Herr Investment Group LLC purchased a new position in TORM plc (NASDAQ:TRMD – Free Report) in the second quarter, HoldingsChannel.com reports. The fund purchased 10,000 shares of the company’s stock, valued at approximately $388,000.
Several other institutional investors and hedge funds have also made changes to their positions in TRMD. Norges Bank purchased a new position in shares of TORM during the fourth quarter valued at approximately $22,306,000. PNC Financial Services Group Inc. lifted its stake in shares of TORM by 65.3% during the 4th quarter. PNC Financial Services Group Inc. now owns 9,420 shares of the company’s stock worth $286,000 after purchasing an additional 3,720 shares during the period. Trexquant Investment LP acquired a new stake in shares of TORM during the fourth quarter worth $546,000. CWA Asset Management Group LLC purchased a new stake in shares of TORM in the fourth quarter valued at $681,000. Finally, Scarborough Advisors LLC acquired a new position in TORM in the fourth quarter valued at $37,000. 73.89% of the stock is currently owned by hedge funds and other institutional investors.
TORM Price Performance
TORM stock opened at $36.44 on Friday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.94 and a current ratio of 3.18. TORM plc has a 1 year low of $25.28 and a 1 year high of $40.47. The firm has a 50 day moving average price of $36.68 and a 200 day moving average price of $36.03.
TORM Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Wednesday, September 11th. Stockholders of record on Thursday, August 29th were issued a dividend of $1.80 per share. The ex-dividend date was Thursday, August 29th. This represents a $7.20 dividend on an annualized basis and a dividend yield of 19.76%. This is a boost from TORM’s previous quarterly dividend of $1.50. TORM’s payout ratio is presently 66.41%.
Analysts Set New Price Targets
Separately, Evercore ISI raised their price target on TORM from $45.00 to $48.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 23rd.
View Our Latest Stock Report on TORM
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.
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