TORM (NASDAQ:TRMD) Stock Price Up 0.2% – Here’s What Happened

TORM plc (NASDAQ:TRMD)’s share price was up 0.2% on Friday . The stock traded as high as $19.56 and last traded at $19.42. Approximately 380,727 shares changed hands during mid-day trading, a decline of 54% from the average daily volume of 829,429 shares. The stock had previously closed at $19.38.

Wall Street Analysts Forecast Growth

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

TORM Stock Down 0.2 %

The business has a 50 day simple moving average of $22.39 and a 200 day simple moving average of $31.18. The company has a market capitalization of $1.58 billion, a price-to-earnings ratio of 2.50 and a beta of 0.21. The company has a debt-to-equity ratio of 0.51, a current ratio of 2.47 and a quick ratio of 2.24.

TORM Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, December 4th. Shareholders of record on Thursday, November 21st were given a $0.876 dividend. This represents a $3.50 annualized dividend and a yield of 18.12%. The ex-dividend date of this dividend was Thursday, November 21st. TORM’s dividend payout ratio is currently 45.28%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. National Bank of Canada FI purchased a new stake in TORM during the 2nd quarter worth approximately $26,000. Assetmark Inc. grew 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 acquiring an additional 516 shares in the last quarter. Quarry LP purchased a new stake in shares of TORM during the third quarter worth $51,000. Point72 Hong Kong Ltd acquired a new stake in shares of TORM in the second quarter valued at $78,000. Finally, Allspring Global Investments Holdings LLC acquired a new position in TORM during the 2nd quarter worth $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.