TORM plc (NASDAQ:TRMD) Short Interest Up 27.5% in November

TORM plc (NASDAQ:TRMD) saw a large increase in short interest during the month of November. As of November 15th, there was short interest totalling 3,480,000 shares, an increase of 27.5% from the October 31st total of 2,730,000 shares. Based on an average daily volume of 1,120,000 shares, the days-to-cover ratio is currently 3.1 days. Approximately 6.7% of the company’s stock are sold short.

Hedge Funds Weigh In On TORM

Several large investors have recently made changes to their positions in the business. Marshall Wace LLP increased its position in TORM by 860.9% in the 2nd quarter. Marshall Wace LLP now owns 1,429,989 shares of the company’s stock worth $55,441,000 after buying an additional 1,281,176 shares during the period. Two Sigma Advisers LP increased its position in TORM by 2.6% during the third quarter. Two Sigma Advisers LP now owns 1,266,900 shares of the company’s stock worth $43,315,000 after acquiring an additional 32,500 shares during the period. Acadian Asset Management LLC raised its stake in TORM by 320.5% during the 2nd quarter. Acadian Asset Management LLC now owns 1,265,792 shares of the company’s stock valued at $49,189,000 after purchasing an additional 964,801 shares during the last quarter. Vanguard Group Inc. boosted its holdings in TORM by 7.9% in the 1st quarter. Vanguard Group Inc. now owns 1,179,417 shares of the company’s stock valued at $41,221,000 after purchasing an additional 85,937 shares during the period. Finally, Renaissance Technologies LLC increased its holdings in shares of TORM by 38.9% during the 2nd quarter. Renaissance Technologies LLC now owns 669,200 shares of the company’s stock worth $25,945,000 after purchasing an additional 187,300 shares during the period. Institutional investors and hedge funds own 73.89% of the company’s stock.

TORM Price Performance

NASDAQ TRMD opened at $20.94 on Monday. TORM has a 1 year low of $20.69 and a 1 year high of $40.47. The company has a fifty day simple moving average of $27.70 and a 200 day simple moving average of $33.66. 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 company has a market cap of $1.71 billion, a P/E ratio of 2.71 and a beta of 0.27.

TORM Cuts Dividend

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

Analyst Upgrades and Downgrades

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

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.