TORM (NASDAQ:TRMD) Stock Price Up 2.4% – Should You Buy?

TORM plc (NASDAQ:TRMD) shot up 2.4% during trading on Wednesday . The stock traded as high as $19.55 and last traded at $19.45. 821,479 shares were traded during trading, a decline of 2% from the average session volume of 836,479 shares. The stock had previously closed at $19.00.

Analyst Ratings Changes

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

TORM Stock Up 6.0 %

The company has a current ratio of 2.47, a quick ratio of 2.24 and a debt-to-equity ratio of 0.51. The stock’s 50-day moving average price is $21.82 and its 200-day moving average price is $30.85. The company has a market cap of $1.68 billion, a P/E ratio of 2.67 and a beta of 0.21.

TORM Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, December 4th. Shareholders of record on Thursday, November 21st were paid a $0.876 dividend. The ex-dividend date of this dividend was Thursday, November 21st. This represents a $3.50 dividend on an annualized basis and a yield of 17.00%. TORM’s dividend payout ratio (DPR) is presently 45.28%.

Hedge Funds Weigh In On TORM

A number of institutional investors have recently modified their holdings of the company. National Bank of Canada FI acquired a new stake in shares of TORM in the 2nd quarter worth about $26,000. Assetmark Inc. raised its stake in shares of TORM by 76.9% in the third quarter. Assetmark Inc. now owns 1,187 shares of the company’s stock worth $41,000 after purchasing an additional 516 shares during the last quarter. Quarry LP bought a new position in shares of TORM in the third quarter valued at approximately $51,000. Point72 Hong Kong Ltd purchased a new position in shares of TORM during the second quarter valued at approximately $78,000. Finally, Allspring Global Investments Holdings LLC bought a new stake in TORM during the second quarter worth $116,000. 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.