Tidal Investments LLC Makes New $1.60 Million Investment in TORM plc (NASDAQ:TRMD)

Tidal Investments LLC purchased a new position in shares of TORM plc (NASDAQ:TRMD) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 46,820 shares of the company’s stock, valued at approximately $1,601,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Fifth Third Bancorp purchased a new stake in shares of TORM during the 2nd quarter worth about $43,000. PSI Advisors LLC boosted its stake in shares of TORM by 202.3% during the 2nd quarter. PSI Advisors LLC now owns 9,810 shares of the company’s stock worth $380,000 after acquiring an additional 6,565 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in shares of TORM by 2.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 355,151 shares of the company’s stock worth $13,769,000 after acquiring an additional 8,185 shares in the last quarter. Allspring Global Investments Holdings LLC purchased a new stake in shares of TORM during the 2nd quarter worth about $116,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake 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 worth $365,000 after acquiring an additional 1,030 shares in the last quarter. 73.89% of the stock is owned by institutional investors and hedge funds.

TORM Trading Down 1.6 %

TRMD opened at $18.29 on Wednesday. The company has a debt-to-equity ratio of 0.51, a current ratio of 2.47 and a quick ratio of 2.24. The company’s 50 day simple moving average is $24.30 and its two-hundred day simple moving average is $32.13. TORM plc has a 1-year low of $18.01 and a 1-year high of $40.47. The firm has a market capitalization of $1.49 billion, a price-to-earnings ratio of 2.37 and a beta of 0.21.

TORM Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, December 4th. Shareholders of record on Thursday, November 21st were paid a $0.876 dividend. This represents a $3.50 dividend on an annualized basis and a yield of 19.16%. The ex-dividend date of this dividend was Thursday, November 21st. TORM’s dividend payout ratio (DPR) is 45.28%.

Analysts Set New Price Targets

TRMD has been the topic of several recent analyst reports. Jefferies Financial Group lowered their target price on shares of TORM from $37.00 to $32.00 and set a “buy” rating on the stock in a research note on Thursday, November 14th. Fearnley Fonds raised shares of TORM to a “hold” rating in a research note on Friday, September 27th.

TORM 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.