Torm (NASDAQ:TRMD) Downgraded by Wall Street Zen to “Buy”

Wall Street Zen downgraded shares of Torm (NASDAQ:TRMD) from a strong-buy rating to a buy rating in a research report sent to investors on Sunday morning.

Several other equities research analysts also recently commented on TRMD. Evercore reaffirmed an “outperform” rating and issued a $37.00 target price on shares of Torm in a research note on Wednesday, July 22nd. Pareto Securities cut shares of Torm from a “hold” rating to a “hold” rating in a research report on Wednesday, May 13th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Torm in a report on Wednesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $37.00.

Torm Price Performance

Torm stock opened at $29.49 on Friday. The company has a current ratio of 1.40, a quick ratio of 1.20 and a debt-to-equity ratio of 0.35. The firm has a market capitalization of $3.01 billion, a P/E ratio of 8.67 and a beta of 0.09. The business has a 50-day moving average of $28.92 and a 200-day moving average of $28.55. Torm has a 1 year low of $18.24 and a 1 year high of $35.33.

Torm (NASDAQ:TRMD) last announced its quarterly earnings results on Wednesday, May 13th. The company reported $1.18 earnings per share for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $297.43 million.

Torm Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 11th. Investors of record on Thursday, May 28th were issued a dividend of $0.70 per share. The ex-dividend date was Thursday, May 28th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 9.5%. Torm’s dividend payout ratio (DPR) is presently 60.00%.

Insider Transactions at Torm

In other Torm news, CEO Jacob Balslev Meldgaard sold 170,133 shares of the business’s stock in a transaction that occurred on Wednesday, May 20th. The stock was sold at an average price of $32.30, for a total value of $5,495,295.90. Following the sale, the chief executive officer owned 348,411 shares in the company, valued at approximately $11,253,675.30. The trade was a 32.81% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.37% of the company’s stock.

Hedge Funds Weigh In On Torm

A number of large investors have recently bought and sold shares of the company. Assenagon Asset Management S.A. bought a new position in shares of Torm during the 2nd quarter worth approximately $2,632,000. Optiver Holding B.V. bought a new stake in shares of Torm in the first quarter worth $67,000. Bank of America Corp DE boosted its holdings in Torm by 209.8% during the first quarter. Bank of America Corp DE now owns 130,421 shares of the company’s stock worth $3,639,000 after purchasing an additional 88,318 shares during the last quarter. Amundi boosted its holdings in Torm by 106.8% during the first quarter. Amundi now owns 29,503 shares of the company’s stock worth $823,000 after purchasing an additional 15,239 shares during the last quarter. Finally, Royal Bank of Canada grew its position in Torm by 94.5% in the first quarter. Royal Bank of Canada now owns 70,962 shares of the company’s stock valued at $1,980,000 after purchasing an additional 34,482 shares in the last quarter. Institutional investors and hedge funds own 73.89% of the company’s stock.

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.