TORM (NASDAQ:TRMD) Trading Down 2.7% – Here’s What Happened

Shares of TORM plc (NASDAQ:TRMD) were down 2.7% on Wednesday . The company traded as low as $21.98 and last traded at $22.05. Approximately 829,908 shares changed hands during mid-day trading, a decline of 41% from the average daily volume of 1,409,575 shares. The stock had previously closed at $22.67.

Analysts Set New Price Targets

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

TORM Trading Down 2.7 %

The stock has a fifty day moving average of $20.83 and a 200 day moving average of $29.72. 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 company has a market capitalization of $1.66 billion, a P/E ratio of 2.64 and a beta of 0.23.

TORM Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 4th. Stockholders of record on Thursday, November 21st were given a dividend of $0.876 per share. The ex-dividend date was Thursday, November 21st. This represents a $3.50 dividend on an annualized basis and a dividend yield of 17.18%. TORM’s payout ratio is currently 45.28%.

Institutional Investors Weigh In On TORM

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Assetmark Inc. lifted its holdings in TORM by 76.9% during the third quarter. Assetmark Inc. now owns 1,187 shares of the company’s stock valued at $41,000 after purchasing an additional 516 shares in the last quarter. Quarry LP purchased a new position in shares of TORM during the 3rd quarter valued at $51,000. Point72 Hong Kong Ltd bought a new position in TORM in the 2nd quarter worth $78,000. Thrivent Financial for Lutherans bought a new position in TORM in the 3rd quarter worth $224,000. Finally, Apollon Wealth Management LLC purchased a new stake in TORM in the 3rd quarter worth $291,000. 73.89% of the stock is owned by hedge funds and other institutional investors.

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.