TORM (NASDAQ:TRMD) Trading 1.2% Higher – Here’s Why

TORM plc (NASDAQ:TRMD) shares shot up 1.2% during trading on Friday . The company traded as high as $18.23 and last traded at $18.19. 281,584 shares changed hands during trading, a decline of 66% from the average session volume of 825,738 shares. The stock had previously closed at $17.97.

Analyst Ratings Changes

A number of brokerages have weighed in on TRMD. Jefferies Financial Group decreased their target price on TORM from $37.00 to $32.00 and set a “buy” rating for the company in a research report on Thursday, November 14th. Fearnley Fonds raised shares of TORM to a “hold” rating in a report on Friday, September 27th.

TORM Price Performance

The company has a quick ratio of 2.24, a current ratio of 2.47 and a debt-to-equity ratio of 0.51. The firm has a market cap of $1.48 billion, a PE ratio of 2.35 and a beta of 0.21. The stock has a 50 day moving average price of $23.75 and a two-hundred day moving average price of $31.93.

TORM Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, December 4th. Shareholders of record on Thursday, November 21st were given a dividend of $0.876 per share. The ex-dividend date of this dividend was Thursday, November 21st. This represents a $3.50 dividend on an annualized basis and a yield of 19.28%. TORM’s dividend payout ratio is currently 45.28%.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Franklin Resources Inc. purchased a new stake in TORM in the third quarter valued at approximately $1,047,000. Tidal Investments LLC purchased a new stake in shares of TORM in the 3rd quarter valued at $1,601,000. Geode Capital Management LLC increased its stake in shares of TORM by 0.6% in the third quarter. Geode Capital Management LLC now owns 81,626 shares of the company’s stock worth $2,791,000 after acquiring an additional 505 shares during the period. Barclays PLC raised its holdings in shares of TORM by 65.4% during the third quarter. Barclays PLC now owns 384,308 shares of the company’s stock worth $13,140,000 after purchasing an additional 151,942 shares during the last quarter. Finally, XTX Topco Ltd lifted its position in TORM by 120.3% during the third quarter. XTX Topco Ltd now owns 24,070 shares of the company’s stock valued at $823,000 after purchasing an additional 13,144 shares during the period. 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.