TORM plc (NASDAQ:TRMD) Stake Cut by Quantbot Technologies LP

Quantbot Technologies LP lessened its holdings in shares of TORM plc (NASDAQ:TRMD) by 44.1% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 26,667 shares of the company’s stock after selling 21,066 shares during the quarter. Quantbot Technologies LP’s holdings in TORM were worth $912,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. National Bank of Canada FI acquired a new position in TORM in the 2nd quarter valued at approximately $26,000. Fifth Third Bancorp acquired a new position in shares of TORM in the second quarter worth $43,000. Syquant Capital Sas purchased a new stake in shares of TORM during the second quarter worth $46,000. Assetmark Inc. boosted its position 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 purchasing an additional 516 shares during the last quarter. Finally, Point72 Hong Kong Ltd acquired a new position in TORM in the 2nd quarter worth about $78,000. 73.89% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on TRMD. Jefferies Financial Group reduced 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 upgraded shares of TORM to a “hold” rating in a research note on Friday, September 27th.

TORM Price Performance

NASDAQ TRMD opened at $20.94 on Monday. TORM plc has a fifty-two week low of $20.69 and a fifty-two week high of $40.47. The stock’s 50-day moving average is $27.70 and its two-hundred day moving average is $33.66. The firm has a market cap of $1.71 billion, a P/E ratio of 2.71 and a beta of 0.27. 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 business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 4th. Investors of record on Thursday, November 21st will be paid a $0.876 dividend. This represents a $3.50 dividend on an annualized basis and a dividend yield of 16.73%. The ex-dividend date of this dividend is Thursday, November 21st. TORM’s payout ratio is 45.28%.

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.