TORM (NASDAQ:TRMD) Shares Up 6.1% – What’s Next?

TORM plc (NASDAQ:TRMD) shares shot up 6.1% during mid-day trading on Thursday . The stock traded as high as $20.69 and last traded at $20.63. 603,773 shares traded hands during trading, a decline of 28% from the average session volume of 836,479 shares. The stock had previously closed at $19.45.

Analysts Set New Price Targets

TRMD has been the subject of several recent research reports. Jefferies Financial Group lowered their target price on shares of TORM from $37.00 to $32.00 and set a “buy” rating for the company in a research note on Thursday, November 14th. Fearnley Fonds raised shares of TORM to a “hold” rating in a research report on Friday, September 27th.

TORM Stock Performance

The company has a debt-to-equity ratio of 0.51, a quick ratio of 2.24 and a current ratio of 2.47. The stock has a 50 day moving average of $21.55 and a 200 day moving average of $30.68. The stock has a market capitalization of $1.64 billion, a P/E ratio of 2.60 and a beta of 0.21.

TORM Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, December 4th. Stockholders of record on Thursday, November 21st were given a dividend of $0.876 per share. The ex-dividend date was Thursday, November 21st. This represents a $3.50 annualized dividend and a dividend yield of 17.43%. TORM’s dividend payout ratio is currently 45.28%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Geode Capital Management LLC increased its stake in shares of TORM by 0.6% in the third quarter. Geode Capital Management LLC now owns 81,626 shares of the company’s stock valued at $2,791,000 after purchasing an additional 505 shares during the period. Assetmark Inc. raised its stake in TORM by 76.9% during the 3rd quarter. Assetmark Inc. now owns 1,187 shares of the company’s stock valued at $41,000 after acquiring an additional 516 shares in the last quarter. National Bank of Canada FI acquired a new position in TORM during the 2nd quarter worth $26,000. Vanguard Personalized Indexing Management LLC grew its stake in shares of TORM by 7.8% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 11,220 shares of the company’s stock worth $433,000 after purchasing an additional 811 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of 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 purchasing an additional 1,030 shares during the period. 73.89% of the stock is owned by institutional investors and hedge funds.

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.