JPMorgan Chase & Co. Trims Stock Position in TORM plc (NASDAQ:TRMD)

JPMorgan Chase & Co. cut its position in TORM plc (NASDAQ:TRMD - Free Report) by 31.2% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 290,501 shares of the company's stock after selling 131,866 shares during the period. JPMorgan Chase & Co. owned 0.36% of TORM worth $9,932,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Marshall Wace LLP increased its position in shares of TORM by 860.9% during the second quarter. Marshall Wace LLP now owns 1,429,989 shares of the company's stock worth $55,441,000 after purchasing an additional 1,281,176 shares in the last quarter. Hsbc Holdings PLC purchased a new stake in shares of TORM in the second quarter valued at about $9,619,000. International Assets Investment Management LLC acquired a new stake in shares of TORM during the third quarter worth about $7,359,000. Renaissance Technologies LLC grew its holdings in shares of 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. Finally, Barclays PLC increased its position in TORM by 65.4% in the 3rd quarter. Barclays PLC now owns 384,308 shares of the company's stock valued at $13,140,000 after acquiring an additional 151,942 shares during the period. 73.89% of the stock is currently owned by institutional investors and hedge funds.

TORM Price Performance

Shares of TRMD traded down $0.39 during mid-day trading on Tuesday, hitting $22.67. The company's stock had a trading volume of 1,480,844 shares, compared to its average volume of 1,486,517. The firm has a 50-day simple moving average of $20.95 and a 200 day simple moving average of $29.83. The firm has a market capitalization of $1.85 billion, a P/E ratio of 2.93 and a beta of 0.23. The company has a current ratio of 2.47, a quick ratio of 2.24 and a debt-to-equity ratio of 0.51. TORM plc has a 1-year low of $17.77 and a 1-year high of $40.47.

TORM Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, December 4th. Investors of record on Thursday, November 21st were issued a $0.876 dividend. This represents a $3.50 dividend on an annualized basis and a dividend yield of 15.46%. The ex-dividend date was Thursday, November 21st. TORM's dividend payout ratio is currently 45.28%.

Analyst Upgrades and Downgrades

TRMD has been the topic of several analyst reports. Fearnley Fonds upgraded TORM to a "hold" rating in a research note on Friday, September 27th. Jefferies Financial Group reduced 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.

TORM 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.