Short Interest in Torm Plc (NASDAQ:TRMD) Decreases By 28.6%

Torm Plc (NASDAQ:TRMD) was the target of a large drop in short interest in October. As of October 15th, there was short interest totaling 1,450,000 shares, a drop of 28.6% from the September 30th total of 2,030,000 shares. Based on an average trading volume of 704,200 shares, the short-interest ratio is presently 2.1 days. Approximately 2.5% of the shares of the company are short sold. Approximately 2.5% of the shares of the company are short sold. Based on an average trading volume of 704,200 shares, the short-interest ratio is presently 2.1 days.

Hedge Funds Weigh In On Torm

Several institutional investors and hedge funds have recently added to or reduced their stakes in TRMD. Geode Capital Management LLC lifted its position in shares of Torm by 0.7% in the 2nd quarter. Geode Capital Management LLC now owns 83,133 shares of the company’s stock worth $1,385,000 after acquiring an additional 611 shares during the period. NewEdge Advisors LLC raised its stake in shares of Torm by 5.4% in the second quarter. NewEdge Advisors LLC now owns 17,650 shares of the company’s stock valued at $294,000 after purchasing an additional 910 shares in the last quarter. Apollon Wealth Management LLC lifted its position in Torm by 9.1% in the first quarter. Apollon Wealth Management LLC now owns 11,691 shares of the company’s stock worth $193,000 after purchasing an additional 972 shares during the period. Glenorchy Capital Ltd boosted its stake in Torm by 3.5% during the second quarter. Glenorchy Capital Ltd now owns 29,670 shares of the company’s stock worth $494,000 after buying an additional 1,003 shares in the last quarter. Finally, SBI Securities Co. Ltd. boosted its stake in Torm by 2.5% during the second quarter. SBI Securities Co. Ltd. now owns 69,258 shares of the company’s stock worth $1,154,000 after buying an additional 1,722 shares in the last quarter. 73.89% of the stock is currently owned by institutional investors.

Torm Trading Down 1.3%

Shares of TRMD stock opened at $21.67 on Tuesday. The firm has a market capitalization of $2.04 billion, a P/E ratio of 6.57 and a beta of 0.06. Torm has a 1 year low of $13.60 and a 1 year high of $25.65. The firm’s fifty day simple moving average is $21.58 and its 200 day simple moving average is $19.14. The company has a current ratio of 2.57, a quick ratio of 2.30 and a debt-to-equity ratio of 0.46.

Torm (NASDAQ:TRMD) last issued its quarterly earnings results on Thursday, August 14th. The company reported $0.58 earnings per share for the quarter, beating analysts’ consensus estimates of $0.57 by $0.01. Torm had a net margin of 24.90% and a return on equity of 15.73%. The firm had revenue of $208.20 million during the quarter, compared to the consensus estimate of $207.58 million. As a group, sell-side analysts predict that Torm will post 6.27 EPS for the current year.

Torm Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 3rd. Investors of record on Friday, August 22nd were given a dividend of $0.40 per share. The ex-dividend date of this dividend was Friday, August 22nd. This represents a $1.60 dividend on an annualized basis and a yield of 7.4%. Torm’s dividend payout ratio (DPR) is 35.45%.

Wall Street Analysts Forecast Growth

TRMD has been the topic of a number of recent analyst reports. Evercore ISI set a $23.00 price target on shares of Torm and gave the company an “outperform” rating in a research report on Thursday, August 14th. Fearnley Fonds downgraded shares of Torm from a “strong-buy” rating to a “hold” rating in a report on Wednesday, September 3rd. Weiss Ratings reissued a “hold (c)” rating on shares of Torm in a research report on Wednesday, October 8th. Finally, Pareto Securities downgraded Torm from a “buy” rating to a “hold” rating in a research report on Tuesday, August 19th. Two research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Torm presently has an average rating of “Hold” and a consensus price target of $27.50.

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.