TORM (NASDAQ:TRMD) Shares Gap Up – Should You Buy?

TORM plc (NASDAQ:TRMD) gapped up before the market opened 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.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on TRMD shares. Fearnley Fonds upgraded TORM to a “hold” rating in a research note on Friday, September 27th. Jefferies Financial Group dropped 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.

TORM Price Performance

The company has a quick ratio of 2.24, a current ratio of 2.47 and a debt-to-equity ratio of 0.51. The company’s fifty day moving average price is $21.55 and its 200 day moving average price is $30.68. The company has a market capitalization of $1.64 billion, a P/E ratio of 2.60 and a beta of 0.21.

TORM Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, December 4th. Stockholders of record on Thursday, November 21st were issued a dividend of $0.876 per share. This represents a $3.50 annualized dividend and a dividend yield of 17.43%. The ex-dividend date of this dividend was Thursday, November 21st. TORM’s dividend payout ratio (DPR) is currently 45.28%.

Hedge Funds Weigh In On TORM

Hedge funds and other institutional investors have recently modified their holdings of the business. Geode Capital Management LLC lifted its holdings in shares of TORM by 0.6% in the third quarter. Geode Capital Management LLC now owns 81,626 shares of the company’s stock worth $2,791,000 after acquiring an additional 505 shares during the last quarter. Assetmark Inc. boosted its position in TORM by 76.9% in the third quarter. Assetmark Inc. now owns 1,187 shares of the company’s stock valued at $41,000 after buying an additional 516 shares in the last quarter. National Bank of Canada FI bought a new stake in shares of TORM during the second quarter worth $26,000. Vanguard Personalized Indexing Management LLC increased its holdings in shares of TORM by 7.8% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 11,220 shares of the company’s stock worth $433,000 after buying an additional 811 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position 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 purchasing an additional 1,030 shares during the last quarter. Institutional investors 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.