TORM (NASDAQ:TRMD) Stock Price Down 1.2% – Here’s Why

TORM plc (NASDAQ:TRMD)’s share price was down 1.2% during trading on Thursday . The company traded as low as $18.10 and last traded at $18.22. Approximately 361,991 shares were traded during mid-day trading, a decline of 56% from the average daily volume of 824,035 shares. The stock had previously closed at $18.44.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on TRMD. Fearnley Fonds raised TORM to a “hold” rating in a research note on Friday, September 27th. Jefferies Financial Group dropped their price objective on shares of TORM from $37.00 to $32.00 and set a “buy” rating for the company in a research report on Thursday, November 14th.

TORM Stock Up 0.6 %

The stock has a market capitalization of $1.47 billion, a price-to-earnings ratio of 2.34 and a beta of 0.21. The firm has a 50-day moving average of $23.48 and a 200 day moving average of $31.80. 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 company also recently disclosed a quarterly dividend, which was paid on Wednesday, December 4th. Shareholders of record on Thursday, November 21st were given a $0.876 dividend. The ex-dividend date of this dividend was Thursday, November 21st. This represents a $3.50 dividend on an annualized basis and a yield of 19.38%. TORM’s payout ratio is currently 45.28%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Marshall Wace LLP boosted its stake in shares of TORM by 860.9% during the 2nd quarter. Marshall Wace LLP now owns 1,429,989 shares of the company’s stock valued at $55,441,000 after buying an additional 1,281,176 shares during the last quarter. Two Sigma Advisers LP increased its position in shares of TORM by 2.6% in the 3rd quarter. Two Sigma Advisers LP now owns 1,266,900 shares of the company’s stock worth $43,315,000 after purchasing an additional 32,500 shares during the last quarter. Acadian Asset Management LLC raised its stake in shares of TORM by 320.5% in the 2nd quarter. Acadian Asset Management LLC now owns 1,265,792 shares of the company’s stock valued at $49,189,000 after purchasing an additional 964,801 shares in the last quarter. Renaissance Technologies LLC lifted its position in shares of TORM by 38.9% during the second quarter. Renaissance Technologies LLC now owns 669,200 shares of the company’s stock worth $25,945,000 after purchasing an additional 187,300 shares during the last quarter. Finally, Barclays PLC increased its holdings in TORM by 65.4% in the third quarter. Barclays PLC now owns 384,308 shares of the company’s stock valued at $13,140,000 after buying an additional 151,942 shares during the last quarter. Institutional investors and hedge funds 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.