TORM (NASDAQ:TRMD) Shares Gap Up – Here’s Why

TORM plc (NASDAQ:TRMD)’s stock price gapped up prior to trading on Friday . The stock had previously closed at $20.98, but opened at $21.86. TORM shares last traded at $22.11, with a volume of 630,276 shares trading hands.

Analyst Ratings Changes

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

TORM Stock Up 6.7 %

The firm has a 50-day moving average price of $21.12 and a two-hundred day moving average price of $30.27. The company has a market capitalization of $1.82 billion, a P/E ratio of 2.90 and a beta of 0.23. 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 business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 4th. Stockholders of record on Thursday, November 21st were issued a dividend of $0.876 per share. The ex-dividend date was Thursday, November 21st. This represents a $3.50 annualized dividend and a dividend yield of 15.65%. TORM’s payout ratio is 45.28%.

Institutional Investors Weigh In On TORM

Hedge funds have recently made changes to their positions in the stock. Centiva Capital LP acquired a new stake in shares of TORM during the 3rd quarter worth approximately $3,077,000. DekaBank Deutsche Girozentrale boosted its stake in TORM by 1,166.7% during the third quarter. DekaBank Deutsche Girozentrale now owns 38,000 shares of the company’s stock worth $1,289,000 after buying an additional 35,000 shares in the last quarter. International Assets Investment Management LLC bought a new position in shares of TORM during the 3rd quarter worth about $7,359,000. Franklin Resources Inc. acquired a new stake in shares of TORM during the 3rd quarter valued at about $1,047,000. Finally, Lighthouse Investment Partners LLC boosted its position in shares of TORM by 276.2% during the 2nd 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 in the last quarter. 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.