TORM (NASDAQ:TRMD) Trading Down 0.6% – Here’s What Happened

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

Analysts Set New Price Targets

A number of research firms have recently issued reports on TRMD. Jefferies Financial Group dropped their price target 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 TORM to a “hold” rating in a research report on Friday, September 27th.

TORM Stock 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 stock has a 50 day simple moving average of $27.98 and a two-hundred day simple moving average of $33.83.

TORM Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 4th. Shareholders of record on Thursday, November 21st will be issued a dividend of $0.876 per share. 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 payout ratio is 45.28%.

Hedge Funds Weigh In On TORM

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Geode Capital Management LLC boosted its holdings in TORM by 0.6% in the 3rd quarter. Geode Capital Management LLC now owns 81,626 shares of the company’s stock valued at $2,791,000 after purchasing an additional 505 shares in the last quarter. Assetmark Inc. lifted its position in shares of TORM by 76.9% during the 3rd quarter. Assetmark Inc. now owns 1,187 shares of the company’s stock valued at $41,000 after acquiring an additional 516 shares during the period. National Bank of Canada FI acquired a new stake in shares of TORM during the 2nd quarter valued at approximately $26,000. Vanguard Personalized Indexing Management LLC lifted its position in shares of TORM by 7.8% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 11,220 shares of the company’s stock valued at $433,000 after acquiring an additional 811 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of TORM by 12.4% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,338 shares of the company’s stock valued at $365,000 after acquiring an additional 1,030 shares during the period. Hedge funds and other 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.