TORM plc (NASDAQ:TRMD) Announces Dividend Increase – $1.89 Per Share

TORM plc (NASDAQ:TRMD – Get Rating) declared a quarterly dividend on Thursday, March 16th, Zacks reports. Investors of record on Monday, March 27th will be paid a dividend of 1.891 per share on Wednesday, April 5th. This represents a $7.56 dividend on an annualized basis and a yield of 22.33%. The ex-dividend date of this dividend is Friday, March 24th. This is an increase from TORM’s previous quarterly dividend of $1.46.

TORM has a dividend payout ratio of 38.7% meaning its dividend is sufficiently covered by earnings.

TORM Trading Down 1.8 %

Shares of NASDAQ:TRMD opened at $33.88 on Friday. The firm has a fifty day moving average of $30.18 and a two-hundred day moving average of $27.05. The company has a quick ratio of 2.72, a current ratio of 3.06 and a debt-to-equity ratio of 0.63. The firm has a market capitalization of $2.76 billion, a P/E ratio of 8.56 and a beta of 0.45. TORM has a 12-month low of $8.00 and a 12-month high of $36.60.

Hedge Funds Weigh In On TORM

Several institutional investors and hedge funds have recently made changes to their positions in the company. Advisor Group Holdings Inc. raised its position in shares of TORM by 58.6% during the fourth quarter. Advisor Group Holdings Inc. now owns 2,405 shares of the company’s stock worth $71,000 after purchasing an additional 889 shares during the period. LPL Financial LLC acquired a new position in shares of TORM in the fourth quarter valued at approximately $229,000. Quantbot Technologies LP acquired a new stake in shares of TORM during the second quarter worth $155,000. JPMorgan Chase & Co. bought a new stake in TORM in the 1st quarter valued at $103,000. Finally, Vanguard Personalized Indexing Management LLC acquired a new position in TORM in the 2nd quarter worth $162,000. Institutional investors and hedge funds own 77.29% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Danske downgraded TORM from a “buy” rating to a “hold” rating in a report on Friday, March 10th.

TORM Company Profile

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TORM Plc engages in the ownership and operation of product tankers. The firm transports refined oil products such as gasoline, jet fuel, kerosene, naphtha and gas oil, and occasionally dirty petroleum products, such as fuel oil. The company was founded by Ditlev E. Torm and Christian Schmiegelow in 1889 and is headquartered in London, the United Kingdom.