TORM (NASDAQ:TRMD) Stock Price Up 3.1% – Here’s Why

Shares of TORM plc (NASDAQ:TRMD) shot up 3.1% during mid-day trading on Wednesday . The stock traded as high as $19.76 and last traded at $19.66. 862,582 shares traded hands during trading, an increase of 4% from the average session volume of 830,881 shares. The stock had previously closed at $19.06.

Analysts Set New Price Targets

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

TORM Price Performance

The firm has a market cap of $1.60 billion, a P/E ratio of 2.54 and a beta of 0.21. The company has a current ratio of 2.47, a quick ratio of 2.24 and a debt-to-equity ratio of 0.51. The company has a fifty day moving average price of $23.03 and a two-hundred day moving average price of $31.50.

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. This represents a $3.50 dividend on an annualized basis and a yield of 17.82%. The ex-dividend date was Thursday, November 21st. TORM’s dividend payout ratio (DPR) is currently 45.28%.

Hedge Funds Weigh In On TORM

Hedge funds have recently modified their holdings of the stock. Marshall Wace LLP grew its stake in shares of TORM by 860.9% in the second quarter. Marshall Wace LLP now owns 1,429,989 shares of the company’s stock valued at $55,441,000 after buying an additional 1,281,176 shares in the last quarter. Two Sigma Advisers LP increased its holdings in shares of TORM by 2.6% during the 3rd quarter. Two Sigma Advisers LP now owns 1,266,900 shares of the company’s stock worth $43,315,000 after acquiring an additional 32,500 shares during the last quarter. Acadian Asset Management LLC lifted its holdings in TORM by 320.5% during the 2nd quarter. Acadian Asset Management LLC now owns 1,265,792 shares of the company’s stock valued at $49,189,000 after purchasing an additional 964,801 shares during the last quarter. Renaissance Technologies LLC lifted its stake in shares of TORM by 38.9% during the 2nd quarter. Renaissance Technologies LLC now owns 669,200 shares of the company’s stock worth $25,945,000 after buying an additional 187,300 shares during the last quarter. Finally, Barclays PLC raised its holdings in TORM by 65.4% in 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 during the period. Institutional investors own 73.89% of the company’s stock.

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.