TORM (NASDAQ:TRMD) Shares Up 0% – Here’s What Happened

TORM plc (NASDAQ:TRMD)’s stock price shot up 0% during mid-day trading on Friday . The company traded as high as $21.77 and last traded at $21.72. 517,181 shares traded hands during trading, a decline of 35% from the average session volume of 792,803 shares. The stock had previously closed at $21.71.

Analyst Ratings Changes

A number of research firms recently issued reports on TRMD. Jefferies Financial Group reduced their price objective on TORM from $37.00 to $32.00 and set a “buy” rating for the company in a research report on Thursday, November 14th. Fearnley Fonds raised TORM to a “hold” rating in a report on Friday, September 27th.

TORM Price Performance

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 business’s 50-day simple moving average is $29.41 and its 200-day simple moving average is $34.33.

TORM Cuts Dividend

The company also recently declared 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. The ex-dividend date of this dividend is Thursday, November 21st. This represents a $3.50 annualized dividend and a dividend yield of 16.10%. TORM’s dividend payout ratio is 68.05%.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. DekaBank Deutsche Girozentrale raised its holdings in TORM by 1,166.7% during the third quarter. DekaBank Deutsche Girozentrale now owns 38,000 shares of the company’s stock valued at $1,289,000 after buying an additional 35,000 shares in the last quarter. International Assets Investment Management LLC bought a new stake in shares of TORM during the 3rd quarter worth $7,359,000. SG Americas Securities LLC grew its stake in TORM by 597.3% in the 2nd quarter. SG Americas Securities LLC now owns 22,914 shares of the company’s stock valued at $888,000 after buying an additional 19,628 shares during the last quarter. Lighthouse Investment Partners LLC boosted its holdings in TORM by 276.2% during the second quarter. Lighthouse Investment Partners LLC now owns 110,049 shares of the company’s stock valued at $4,267,000 after acquiring an additional 80,793 shares during the period. Finally, Hsbc Holdings PLC bought a new stake in TORM during the second quarter valued at about $9,619,000. Institutional investors and hedge funds own 73.89% of the company’s stock.

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.