TORM (NASDAQ:TRMD) Shares Down 2.7% – Time to Sell?

TORM plc (NASDAQ:TRMD) shares dropped 2.7% on Wednesday . The stock traded as low as $21.98 and last traded at $22.05. Approximately 829,908 shares changed hands during mid-day trading, a decline of 41% from the average daily volume of 1,409,575 shares. The stock had previously closed at $22.67.

Wall Street Analyst Weigh In

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

TORM Trading Down 1.8 %

The firm’s 50-day moving average is $20.95 and its 200 day moving average is $29.83. The company has a current ratio of 2.47, a quick ratio of 2.24 and a debt-to-equity ratio of 0.51. The firm has a market capitalization of $1.81 billion, a price-to-earnings ratio of 2.88 and a beta of 0.23.

TORM Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, December 4th. Investors 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 yield of 15.74%. TORM’s dividend payout ratio is presently 45.28%.

Institutional Investors Weigh In On TORM

Hedge funds have recently added to or reduced their stakes in the business. Marshall Wace LLP raised its holdings in TORM by 860.9% during the 2nd quarter. Marshall Wace LLP now owns 1,429,989 shares of the company’s stock worth $55,441,000 after purchasing an additional 1,281,176 shares during the last quarter. Two Sigma Advisers LP grew its position in TORM by 2.6% in the 3rd quarter. Two Sigma Advisers LP now owns 1,266,900 shares of the company’s stock valued at $43,315,000 after purchasing an additional 32,500 shares during the period. Renaissance Technologies LLC grew its position in TORM by 38.9% in the 2nd quarter. Renaissance Technologies LLC now owns 669,200 shares of the company’s stock valued at $25,945,000 after purchasing an additional 187,300 shares during the period. Barclays PLC grew its position in TORM by 65.4% in the 3rd quarter. Barclays PLC now owns 384,308 shares of the company’s stock valued at $13,140,000 after purchasing an additional 151,942 shares during the period. Finally, Hsbc Holdings PLC acquired a new stake in TORM in the 2nd quarter valued at $9,619,000. 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.