TORM (NASDAQ:TRMD) Stock Price Down 0.5% - Here's What Happened

TORM plc (NASDAQ:TRMD - Get Free Report) dropped 0.5% during mid-day trading on Monday . The company traded as low as $23.77 and last traded at $23.85. Approximately 404,210 shares were traded during trading, a decline of 47% from the average daily volume of 756,945 shares. The stock had previously closed at $23.97.

Analyst Ratings Changes

Several equities research analysts have weighed in on TRMD shares. Evercore ISI increased their target price on shares of TORM from $45.00 to $48.00 and gave the stock an "outperform" rating in a report on Tuesday, July 23rd. Fearnley Fonds raised TORM to a "hold" rating in a research note on Friday, September 27th.

TORM Price Performance

The company has a fifty day moving average price of $31.26 and a two-hundred day moving average price of $35.03. The company has a current ratio of 3.18, a quick ratio of 2.94 and a debt-to-equity ratio of 0.53. The firm has a market cap of $1.94 billion, a P/E ratio of 3.09 and a beta of 0.27.

TORM (NASDAQ:TRMD - Get Free Report) last released its quarterly earnings results on Thursday, August 15th. The company reported $2.02 earnings per share for the quarter, beating the consensus estimate of $1.99 by $0.03. The company had revenue of $437.70 million during the quarter, compared to analysts' expectations of $325.38 million. TORM had a net margin of 43.81% and a return on equity of 34.97%. During the same quarter in the prior year, the company earned $2.14 earnings per share. Equities analysts anticipate that TORM plc will post 6.41 earnings per share for the current year.

TORM Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 4th. Shareholders of record on Thursday, November 21st will be paid a $0.876 dividend. This represents a $3.50 annualized dividend and a dividend yield of 14.69%. The ex-dividend date is Thursday, November 21st. TORM's dividend payout ratio is 45.28%.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of TRMD. BNP Paribas Financial Markets bought a new position in shares of TORM during the 1st quarter worth approximately $1,229,000. SG Americas Securities LLC acquired a new stake in TORM in the 1st quarter valued at $115,000. PFG Advisors bought a new stake in TORM during the 1st quarter worth about $237,000. Swiss National Bank boosted its stake in shares of TORM by 18.4% during the 1st quarter. Swiss National Bank now owns 79,609 shares of the company's stock worth $2,700,000 after buying an additional 12,353 shares during the last quarter. Finally, Atomi Financial Group Inc. grew its holdings in shares of TORM by 99.9% in the 1st quarter. Atomi Financial Group Inc. now owns 13,263 shares of the company's stock valued at $464,000 after acquiring an additional 6,627 shares in the last quarter. 73.89% of the stock is currently owned by institutional investors.

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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