Shares of TORM plc (NASDAQ:TRMD – Get Free Report) reached a new 52-week low during trading on Wednesday . The stock traded as low as $19.36 and last traded at $19.39, with a volume of 602966 shares trading hands. The stock had previously closed at $19.84.
Wall Street Analyst Weigh In
Several research firms have issued reports on TRMD. Fearnley Fonds upgraded shares of TORM to a “hold” rating in a research report on Friday, September 27th. Jefferies Financial Group decreased 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.
Read Our Latest Stock Analysis on TORM
TORM Stock Up 3.7 %
TORM Cuts Dividend
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, December 4th. Investors of record on Thursday, November 21st were paid a $0.876 dividend. This represents a $3.50 dividend on an annualized basis and a yield of 18.02%. The ex-dividend date of this dividend was Thursday, November 21st. TORM’s dividend payout ratio is 45.28%.
Institutional Trading of TORM
Several large investors have recently added to or reduced their stakes in the company. National Bank of Canada FI purchased a new position in shares of TORM during the second quarter valued at $26,000. Assetmark Inc. grew 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. Fifth Third Bancorp acquired a new position in shares of TORM in the 2nd quarter valued at about $43,000. Quarry LP purchased a new stake in shares of TORM in the third quarter worth approximately $51,000. Finally, Point72 Hong Kong Ltd acquired a new stake in shares of TORM during the second quarter worth approximately $78,000. 73.89% of the stock is owned by institutional investors and hedge funds.
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.
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