TORM (NASDAQ:TRMD) Shares Gap Down - Here's Why

Shares of TORM plc (NASDAQ:TRMD - Get Free Report) gapped down before the market opened on Friday . The stock had previously closed at $20.95, but opened at $20.02. TORM shares last traded at $20.47, with a volume of 740,907 shares changing hands.

Analyst Ratings Changes

A number of equities analysts have commented on TRMD shares. Jefferies Financial Group decreased their price objective on shares of TORM from $37.00 to $32.00 and set a "buy" rating for the company in a report on Thursday, November 14th. Fearnley Fonds raised shares of TORM to a "hold" rating in a report on Friday, September 27th.

TORM Trading Down 2.7 %

The firm has a market cap of $1.66 billion, a P/E ratio of 2.64 and a beta of 0.23. The company has a debt-to-equity ratio of 0.51, a quick ratio of 2.24 and a current ratio of 2.47. The firm has a fifty day moving average of $20.83 and a 200-day moving average of $29.72.

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 dividend of $0.876 per share. This represents a $3.50 annualized dividend and a dividend yield of 17.18%. The ex-dividend date of this dividend was Thursday, November 21st. TORM's dividend payout ratio (DPR) is 45.28%.

Institutional Trading of TORM

Large investors have recently modified their holdings of the company. Atomi Financial Group Inc. grew its position in TORM by 24.8% in the 4th quarter. Atomi Financial Group Inc. now owns 19,291 shares of the company's stock worth $375,000 after purchasing an additional 3,830 shares during the last quarter. Arkadios Wealth Advisors acquired a new stake in TORM in the 4th quarter valued at approximately $301,000. PSI Advisors LLC raised its stake in TORM by 139.8% during the 4th quarter. PSI Advisors LLC now owns 42,367 shares of the company's stock valued at $824,000 after acquiring an additional 24,702 shares in the last quarter. CWA Asset Management Group LLC boosted its position in TORM by 9.8% during the 4th quarter. CWA Asset Management Group LLC now owns 39,760 shares of the company's stock worth $773,000 after acquiring an additional 3,563 shares during the period. Finally, Franklin Resources Inc. bought a new position in shares of TORM in the third quarter worth $1,047,000. Institutional investors and hedge funds own 73.89% of the company's stock.

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.