National Bank of Canada FI bought a new stake in TORM plc (NASDAQ:TRMD – Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 670 shares of the company’s stock, valued at approximately $26,000.
Other hedge funds and other institutional investors have also modified their holdings of the company. Creekmur Asset Management LLC purchased a new stake in TORM during the 4th quarter worth approximately $27,000. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in TORM by 12.4% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,338 shares of the company’s stock valued at $365,000 after buying an additional 1,030 shares in the last quarter. Fifth Third Bancorp acquired a new position in shares of TORM during the 2nd quarter worth about $43,000. Syquant Capital Sas purchased a new position in shares of TORM in the 2nd quarter valued at about $46,000. Finally, Scarborough Advisors LLC acquired a new stake in shares of TORM during the 4th quarter worth about $37,000. 73.89% of the stock is currently owned by hedge funds and other institutional investors.
TORM Stock Performance
NASDAQ TRMD opened at $34.05 on Monday. The company has a fifty day moving average of $36.82 and a two-hundred day moving average of $36.01. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.94 and a current ratio of 3.18. TORM plc has a 1 year low of $25.05 and a 1 year high of $40.47.
TORM Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 11th. Investors of record on Thursday, August 29th were paid a dividend of $1.80 per share. The ex-dividend date was Thursday, August 29th. This represents a $7.20 dividend on an annualized basis and a yield of 21.15%. This is a boost from TORM’s previous quarterly dividend of $1.50. TORM’s dividend payout ratio is currently 66.41%.
Analyst Upgrades and Downgrades
Separately, Evercore ISI raised their price objective on shares of TORM from $45.00 to $48.00 and gave the stock an “outperform” rating in a report on Tuesday, July 23rd.
Check Out Our Latest Analysis on TORM
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.
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