TORM (NASDAQ:TRMD) Trading 1.2% Higher – What’s Next?

TORM plc (NASDAQ:TRMD) traded up 1.2% during trading on Monday . The stock traded as high as $23.47 and last traded at $23.12. 416,370 shares changed hands during trading, a decline of 46% from the average session volume of 776,143 shares. The stock had previously closed at $22.85.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Evercore ISI boosted their target price on shares of TORM from $45.00 to $48.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 23rd. Fearnley Fonds raised TORM to a “hold” rating in a research note on Friday, September 27th. Finally, Jefferies Financial Group cut 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 Price Performance

The firm’s 50 day moving average is $29.83 and its two-hundred day moving average is $34.49. 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 Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 4th. Stockholders of record on Thursday, November 21st will be issued a dividend of $0.876 per share. This represents a $3.50 dividend on an annualized basis and a dividend yield of 14.62%. The ex-dividend date is Thursday, November 21st. TORM’s payout ratio is currently 68.05%.

Institutional Trading of TORM

A number of institutional investors have recently modified their holdings of the company. Geode Capital Management LLC grew its holdings in shares of TORM by 0.6% during the 3rd quarter. Geode Capital Management LLC now owns 81,626 shares of the company’s stock worth $2,791,000 after purchasing an additional 505 shares during the period. Assetmark Inc. grew its holdings in shares of TORM by 76.9% during the 3rd quarter. Assetmark Inc. now owns 1,187 shares of the company’s stock worth $41,000 after purchasing an additional 516 shares during the period. National Bank of Canada FI purchased a new position in TORM in the 2nd quarter worth approximately $26,000. Vanguard Personalized Indexing Management LLC boosted its holdings in TORM by 7.8% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 11,220 shares of the company’s stock worth $433,000 after acquiring an additional 811 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in TORM by 12.4% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,338 shares of the company’s stock worth $365,000 after acquiring an additional 1,030 shares during the period. 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.