TORM (NASDAQ:TRMD) Stock Price Up 1.2% - Here's What Happened

TORM plc (NASDAQ:TRMD - Get Free Report)'s share price traded up 1.2% during mid-day trading on Friday . The stock traded as high as $18.23 and last traded at $18.19. 281,584 shares were traded during mid-day trading, a decline of 66% from the average session volume of 825,738 shares. The stock had previously closed at $17.97.

Wall Street Analysts Forecast Growth

TRMD has been the topic of a number of research analyst reports. Jefferies Financial Group lowered their price objective on shares of 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 upgraded TORM to a "hold" rating in a research report on Friday, September 27th.

TORM Stock Performance

The company's 50-day moving average price is $23.48 and its two-hundred day moving average price is $31.80. The company has a market cap of $1.47 billion, a P/E ratio of 2.34 and a beta of 0.21. 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 Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, December 4th. Investors of record on Thursday, November 21st were issued a dividend of $0.876 per share. This represents a $3.50 dividend on an annualized basis and a yield of 19.38%. The ex-dividend date was Thursday, November 21st. TORM's payout ratio is 45.28%.

Hedge Funds Weigh In On TORM

A number of hedge funds have recently modified their holdings of TRMD. Franklin Resources Inc. acquired a new position in shares of TORM in the 3rd quarter valued at $1,047,000. Tidal Investments LLC purchased a new stake in TORM during the third quarter valued at about $1,601,000. Geode Capital Management LLC boosted its holdings in shares of TORM by 0.6% in the third quarter. Geode Capital Management LLC now owns 81,626 shares of the company's stock worth $2,791,000 after buying an additional 505 shares during the period. Barclays PLC increased its position in shares of TORM by 65.4% in the third quarter. Barclays PLC now owns 384,308 shares of the company's stock worth $13,140,000 after acquiring an additional 151,942 shares in the last quarter. Finally, XTX Topco Ltd raised its holdings in shares of TORM by 120.3% during the third quarter. XTX Topco Ltd now owns 24,070 shares of the company's stock valued at $823,000 after acquiring an additional 13,144 shares during the period. 73.89% of the stock is currently owned by institutional investors and hedge funds.

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.