TORM (NASDAQ:TRMD) Stock Price Down 0.6% – Here’s Why

TORM plc (NASDAQ:TRMD) shares fell 0.6% on Wednesday . The stock traded as low as $20.69 and last traded at $21.06. 558,647 shares changed hands during trading, a decline of 30% from the average session volume of 801,366 shares. The stock had previously closed at $21.18.

Wall Street Analyst Weigh In

TRMD has been the subject of a number of recent analyst reports. Fearnley Fonds upgraded shares of TORM to a “hold” rating in a report on Friday, September 27th. Jefferies Financial Group decreased 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.

TORM Stock Performance

The business’s fifty day moving average price is $28.59 and its 200-day moving average price is $34.01. The stock has a market cap of $1.72 billion, a PE ratio of 2.73 and a beta of 0.27. The company has a debt-to-equity ratio of 0.51, a quick ratio of 2.24 and a current ratio of 2.47.

TORM Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 4th. Stockholders of record on Thursday, November 21st will be paid a $0.876 dividend. This represents a $3.50 annualized dividend and a dividend yield of 16.61%. The ex-dividend date is Thursday, November 21st. TORM’s dividend payout ratio is currently 45.28%.

Institutional Trading of TORM

Several institutional investors and hedge funds have recently made changes to their positions in the company. Franklin Resources Inc. purchased a new position in TORM during the 3rd quarter valued at about $1,047,000. Tidal Investments LLC bought a new position in TORM in the third quarter worth approximately $1,601,000. Geode Capital Management LLC lifted its holdings in TORM by 0.6% during the third quarter. Geode Capital Management LLC now owns 81,626 shares of the company’s stock worth $2,791,000 after buying an additional 505 shares during the period. Barclays PLC boosted its position in TORM by 65.4% during the 3rd quarter. Barclays PLC now owns 384,308 shares of the company’s stock valued at $13,140,000 after acquiring an additional 151,942 shares in the last quarter. Finally, XTX Topco Ltd increased its holdings in shares of TORM by 120.3% in the 3rd quarter. XTX Topco Ltd now owns 24,070 shares of the company’s stock valued at $823,000 after acquiring an additional 13,144 shares during the period. 73.89% of the stock is currently owned by institutional investors.

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.