TORM (NASDAQ:TRMD) Stock Price Down 0.5% – Here’s Why

TORM plc (NASDAQ:TRMD)’s share price fell 0.5% during mid-day trading on Monday . The company traded as low as $23.77 and last traded at $23.85. 404,210 shares were traded during trading, a decline of 47% from the average session volume of 756,945 shares. The stock had previously closed at $23.97.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Fearnley Fonds upgraded shares of TORM to a “hold” rating in a research note on Friday, September 27th. Evercore ISI boosted their target price on TORM from $45.00 to $48.00 and gave the stock an “outperform” rating in a report on Tuesday, July 23rd.

TORM Stock Up 3.4 %

The stock’s fifty day simple moving average is $30.80 and its 200-day simple moving average is $34.87. The company has a quick ratio of 2.24, a current ratio of 2.47 and a debt-to-equity ratio of 0.51.

TORM (NASDAQ:TRMD) last issued its quarterly earnings results on Thursday, August 15th. The company reported $2.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.99 by $0.03. The business had revenue of $437.70 million for the quarter, compared to the consensus estimate of $325.38 million. TORM had a return on equity of 34.45% and a net margin of 43.81%. During the same quarter in the prior year, the business posted $2.14 earnings per share. On average, research analysts forecast that TORM plc will post 6.41 EPS for the current fiscal year.

TORM Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 4th. Investors of record on Thursday, November 21st will be paid a $0.876 dividend. The ex-dividend date of this dividend is Thursday, November 21st. This represents a $3.50 dividend on an annualized basis and a yield of 14.77%. TORM’s dividend payout ratio (DPR) is 68.05%.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Dynamic Technology Lab Private Ltd bought a new stake in TORM in the third quarter valued at approximately $882,000. Thrivent Financial for Lutherans acquired a new position in shares of TORM in the 3rd quarter worth approximately $224,000. Natixis Advisors LLC bought a new stake in shares of TORM in the 3rd quarter valued at $730,000. Apollon Wealth Management LLC acquired a new stake in shares of TORM during the third quarter worth $291,000. Finally, Assetmark Inc. raised its stake in TORM by 76.9% during the third quarter. Assetmark Inc. now owns 1,187 shares of the company’s stock worth $41,000 after buying an additional 516 shares during the last quarter. 73.89% of the stock is currently owned by institutional investors and hedge funds.

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.