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

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,Benzinga reports. They currently have a buy rating on the stock.

Several other research firms have also recently weighed in on TRMD. Fearnley Fonds upgraded TORM to a “hold” rating in a report on Friday, September 27th. Evercore ISI raised their target price on shares of TORM from $45.00 to $48.00 and gave the company an “outperform” rating in a report on Tuesday, July 23rd.

TORM Stock Down 3.3 %

Shares of TORM stock opened at $22.85 on Thursday. TORM has a 52 week low of $22.72 and a 52 week high of $40.47. The company has a debt-to-equity ratio of 0.51, a quick ratio of 2.24 and a current ratio of 2.47. The stock’s 50-day simple moving average is $30.20 and its 200-day simple moving average is $34.64.

TORM (NASDAQ:TRMD) last released its quarterly earnings data on Thursday, August 15th. The company reported $2.02 EPS for the quarter, beating the consensus estimate of $1.99 by $0.03. TORM had a net margin of 43.81% and a return on equity of 34.45%. The business had revenue of $437.70 million during the quarter, compared to the consensus estimate of $325.38 million. During the same quarter in the prior year, the firm earned $2.14 EPS. As a group, research analysts predict that TORM will post 6.41 EPS for the current year.

TORM Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 4th. Shareholders of record on Thursday, November 21st will be given a dividend of $0.876 per share. The ex-dividend date is Thursday, November 21st. This represents a $3.50 dividend on an annualized basis and a yield of 15.33%. TORM’s dividend payout ratio (DPR) is presently 68.05%.

Hedge Funds Weigh In On TORM

Institutional investors and hedge funds have recently modified their holdings of the stock. Geode Capital Management LLC lifted its position in TORM by 0.6% in the third quarter. Geode Capital Management LLC now owns 81,626 shares of the company’s stock worth $2,791,000 after buying an additional 505 shares during the last quarter. Assetmark Inc. lifted its holdings in shares of TORM by 76.9% in the 3rd quarter. Assetmark Inc. now owns 1,187 shares of the company’s stock worth $41,000 after acquiring an additional 516 shares during the last quarter. National Bank of Canada FI purchased a new position in shares of TORM during the 2nd quarter worth about $26,000. Vanguard Personalized Indexing Management LLC raised its position in TORM by 7.8% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 11,220 shares of the company’s stock worth $433,000 after purchasing an additional 811 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in TORM by 12.4% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,338 shares of the company’s stock worth $365,000 after purchasing an additional 1,030 shares during the last quarter. 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.