TORM (NASDAQ:TRMD) Stock Price Down 2.5% – What’s Next?

TORM plc (NASDAQ:TRMD) dropped 2.5% on Friday . The stock traded as low as $20.05 and last traded at $20.09. Approximately 589,963 shares traded hands during trading, a decline of 43% from the average daily volume of 1,040,155 shares. The stock had previously closed at $20.61.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Jefferies Financial Group decreased their price target on TORM from $37.00 to $32.00 and set a “buy” rating on the stock in a research note on Thursday, November 14th. Fearnley Fonds raised TORM to a “hold” rating in a research note on Friday, September 27th.

TORM Trading Down 2.5 %

The business’s 50 day simple moving average is $21.55 and its two-hundred day simple moving average is $30.65. 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 stock has a market cap of $1.64 billion, a P/E ratio of 2.60 and a beta of 0.21.

TORM Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, December 4th. Stockholders of record on Thursday, November 21st were paid a $0.876 dividend. 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 is currently 45.28%.

Institutional Trading of TORM

Several institutional investors have recently modified their holdings of the business. Bank of New York Mellon Corp grew its holdings in TORM by 2.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 355,151 shares of the company’s stock worth $13,769,000 after acquiring an additional 8,185 shares during the period. Allspring Global Investments Holdings LLC bought a new stake in TORM during the second quarter worth $116,000. Zurcher Kantonalbank Zurich Cantonalbank raised its position in TORM by 12.4% in the 2nd 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 during the last quarter. National Bank of Canada FI bought a new position in TORM during the 2nd quarter valued at $26,000. Finally, Acadian Asset Management LLC boosted its holdings in TORM by 320.5% during the 2nd quarter. Acadian Asset Management LLC now owns 1,265,792 shares of the company’s stock worth $49,189,000 after acquiring an additional 964,801 shares during the last quarter. 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.