TORM (NASDAQ:TRMD) Shares Gap Down – Should You Sell?

TORM plc (NASDAQ:TRMD)’s stock price gapped down prior to trading on Friday . The stock had previously closed at $20.95, but opened at $20.02. TORM shares last traded at $20.47, with a volume of 740,907 shares traded.

Analysts Set New Price Targets

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

TORM Trading Down 1.5 %

The firm has a market cap of $1.68 billion, a price-to-earnings ratio of 2.67 and a beta of 0.23. 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 price of $20.83 and a 200 day moving average price of $29.72.

TORM Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, December 4th. Stockholders of record on Thursday, November 21st were issued a $0.876 dividend. The ex-dividend date was Thursday, November 21st. This represents a $3.50 dividend on an annualized basis and a dividend yield of 16.98%. TORM’s dividend payout ratio is 45.28%.

Hedge Funds Weigh In On TORM

Several institutional investors and hedge funds have recently modified their holdings of the stock. Centiva Capital LP purchased a new position in TORM in the third quarter valued at about $3,077,000. DekaBank Deutsche Girozentrale increased its holdings in TORM by 1,166.7% in the third quarter. DekaBank Deutsche Girozentrale now owns 38,000 shares of the company’s stock worth $1,289,000 after buying an additional 35,000 shares during the last quarter. International Assets Investment Management LLC bought a new position in TORM during the third quarter valued at approximately $7,359,000. Franklin Resources Inc. bought a new position in TORM during the third quarter valued at approximately $1,047,000. Finally, PSI Advisors LLC lifted its stake in TORM by 139.8% in the fourth quarter. PSI Advisors LLC now owns 42,367 shares of the company’s stock valued at $824,000 after acquiring an additional 24,702 shares during the last quarter. 73.89% of the stock is currently owned by hedge funds and other institutional investors.

About TORM

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.