TORM (NASDAQ:TRMD) Trading 1.8% Higher – Should You Buy?

Shares of TORM plc (NASDAQ:TRMD) rose 1.8% during mid-day trading on Tuesday . The stock traded as high as $23.89 and last traded at $23.85. Approximately 374,200 shares traded hands during mid-day trading, a decline of 52% from the average daily volume of 779,436 shares. The stock had previously closed at $23.43.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on TRMD. Fearnley Fonds raised TORM to a “hold” rating in a report on Friday, September 27th. Evercore ISI lifted their price target on TORM from $45.00 to $48.00 and gave the stock an “outperform” rating in a research note 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 note on Thursday, November 14th.

TORM Trading Up 2.5 %

The company has a fifty day moving average of $30.01 and a 200-day moving average of $34.56. The company has a quick ratio of 2.24, a current ratio of 2.47 and a debt-to-equity ratio of 0.51.

TORM Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 4th. Stockholders of record on Thursday, November 21st will be given a dividend of $0.876 per share. The ex-dividend date is Thursday, November 21st. This represents a $3.50 annualized dividend and a dividend yield of 14.59%. TORM’s dividend payout ratio is currently 68.05%.

Institutional Trading of TORM

A number of large investors have recently made changes to their positions in the company. National Bank of Canada FI purchased a new stake in TORM during the 2nd quarter valued at approximately $26,000. Assetmark Inc. raised its position in TORM by 76.9% during the third quarter. Assetmark Inc. now owns 1,187 shares of the company’s stock worth $41,000 after acquiring an additional 516 shares during the last quarter. Fifth Third Bancorp purchased a new stake in TORM in the 2nd quarter valued at approximately $43,000. Syquant Capital Sas purchased a new stake in shares of TORM in the second quarter valued at $46,000. Finally, Quarry LP acquired a new stake in shares of TORM during the 3rd quarter worth about $51,000. 73.89% of the stock is owned by institutional investors and hedge funds.

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.