TORM (NASDAQ:TRMD) Shares Gap Up – Here’s What Happened

TORM plc (NASDAQ:TRMD) gapped up prior to trading on Thursday . The stock had previously closed at $19.45, but opened at $20.23. TORM shares last traded at $20.44, with a volume of 433,555 shares changing hands.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on TRMD shares. Jefferies Financial Group reduced their price target on shares of 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 raised TORM to a “hold” rating in a research report on Friday, September 27th.

TORM Stock Up 5.7 %

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 has a market capitalization of $1.68 billion, a price-to-earnings ratio of 2.66 and a beta of 0.21. The firm’s 50-day simple moving average is $21.82 and its two-hundred day simple moving average is $30.85.

TORM Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, December 4th. Stockholders of record on Thursday, November 21st were paid a dividend of $0.876 per share. This represents a $3.50 annualized dividend and a dividend yield of 17.04%. The ex-dividend date was Thursday, November 21st. TORM’s dividend payout ratio (DPR) is 45.28%.

Hedge Funds Weigh In On TORM

Several hedge funds and other institutional investors have recently bought and sold shares of TRMD. Franklin Resources Inc. acquired a new stake in TORM in the 3rd quarter valued at about $1,047,000. Tidal Investments LLC acquired a new stake in TORM during the 3rd quarter valued at $1,601,000. Geode Capital Management LLC increased its position in TORM by 0.6% during the third quarter. Geode Capital Management LLC now owns 81,626 shares of the company’s stock worth $2,791,000 after buying an additional 505 shares in the last quarter. Barclays PLC raised its holdings in shares of TORM by 65.4% in the third quarter. Barclays PLC now owns 384,308 shares of the company’s stock worth $13,140,000 after acquiring an additional 151,942 shares during the last quarter. Finally, XTX Topco Ltd raised its stake in TORM by 120.3% in the 3rd quarter. XTX Topco Ltd now owns 24,070 shares of the company’s stock valued at $823,000 after purchasing an additional 13,144 shares during the last quarter. 73.89% of the stock is owned by institutional investors and hedge funds.

About TORM

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.