TORM plc (NASDAQ:TRMD - Get Free Report) saw a significant decrease in short interest in March. As of March 15th, there was short interest totalling 3,890,000 shares, a decrease of 24.8% from the February 28th total of 5,170,000 shares. Based on an average trading volume of 1,130,000 shares, the short-interest ratio is currently 3.4 days. Currently, 7.3% of the shares of the company are sold short.
Analyst Upgrades and Downgrades
Separately, Kepler Capital Markets downgraded shares of TORM from a "hold" rating to a "strong sell" rating in a report on Thursday, March 27th.
Read Our Latest Stock Report on TRMD
TORM Stock Performance
Shares of TRMD stock traded down $0.11 during trading on Wednesday, reaching $16.34. 657,715 shares of the company's stock traded hands, compared to its average volume of 953,805. The firm's 50-day moving average is $18.84 and its 200 day moving average is $22.86. The company has a market capitalization of $1.54 billion, a P/E ratio of 2.11 and a beta of 0.14. TORM has a 1 year low of $16.10 and a 1 year high of $40.47. 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 business also recently announced a quarterly dividend, which will be paid on Wednesday, April 2nd. Shareholders of record on Thursday, March 20th will be given a dividend of $0.60 per share. The ex-dividend date is Thursday, March 20th. This represents a $2.40 annualized dividend and a dividend yield of 14.69%. TORM's dividend payout ratio is currently 27.43%.
Hedge Funds Weigh In On TORM
Hedge funds have recently made changes to their positions in the stock. Arrowstreet Capital Limited Partnership boosted its stake in TORM by 94.0% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 4,366,769 shares of the company's stock worth $84,585,000 after purchasing an additional 2,115,672 shares during the period. Vanguard Group Inc. boosted its position in shares of TORM by 22.4% in the fourth quarter. Vanguard Group Inc. now owns 1,885,040 shares of the company's stock valued at $36,417,000 after acquiring an additional 345,463 shares during the period. Two Sigma Advisers LP boosted its position in shares of TORM by 2.6% in the third quarter. Two Sigma Advisers LP now owns 1,266,900 shares of the company's stock valued at $43,315,000 after acquiring an additional 32,500 shares during the period. Norges Bank purchased a new position in TORM during the fourth quarter valued at approximately $21,273,000. Finally, Renaissance Technologies LLC increased its holdings in TORM by 24.3% during the 4th quarter. Renaissance Technologies LLC now owns 561,889 shares of the company's stock worth $10,929,000 after acquiring an additional 109,916 shares during the period. 73.89% of the stock is currently owned by hedge funds and other institutional investors.
About TORM
(
Get Free Report)
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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