TORM (NASDAQ:TRMD) Shares Down 1.7% – What’s Next?

TORM plc (NASDAQ:TRMD)’s stock price traded down 1.7% on Monday . The stock traded as low as $21.23 and last traded at $21.51. 641,066 shares traded hands during mid-day trading, a decline of 19% from the average session volume of 796,161 shares. The stock had previously closed at $21.89.

Wall Street Analyst Weigh In

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

TORM Price Performance

The company’s 50-day moving average price is $28.29 and its two-hundred day moving average price is $33.92. 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 company has a market capitalization of $1.72 billion, a P/E ratio of 2.73 and a beta of 0.27.

TORM Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 4th. Shareholders of record on Thursday, November 21st will be issued a $0.876 dividend. The ex-dividend date of this dividend is Thursday, November 21st. This represents a $3.50 annualized dividend and a yield of 16.61%. TORM’s dividend payout ratio is currently 45.28%.

Institutional Trading of TORM

Several hedge funds have recently added to or reduced their stakes in TRMD. Geode Capital Management LLC grew its holdings in TORM by 0.6% in the 3rd quarter. Geode Capital Management LLC now owns 81,626 shares of the company’s stock valued at $2,791,000 after buying an additional 505 shares in the last quarter. Assetmark Inc. increased its position 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 acquiring an additional 516 shares during the period. National Bank of Canada FI acquired a new stake in TORM in the 2nd quarter worth about $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 valued at $433,000 after purchasing an additional 811 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of TORM by 12.4% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,338 shares of the company’s stock worth $365,000 after purchasing an additional 1,030 shares in the last quarter. 73.89% of the stock is 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.