TORM (NASDAQ:TRMD) Trading 3.1% Higher – Here’s Why

TORM plc (NASDAQ:TRMD)’s stock price rose 3.1% on Wednesday . The company traded as high as $19.76 and last traded at $19.66. Approximately 862,582 shares changed hands during mid-day trading, an increase of 4% from the average daily volume of 830,881 shares. The stock had previously closed at $19.06.

Analyst Upgrades and Downgrades

Several research firms have commented on TRMD. Jefferies Financial Group lowered their price target on 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 shares of TORM to a “hold” rating in a research note on Friday, September 27th.

TORM Stock Performance

The company has a current ratio of 2.47, a quick ratio of 2.24 and a debt-to-equity ratio of 0.51. The stock’s 50-day moving average is $23.03 and its 200-day moving average is $31.50. The stock has a market cap of $1.60 billion, a price-to-earnings ratio of 2.54 and a beta of 0.21.

TORM Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, December 4th. Stockholders of record on Thursday, November 21st were given a $0.876 dividend. This represents a $3.50 annualized dividend and a dividend yield of 17.82%. The ex-dividend date of this dividend was Thursday, November 21st. TORM’s payout ratio is 45.28%.

Institutional Trading of TORM

A number of hedge funds have recently made changes to their positions in TRMD. Fifth Third Bancorp purchased a new stake in TORM during the 2nd quarter worth $43,000. Bank of New York Mellon Corp increased its holdings in TORM by 2.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 355,151 shares of the company’s stock worth $13,769,000 after purchasing an additional 8,185 shares during the last quarter. Allspring Global Investments Holdings LLC acquired a new stake in shares of TORM during the second quarter worth approximately $116,000. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in TORM by 12.4% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,338 shares of the company’s stock valued at $365,000 after acquiring an additional 1,030 shares in the last quarter. Finally, Wealth Alliance Advisory Group LLC bought a new position in TORM during the 2nd quarter valued at $202,000. 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.