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

TORM plc (NASDAQ:TRMD)’s stock price gapped up prior to trading on Thursday . The stock had previously closed at $19.45, but opened at $20.23. TORM shares last traded at $20.44, with a volume of 433,555 shares changing hands.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Jefferies Financial Group dropped their target price 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 research note on Friday, September 27th.

TORM Trading Down 2.5 %

The business has a 50 day simple moving average of $21.55 and a 200-day simple moving average of $30.68. The stock has a market capitalization of $1.64 billion, a price-to-earnings ratio of 2.60 and a beta of 0.21. 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 company also recently declared a quarterly dividend, which was paid on Wednesday, December 4th. Stockholders of record on Thursday, November 21st were issued a $0.876 dividend. 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 17.43%. TORM’s dividend payout ratio (DPR) is 45.28%.

Institutional Trading of TORM

Hedge funds and other institutional investors have recently made changes to their positions in the business. Franklin Resources Inc. bought a new position in TORM in the third quarter valued at approximately $1,047,000. Tidal Investments LLC acquired a new stake in shares of TORM in the 3rd quarter valued at approximately $1,601,000. Geode Capital Management LLC grew its stake in shares of TORM by 0.6% in the third quarter. Geode Capital Management LLC now owns 81,626 shares of the company’s stock valued at $2,791,000 after buying an additional 505 shares in the last quarter. Barclays PLC increased its holdings in TORM by 65.4% during the third quarter. Barclays PLC now owns 384,308 shares of the company’s stock worth $13,140,000 after buying an additional 151,942 shares during the last quarter. Finally, XTX Topco Ltd raised its position in TORM by 120.3% during the third quarter. XTX Topco Ltd now owns 24,070 shares of the company’s stock worth $823,000 after acquiring an additional 13,144 shares in the last quarter. 73.89% of the stock is currently owned by institutional investors and hedge funds.

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.