TORM plc (NASDAQ:TRMD - Get Free Report) shares dropped 1.2% during trading on Thursday . The company traded as low as $18.10 and last traded at $18.22. Approximately 361,991 shares were traded during trading, a decline of 56% from the average daily volume of 824,035 shares. The stock had previously closed at $18.44.
Analysts Set New Price Targets
A number of equities research analysts have issued reports on the company. Fearnley Fonds upgraded TORM to a "hold" rating in a research note on Friday, September 27th. Jefferies Financial Group cut their price objective on shares of TORM from $37.00 to $32.00 and set a "buy" rating on the stock in a research report on Thursday, November 14th.
Get Our Latest Report on TRMD
TORM Stock Performance
The company has a market cap of $1.46 billion, a P/E ratio of 2.32 and a beta of 0.21. The company has a quick ratio of 2.24, a current ratio of 2.47 and a debt-to-equity ratio of 0.51. The company has a 50 day moving average price of $23.75 and a 200-day moving average price of $31.93.
TORM Cuts Dividend
The business also recently announced 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. The ex-dividend date of this dividend was Thursday, November 21st. This represents a $3.50 annualized dividend and a yield of 19.50%. TORM's payout ratio is 45.28%.
Institutional Trading of TORM
A number of hedge funds and other institutional investors have recently made changes to their positions in TRMD. National Bank of Canada FI bought a new stake in TORM during the second quarter worth approximately $26,000. Assetmark Inc. boosted its stake in 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 buying an additional 516 shares in the last quarter. Fifth Third Bancorp acquired a new position in TORM during the second quarter worth about $43,000. Quarry LP bought a new stake in TORM in the third quarter worth about $51,000. Finally, Point72 Hong Kong Ltd acquired a new stake in TORM in the 2nd quarter valued at about $78,000. 73.89% of the stock is currently owned by institutional investors.
About TORM
(
Get Free Report)
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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