TORM (NASDAQ:TRMD) Shares Up 2.8% – Here’s Why

TORM plc (NASDAQ:TRMD)’s share price was up 2.8% on Tuesday . The stock traded as high as $19.61 and last traded at $19.59. Approximately 323,806 shares were traded during mid-day trading, a decline of 61% from the average daily volume of 828,374 shares. The stock had previously closed at $19.06.

Analysts Set New Price Targets

TRMD has been the subject of several research reports. Jefferies Financial Group lowered 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. Fearnley Fonds raised TORM to a “hold” rating in a research note on Friday, September 27th.

TORM Trading Up 3.1 %

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 market cap of $1.60 billion, a price-to-earnings ratio of 2.54 and a beta of 0.21. The business has a 50-day simple moving average of $23.23 and a two-hundred day simple moving average of $31.62.

TORM Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, December 4th. Shareholders of record on Thursday, November 21st were paid a $0.876 dividend. The ex-dividend date of this dividend was Thursday, November 21st. This represents a $3.50 annualized dividend and a yield of 17.82%. TORM’s payout ratio is currently 45.28%.

Hedge Funds Weigh In On TORM

A number of large investors have recently modified their holdings of the business. National Bank of Canada FI bought a new stake in TORM during the second quarter worth about $26,000. Fifth Third Bancorp bought a new stake in shares of TORM during the 2nd quarter worth approximately $43,000. Assetmark Inc. boosted its holdings in shares of TORM by 76.9% in the 3rd 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. Quarry LP acquired a new stake in shares of TORM in the 3rd quarter valued at approximately $51,000. Finally, Point72 Hong Kong Ltd bought a new position in shares of TORM in the second quarter valued at $78,000. 73.89% of the stock is currently 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.