TORM (NASDAQ:TRMD) Stock Price Down 2.5% – Here’s Why

TORM plc (NASDAQ:TRMD)’s stock price traded down 2.5% during trading on Friday . The stock traded as low as $20.05 and last traded at $20.09. 589,963 shares were traded during mid-day trading, a decline of 43% from the average session volume of 1,040,155 shares. The stock had previously closed at $20.61.

Wall Street Analyst Weigh In

TRMD has been the topic of several recent analyst reports. Fearnley Fonds raised shares of TORM to a “hold” rating in a research report on Friday, September 27th. Jefferies Financial Group dropped their price target on TORM from $37.00 to $32.00 and set a “buy” rating on the stock in a report on Thursday, November 14th.

TORM Trading Down 2.5 %

The stock’s 50 day simple moving average is $21.55 and its two-hundred day simple moving average is $30.65. The company has a debt-to-equity ratio of 0.51, a current ratio of 2.47 and a quick ratio of 2.24. The stock has a market capitalization of $1.64 billion, a PE 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. Shareholders of record on Thursday, November 21st were issued a dividend of $0.876 per share. This represents a $3.50 annualized dividend and a yield of 17.43%. The ex-dividend date of this dividend was Thursday, November 21st. TORM’s dividend payout ratio (DPR) is 45.28%.

Institutional Trading of TORM

Several hedge funds have recently made changes to their positions in the company. National Bank of Canada FI purchased a new stake in TORM in the 2nd quarter worth about $26,000. Assetmark Inc. increased 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 in the last quarter. Quarry LP bought a new stake in shares of TORM in the third quarter valued at approximately $51,000. Point72 Hong Kong Ltd purchased a new stake in shares of TORM during the 2nd quarter valued at approximately $78,000. Finally, Allspring Global Investments Holdings LLC bought a new position in TORM in the 2nd quarter worth approximately $116,000. 73.89% of the stock is currently owned by institutional investors.

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.