TORM (NASDAQ:TRMD) Stock Price Down 8% – What’s Next?

Shares of TORM plc (NASDAQ:TRMD) dropped 8% during trading on Thursday . The company traded as low as $21.84 and last traded at $21.91. Approximately 887,132 shares changed hands during mid-day trading, an increase of 13% from the average daily volume of 787,823 shares. The stock had previously closed at $23.81.

Analysts Set New Price Targets

Several analysts recently weighed in on TRMD shares. Jefferies Financial Group cut their price target on shares of TORM from $37.00 to $32.00 and set a “buy” rating on the stock in a report on Thursday, November 14th. Fearnley Fonds upgraded shares of TORM to a “hold” rating in a research report on Friday, September 27th.

TORM Stock Performance

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 company has a 50 day moving average of $29.65 and a two-hundred day moving average of $34.41.

TORM Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 4th. Investors of record on Thursday, November 21st will be paid a $0.876 dividend. The ex-dividend date of this dividend is Thursday, November 21st. This represents a $3.50 annualized dividend and a dividend yield of 16.21%. TORM’s payout ratio is 68.05%.

Institutional Investors Weigh In On TORM

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Geode Capital Management LLC grew its stake in shares of TORM by 0.6% in the 3rd 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 last quarter. Assetmark Inc. raised its stake in TORM by 76.9% during 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 during the last quarter. National Bank of Canada FI purchased a new position in TORM during the second quarter valued at $26,000. Vanguard Personalized Indexing Management LLC raised its stake in TORM by 7.8% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 11,220 shares of the company’s stock valued at $433,000 after buying an additional 811 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in TORM by 12.4% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,338 shares of the company’s stock valued at $365,000 after buying an additional 1,030 shares during the last quarter. Hedge funds and other 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.