TORM (NASDAQ:TRMD) Stock Price Down 1.7% - Here's What Happened

Shares of TORM plc (NASDAQ:TRMD - Get Free Report) fell 1.7% during trading on Thursday . The stock traded as low as $19.24 and last traded at $19.33. 239,814 shares traded hands during trading, a decline of 71% from the average session volume of 828,360 shares. The stock had previously closed at $19.66.

Analysts Set New Price Targets

Several research firms recently commented on TRMD. 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. Fearnley Fonds upgraded shares of TORM to a "hold" rating in a research note on Friday, September 27th.

TORM Stock Down 1.4 %

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 stock has a fifty day moving average price of $22.61 and a two-hundred day moving average price of $31.33. The company has a market cap of $1.58 billion, a price-to-earnings ratio of 2.51 and a beta of 0.21.

TORM Cuts Dividend

The firm also recently declared 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 of this dividend was Thursday, November 21st. This represents a $3.50 dividend on an annualized basis and a dividend yield of 18.08%. TORM's payout ratio is 45.28%.

Institutional Investors Weigh In On TORM

Several institutional investors and hedge funds have recently bought and sold shares of the company. Geode Capital Management LLC raised its stake in TORM by 0.6% during the third quarter. Geode Capital Management LLC now owns 81,626 shares of the company's stock worth $2,791,000 after acquiring an additional 505 shares in the last quarter. Assetmark Inc. boosted its position in TORM by 76.9% in 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. National Bank of Canada FI bought a new stake in shares of TORM during the second quarter worth $26,000. Vanguard Personalized Indexing Management LLC increased its holdings in shares of TORM by 7.8% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 11,220 shares of the company's stock worth $433,000 after buying an additional 811 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its position in TORM by 12.4% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,338 shares of the company's stock worth $365,000 after acquiring an additional 1,030 shares during the last quarter. Institutional investors own 73.89% of the company's stock.

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.