TORM (NASDAQ:TRMD) Stock Price Up 2.8% – Still a Buy?

TORM plc (NASDAQ:TRMD) was up 2.8% on Tuesday . The stock traded as high as $19.61 and last traded at $19.59. Approximately 323,806 shares traded hands during mid-day trading, a decline of 61% from the average daily volume of 828,374 shares. The stock had previously closed at $19.06.

Wall Street Analyst Weigh In

TRMD has been the topic of a number of recent research reports. Jefferies Financial Group lowered their price target on TORM from $37.00 to $32.00 and set a “buy” rating on the stock in a research note on Thursday, November 14th. Fearnley Fonds raised TORM to a “hold” rating in a report on Friday, September 27th.

TORM Stock Up 3.1 %

The company has a current ratio of 2.47, a quick ratio of 2.24 and a debt-to-equity ratio of 0.51. The business’s fifty day moving average price is $22.82 and its 200 day moving average price is $31.41. The company has a market capitalization of $1.60 billion, a P/E ratio of 2.54 and a beta of 0.21.

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 dividend of $0.876 per share. This represents a $3.50 dividend on an annualized basis and a yield of 17.82%. The ex-dividend date was Thursday, November 21st. TORM’s dividend payout ratio is 45.28%.

Hedge Funds Weigh In On TORM

A number of hedge funds have recently modified their holdings of the stock. National Bank of Canada FI acquired a new stake in TORM in the 2nd quarter valued at $26,000. Assetmark Inc. lifted its holdings in shares of 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 acquiring an additional 516 shares during the period. Quarry LP acquired a new stake in shares of TORM in the 3rd quarter valued at $51,000. Point72 Hong Kong Ltd bought a new stake in shares of TORM in the 2nd quarter worth about $78,000. Finally, Allspring Global Investments Holdings LLC acquired a new stake in shares of TORM during the 2nd quarter worth about $116,000. 73.89% of the stock is 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.