TORM (NASDAQ:TRMD) Trading 2.4% Higher – What’s Next?

TORM plc (NASDAQ:TRMD)’s share price shot up 2.4% during mid-day trading on Wednesday . The stock traded as high as $19.55 and last traded at $19.45. 821,479 shares changed hands during trading, a decline of 2% from the average session volume of 836,479 shares. The stock had previously closed at $19.00.

Analyst Ratings Changes

Several equities analysts recently commented 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 research note on Thursday, November 14th. Fearnley Fonds raised TORM to a “hold” rating in a report on Friday, September 27th.

TORM Trading Up 6.0 %

The business’s fifty day moving average is $21.82 and its 200-day moving average is $30.85. The company has a debt-to-equity ratio of 0.51, a quick ratio of 2.24 and a current ratio of 2.47. The firm has a market cap of $1.68 billion, a P/E ratio of 2.67 and a beta of 0.21.

TORM Cuts Dividend

The firm also recently declared 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 of this dividend was Thursday, November 21st. This represents a $3.50 dividend on an annualized basis and a dividend yield of 17.00%. TORM’s dividend payout ratio (DPR) is presently 45.28%.

Institutional Investors Weigh In On TORM

A number of institutional investors have recently made changes to their positions in the stock. Marshall Wace LLP lifted its stake in shares of TORM by 860.9% in the second quarter. Marshall Wace LLP now owns 1,429,989 shares of the company’s stock worth $55,441,000 after acquiring an additional 1,281,176 shares during the period. Acadian Asset Management LLC lifted its position in shares of TORM by 320.5% in the 2nd quarter. Acadian Asset Management LLC now owns 1,265,792 shares of the company’s stock worth $49,189,000 after purchasing an additional 964,801 shares during the period. Hsbc Holdings PLC bought a new stake in shares of TORM in the 2nd quarter valued at $9,619,000. International Assets Investment Management LLC acquired a new stake in shares of TORM during the third quarter worth $7,359,000. Finally, Renaissance Technologies LLC raised its stake in TORM by 38.9% during the second quarter. Renaissance Technologies LLC now owns 669,200 shares of the company’s stock worth $25,945,000 after buying an additional 187,300 shares during the last quarter. 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.