TORM (NASDAQ:TRMD) Shares Gap Down – What’s Next?

TORM plc (NASDAQ:TRMD)’s stock price gapped down before the market opened on Thursday . The stock had previously closed at $17.68, but opened at $17.14. TORM shares last traded at $16.82, with a volume of 384,680 shares traded.

TORM Price Performance

The company has a fifty day simple moving average of $19.13 and a 200 day simple moving average of $23.40. The stock has a market capitalization of $1.60 billion, a price-to-earnings ratio of 2.20 and a beta of 0.14. The company has a debt-to-equity ratio of 0.51, a quick ratio of 2.24 and a current ratio of 2.47.

TORM Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 2nd. Investors of record on Thursday, March 20th will be paid a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 14.12%. The ex-dividend date of this dividend is Thursday, March 20th. TORM’s dividend payout ratio is currently 27.43%.

Institutional Trading of TORM

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Mackenzie Financial Corp boosted its stake in shares of TORM by 225.7% in the 4th quarter. Mackenzie Financial Corp now owns 36,177 shares of the company’s stock valued at $704,000 after purchasing an additional 25,071 shares during the last quarter. Millennium Management LLC boosted its position in TORM by 439.0% during the fourth quarter. Millennium Management LLC now owns 430,399 shares of the company’s stock valued at $8,371,000 after acquiring an additional 350,555 shares during the last quarter. Deutsche Bank AG grew its holdings in TORM by 14.2% during the 4th quarter. Deutsche Bank AG now owns 88,381 shares of the company’s stock worth $1,719,000 after acquiring an additional 10,970 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its position in shares of TORM by 104.1% in the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 32,071 shares of the company’s stock worth $624,000 after acquiring an additional 16,360 shares in the last quarter. Finally, Bridgefront Capital LLC acquired a new position in shares of TORM in the 4th quarter valued at about $270,000. Institutional investors and hedge funds own 73.89% of the company’s stock.

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.