TORM (NASDAQ:TRMD) Trading Up 3.1% – Time to Buy?

TORM plc (NASDAQ:TRMD)’s share price rose 3.1% on Wednesday . The stock traded as high as $19.76 and last traded at $19.66. Approximately 862,582 shares changed hands during trading, an increase of 4% from the average daily volume of 830,881 shares. The stock had previously closed at $19.06.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on TRMD shares. Fearnley Fonds upgraded TORM to a “hold” rating in a research report 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 Stock Down 1.4 %

The firm’s fifty day simple moving average is $22.61 and its two-hundred day simple moving average is $31.33. The company has a market capitalization of $1.58 billion, a price-to-earnings ratio of 2.51 and a beta of 0.21. 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 firm also recently disclosed a quarterly dividend, which was paid on Wednesday, December 4th. Investors of record on Thursday, November 21st were given a $0.876 dividend. The ex-dividend date was Thursday, November 21st. This represents a $3.50 annualized dividend and a yield of 18.08%. TORM’s payout ratio is 45.28%.

Institutional Investors Weigh In On TORM

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. National Bank of Canada FI purchased a new stake in TORM in the 2nd quarter valued at about $26,000. Assetmark Inc. increased its position in shares of TORM by 76.9% during the third quarter. Assetmark Inc. now owns 1,187 shares of the company’s stock valued at $41,000 after acquiring an additional 516 shares during the last quarter. Quarry LP purchased a new stake in shares of TORM in the 3rd quarter valued at approximately $51,000. Point72 Hong Kong Ltd purchased a new position in shares of TORM during the 2nd quarter worth approximately $78,000. Finally, Allspring Global Investments Holdings LLC acquired a new stake in TORM in the 2nd quarter valued at approximately $116,000. 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.