Apollon Wealth Management LLC Makes New Investment in TORM plc (NASDAQ:TRMD)

Apollon Wealth Management LLC bought a new position in TORM plc (NASDAQ:TRMD) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 8,500 shares of the company’s stock, valued at approximately $291,000.

Several other institutional investors and hedge funds have also bought and sold shares of TRMD. Marshall Wace LLP boosted its position in TORM by 860.9% in the second quarter. Marshall Wace LLP now owns 1,429,989 shares of the company’s stock worth $55,441,000 after purchasing an additional 1,281,176 shares during the last quarter. Acadian Asset Management LLC lifted its position in shares of TORM by 320.5% during the 2nd quarter. Acadian Asset Management LLC now owns 1,265,792 shares of the company’s stock valued at $49,189,000 after buying an additional 964,801 shares in the last quarter. Hsbc Holdings PLC purchased a new position in shares of TORM during the 2nd quarter valued at about $9,619,000. International Assets Investment Management LLC purchased a new position in shares of TORM during the 3rd quarter valued at about $7,359,000. Finally, Renaissance Technologies LLC lifted its position in shares of TORM by 38.9% during the 2nd quarter. Renaissance Technologies LLC now owns 669,200 shares of the company’s stock valued at $25,945,000 after buying an additional 187,300 shares in the last quarter. 73.89% of the stock is owned by hedge funds and other institutional investors.

TORM Stock Performance

Shares of TRMD opened at $22.85 on Monday. The business’s 50 day moving average is $30.20 and its 200 day moving average is $34.64. TORM plc has a 12-month low of $22.72 and a 12-month high of $40.47. The company has a debt-to-equity ratio of 0.51, a current ratio of 2.47 and a quick ratio of 2.24.

TORM (NASDAQ:TRMD) last issued its earnings results on Thursday, August 15th. The company reported $2.02 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.99 by $0.03. The company had revenue of $437.70 million for the quarter, compared to the consensus estimate of $325.38 million. TORM had a return on equity of 34.45% and a net margin of 43.81%. During the same quarter last year, the company earned $2.14 EPS. Equities research analysts expect that TORM plc will post 6.41 EPS for the current fiscal year.

TORM Cuts Dividend

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

Analysts Set New Price Targets

A number of research firms have recently weighed in on TRMD. Fearnley Fonds raised TORM to a “hold” rating in a research report on Friday, September 27th. Evercore ISI lifted their price objective on TORM from $45.00 to $48.00 and gave the company an “outperform” rating in a research report on Tuesday, July 23rd. Finally, Jefferies Financial Group lowered their price objective on TORM from $37.00 to $32.00 and set a “buy” rating on the stock in a research report on Thursday.

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.