TORM (NASDAQ:TRMD) Trading Up 3.1% - Here's What Happened

Shares of TORM plc (NASDAQ:TRMD - Get Free Report) traded up 3.1% on Wednesday . The company traded as high as $19.76 and last traded at $19.66. 862,582 shares traded hands during trading, an increase of 4% from the average session volume of 830,881 shares. The stock had previously closed at $19.06.

Analyst Upgrades and Downgrades

Several equities analysts have commented on TRMD shares. Fearnley Fonds upgraded shares of TORM to a "hold" rating in a report on Friday, September 27th. Jefferies Financial Group decreased their price target 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.

TORM Price Performance

The company has a current ratio of 2.47, a quick ratio of 2.24 and a debt-to-equity ratio of 0.51. The company has a 50 day moving average of $23.03 and a 200-day moving average of $31.50. The firm has a market capitalization of $1.60 billion, a P/E ratio of 2.54 and a beta of 0.21.

TORM Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, December 4th. Stockholders of record on Thursday, November 21st were given a $0.876 dividend. The ex-dividend date was Thursday, November 21st. This represents a $3.50 dividend on an annualized basis and a dividend yield of 17.82%. TORM's payout ratio is presently 45.28%.

Hedge Funds Weigh In On TORM

A number of hedge funds have recently bought and sold shares of TRMD. Marshall Wace LLP grew its position in shares of TORM by 860.9% during the 2nd 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. Two Sigma Advisers LP increased its stake in TORM by 2.6% during the 3rd quarter. Two Sigma Advisers LP now owns 1,266,900 shares of the company's stock worth $43,315,000 after acquiring an additional 32,500 shares during the period. Acadian Asset Management LLC raised its holdings in TORM by 320.5% in the 2nd quarter. Acadian Asset Management LLC now owns 1,265,792 shares of the company's stock valued at $49,189,000 after acquiring an additional 964,801 shares in the last quarter. Renaissance Technologies LLC lifted its position in shares of TORM by 38.9% during the 2nd quarter. Renaissance Technologies LLC now owns 669,200 shares of the company's stock valued at $25,945,000 after acquiring an additional 187,300 shares during the period. Finally, Barclays PLC grew its holdings in shares of TORM by 65.4% during the 3rd quarter. Barclays PLC now owns 384,308 shares of the company's stock worth $13,140,000 after purchasing an additional 151,942 shares in the last quarter. 73.89% of the stock is owned by institutional investors.

TORM Company 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.