TORM (NASDAQ:TRMD) Trading Up 2.8% – What’s Next?

Shares of TORM plc (NASDAQ:TRMD) were up 2.8% during mid-day trading on Tuesday . The company traded as high as $19.61 and last traded at $19.59. Approximately 323,806 shares traded hands during mid-day trading, a decline of 61% from the average daily volume of 828,374 shares. The stock had previously closed at $19.06.

Analysts Set New Price Targets

Several brokerages recently issued reports on TRMD. Fearnley Fonds upgraded shares of TORM to a “hold” rating in a research note on Friday, September 27th. Jefferies Financial Group cut their price objective on TORM from $37.00 to $32.00 and set a “buy” rating for the company in a research report on Thursday, November 14th.

TORM Price Performance

The company’s 50-day moving average price is $23.23 and its two-hundred day moving average price is $31.62. The company has a debt-to-equity ratio of 0.51, a current ratio of 2.47 and a quick ratio of 2.24. The company has a market capitalization of $1.60 billion, a P/E ratio of 2.54 and a beta of 0.21.

TORM Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, December 4th. Shareholders of record on Thursday, November 21st were issued a $0.876 dividend. The ex-dividend date was Thursday, November 21st. This represents a $3.50 annualized dividend and a yield of 17.82%. TORM’s dividend payout ratio is currently 45.28%.

Hedge Funds Weigh In On TORM

A number of large investors have recently made changes to their positions in the company. National Bank of Canada FI bought a new stake in TORM in the 2nd quarter valued at $26,000. Fifth Third Bancorp acquired a new stake in shares of TORM during the second quarter worth $43,000. Assetmark Inc. boosted its position in shares of TORM by 76.9% in the third quarter. Assetmark Inc. now owns 1,187 shares of the company’s stock valued at $41,000 after acquiring an additional 516 shares during the period. Quarry LP bought a new stake in shares of TORM in the third quarter valued at about $51,000. Finally, Point72 Hong Kong Ltd acquired a new position in shares of TORM in the second quarter valued at about $78,000. 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.