TORM (NASDAQ:TRMD) Shares Down 5% – Here’s Why

TORM plc (NASDAQ:TRMD)’s share price was down 5% during trading on Tuesday . The company traded as low as $19.35 and last traded at $19.38. Approximately 1,009,063 shares were traded during mid-day trading, a decline of 33% from the average daily volume of 1,499,925 shares. The stock had previously closed at $20.39.

Wall Street Analyst Weigh In

TRMD has been the subject of several recent research reports. Fearnley Fonds raised TORM to a “hold” rating in a report on Friday, September 27th. Jefferies Financial Group reduced their target price 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.

TORM Trading Down 5.2 %

The stock has a fifty day simple moving average of $20.69 and a 200 day simple moving average of $29.33. The firm has a market capitalization of $1.82 billion, a P/E ratio of 2.50 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 firm also recently declared a quarterly dividend, which was paid on Wednesday, December 4th. Shareholders of record on Thursday, November 21st were paid a $0.876 dividend. The ex-dividend date was Thursday, November 21st. This represents a $3.50 annualized dividend and a yield of 18.12%. TORM’s payout ratio is 45.28%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in TRMD. Assetmark Inc. boosted its stake in TORM by 76.9% during the third quarter. Assetmark Inc. now owns 1,187 shares of the company’s stock valued at $41,000 after buying an additional 516 shares during the last quarter. Quarry LP bought a new position in TORM during the third quarter valued at $51,000. Point72 Hong Kong Ltd purchased a new position in shares of TORM in the 2nd quarter worth $78,000. Thrivent Financial for Lutherans bought a new stake in shares of TORM in the 3rd quarter worth about $224,000. Finally, Apollon Wealth Management LLC bought a new position in shares of TORM in the 3rd quarter valued at about $291,000. Institutional investors 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.