TORM (NASDAQ:TRMD) Stock Price Down 2.5% – Here’s What Happened

TORM plc (NASDAQ:TRMD) shares traded down 2.5% during mid-day trading on Friday . The company traded as low as $20.05 and last traded at $20.09. 589,963 shares were traded during mid-day trading, a decline of 43% from the average session volume of 1,040,155 shares. The stock had previously closed at $20.61.

Wall Street Analyst Weigh In

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

TORM Trading Down 1.8 %

The firm has a market cap of $1.65 billion, a P/E ratio of 2.62 and a beta of 0.21. The firm has a fifty day simple moving average of $21.70 and a 200-day simple moving average of $30.78. 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 firm also recently announced a quarterly dividend, which was paid on Wednesday, December 4th. Stockholders of record on Thursday, November 21st were issued a $0.876 dividend. This represents a $3.50 annualized dividend and a dividend yield of 17.32%. The ex-dividend date of this dividend was Thursday, November 21st. TORM’s dividend payout ratio is presently 45.28%.

Institutional Trading of TORM

Hedge funds have recently bought and sold shares of the business. Franklin Resources Inc. purchased a new stake in shares of TORM in the third quarter worth about $1,047,000. Tidal Investments LLC bought a new position in shares of TORM in the third quarter worth $1,601,000. Geode Capital Management LLC boosted its stake in TORM by 0.6% during the third 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 during the period. Barclays PLC increased its position in shares of TORM by 65.4% in the third quarter. Barclays PLC now owns 384,308 shares of the company’s stock worth $13,140,000 after purchasing an additional 151,942 shares during the last quarter. Finally, XTX Topco Ltd lifted its holdings in shares of TORM by 120.3% during the 3rd quarter. XTX Topco Ltd now owns 24,070 shares of the company’s stock worth $823,000 after acquiring an additional 13,144 shares during the last quarter. 73.89% of the stock is currently owned by institutional investors.

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.