Quarry LP Purchases New Position in TORM plc (NASDAQ:TRMD)

Quarry LP acquired a new position in shares of TORM plc (NASDAQ:TRMD) during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 1,482 shares of the company’s stock, valued at approximately $51,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in TRMD. SG Americas Securities LLC raised its stake in shares of TORM by 597.3% in the second quarter. SG Americas Securities LLC now owns 22,914 shares of the company’s stock valued at $888,000 after acquiring an additional 19,628 shares during the period. Fifth Third Bancorp purchased a new stake in TORM in the 2nd quarter worth about $43,000. PSI Advisors LLC lifted its stake in TORM by 202.3% in the second quarter. PSI Advisors LLC now owns 9,810 shares of the company’s stock worth $380,000 after purchasing an additional 6,565 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of TORM by 2.4% during the second quarter. Bank of New York Mellon Corp now owns 355,151 shares of the company’s stock valued at $13,769,000 after buying an additional 8,185 shares during the period. Finally, Allspring Global Investments Holdings LLC purchased a new position in shares of TORM during the second quarter valued at approximately $116,000. 73.89% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on TRMD shares. Fearnley Fonds raised TORM to a “hold” rating in a research note on Friday, September 27th. Jefferies Financial Group reduced their target price on TORM from $37.00 to $32.00 and set a “buy” rating on the stock in a research note on Thursday, November 14th.

TORM Price Performance

Shares of TRMD stock opened at $19.84 on Wednesday. The company’s 50-day simple moving average is $25.95 and its two-hundred day simple moving average is $32.92. 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 plc has a one year low of $19.41 and a one year high of $40.47. The company has a market capitalization of $1.62 billion, a P/E ratio of 2.57 and a beta of 0.21.

TORM Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, December 4th. Shareholders of record on Thursday, November 21st were issued a dividend of $0.876 per share. The ex-dividend date of this dividend was Thursday, November 21st. This represents a $3.50 annualized dividend and a yield of 17.66%. TORM’s payout ratio is currently 45.28%.

TORM Company Profile

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.