in shares of TORM during the second quarter worth $43,000. Syquant Capital Sas bought a new stake in shares of TORM in the second quarter worth $46,000. Finally, Headlands Technologies LLC bought a new stake in TORM during the first quarter valued at $51,000. Institutional investors and hedge funds 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.