TORM (NASDAQ:TRMD) Trading Down 0.4% – Here’s Why

TORM plc (NASDAQ:TRMD)’s stock price traded down 0.4% during mid-day trading on Friday . The company traded as low as $20.69 and last traded at $21.09. 1,275,522 shares traded hands during trading, a decline of 14% from the average session volume of 1,475,259 shares. The stock had previously closed at $21.18.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Jefferies Financial Group reduced their price objective on TORM from $37.00 to $32.00 and set a “buy” rating for the company in a research note on Thursday, November 14th. Fearnley Fonds upgraded shares of TORM to a “hold” rating in a research report on Friday, September 27th.

TORM Stock Performance

The stock has a fifty day moving average of $27.70 and a 200-day moving average of $33.69. The company has a current ratio of 2.47, a quick ratio of 2.24 and a debt-to-equity ratio of 0.51.

TORM Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 4th. Shareholders of record on Thursday, November 21st will be paid a $0.876 dividend. The ex-dividend date is Thursday, November 21st. This represents a $3.50 annualized dividend and a dividend yield of 16.73%. TORM’s dividend payout ratio (DPR) is currently 45.28%.

Institutional Investors Weigh In On TORM

Large investors have recently modified their holdings of the stock. DekaBank Deutsche Girozentrale increased its stake in TORM by 1,166.7% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 38,000 shares of the company’s stock valued at $1,289,000 after buying an additional 35,000 shares during the period. International Assets Investment Management LLC acquired a new position in shares of TORM during the third quarter worth about $7,359,000. SG Americas Securities LLC raised its holdings in TORM by 597.3% during the second quarter. SG Americas Securities LLC now owns 22,914 shares of the company’s stock worth $888,000 after purchasing an additional 19,628 shares in the last quarter. Lighthouse Investment Partners LLC lifted its position in TORM by 276.2% in the second quarter. Lighthouse Investment Partners LLC now owns 110,049 shares of the company’s stock valued at $4,267,000 after purchasing an additional 80,793 shares during the period. Finally, Hsbc Holdings PLC purchased a new stake in TORM in the 2nd quarter valued at approximately $9,619,000. 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.