TORM (NASDAQ:TRMD) Trading Down 1.7% – What’s Next?

TORM plc (NASDAQ:TRMD) dropped 1.7% during trading on Monday . The stock traded as low as $21.23 and last traded at $21.51. Approximately 641,066 shares changed hands during mid-day trading, a decline of 19% from the average daily volume of 796,161 shares. The stock had previously closed at $21.89.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on TRMD. Jefferies Financial Group dropped 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 upgraded shares of TORM to a “hold” rating in a research report on Friday, September 27th.

TORM Stock Performance

The stock has a fifty day simple moving average of $28.29 and a 200-day simple moving average of $33.92. The stock has a market cap of $1.72 billion, a P/E ratio of 2.73 and a beta of 0.27. 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 company also recently declared a quarterly dividend, which will be paid on Wednesday, December 4th. Stockholders of record on Thursday, November 21st will be issued a $0.876 dividend. This represents a $3.50 annualized dividend and a dividend yield of 16.61%. The ex-dividend date of this dividend is Thursday, November 21st. TORM’s dividend payout ratio (DPR) is 45.28%.

Institutional Trading of TORM

Several hedge funds have recently added to or reduced their stakes in TRMD. Marshall Wace LLP raised its holdings in shares of TORM by 860.9% during the second quarter. Marshall Wace LLP now owns 1,429,989 shares of the company’s stock worth $55,441,000 after acquiring an additional 1,281,176 shares during the period. Acadian Asset Management LLC raised its position in TORM by 320.5% in the 2nd quarter. Acadian Asset Management LLC now owns 1,265,792 shares of the company’s stock valued at $49,189,000 after buying an additional 964,801 shares during the last quarter. Hsbc Holdings PLC bought a new stake in TORM in the 2nd quarter valued at approximately $9,619,000. International Assets Investment Management LLC acquired a new position in TORM during the 3rd quarter worth approximately $7,359,000. Finally, Renaissance Technologies LLC grew 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 acquiring an additional 187,300 shares in the last quarter. Institutional investors and hedge funds 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.