TORM (NASDAQ:TRMD) Shares Down 0.4% – Here’s Why

Shares of TORM plc (NASDAQ:TRMD) traded down 0.4% during mid-day trading on Thursday . The company traded as low as $20.69 and last traded at $21.09. 1,275,522 shares traded hands during mid-day trading, an increase of 59% from the average session volume of 804,719 shares. The stock had previously closed at $21.18.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on TRMD. Jefferies Financial Group dropped their price objective on TORM from $37.00 to $32.00 and set a “buy” rating for the company in a research note on Thursday, November 14th. Fearnley Fonds raised TORM to a “hold” rating in a report on Friday, September 27th.

TORM Trading Down 0.4 %

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 capitalization of $1.72 billion, a PE ratio of 2.73 and a beta of 0.27. The stock’s fifty day simple moving average is $28.29 and its 200 day simple moving average is $33.92.

TORM Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 4th. Shareholders of record on Thursday, November 21st will be given a $0.876 dividend. This represents a $3.50 dividend on an annualized basis and a yield of 16.61%. The ex-dividend date of this dividend is Thursday, November 21st. TORM’s payout ratio is 45.28%.

Institutional Investors Weigh In On TORM

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in shares of TORM by 7.9% in the first quarter. Vanguard Group Inc. now owns 1,179,417 shares of the company’s stock worth $41,221,000 after purchasing an additional 85,937 shares in the last quarter. Virtu Financial LLC purchased a new stake in TORM in the 1st quarter worth $598,000. DekaBank Deutsche Girozentrale raised its holdings in TORM by 11.4% during the first quarter. DekaBank Deutsche Girozentrale now owns 58,000 shares of the company’s stock valued at $1,971,000 after acquiring an additional 5,933 shares during the period. Syquant Capital Sas purchased a new position in shares of TORM in the second quarter valued at about $46,000. Finally, Lion Street Advisors LLC bought a new position in shares of TORM in the second quarter worth about $216,000. 73.89% of the stock is owned by hedge funds and other 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.