TORM (NASDAQ:TRMD) Hits New 1-Year Low – Here’s Why

TORM plc (NASDAQ:TRMD) shares hit a new 52-week low on Wednesday . The company traded as low as $16.76 and last traded at $17.62, with a volume of 1042316 shares changing hands. The stock had previously closed at $17.37.

Analyst Upgrades and Downgrades

Separately, 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.

TORM Stock Up 1.4 %

The stock has a market cap of $1.66 billion, a P/E ratio of 2.28 and a beta of 0.21. 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 business has a 50-day simple moving average of $19.85 and a 200-day simple moving average of $25.34.

Institutional Investors Weigh In On TORM

Several hedge funds have recently modified their holdings of the business. Arrowstreet Capital Limited Partnership boosted its position in shares of TORM by 94.0% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 4,366,769 shares of the company’s stock valued at $84,585,000 after acquiring an additional 2,115,672 shares during the period. Vanguard Group Inc. boosted its position in shares of TORM by 22.4% in the fourth quarter. Vanguard Group Inc. now owns 1,885,040 shares of the company’s stock valued at $36,417,000 after acquiring an additional 345,463 shares during the period. Two Sigma Advisers LP boosted its position in shares of TORM by 2.6% in the third quarter. Two Sigma Advisers LP now owns 1,266,900 shares of the company’s stock valued at $43,315,000 after acquiring an additional 32,500 shares during the period. Norges Bank bought a new stake in shares of TORM in the fourth quarter valued at approximately $21,273,000. Finally, Renaissance Technologies LLC boosted its position in shares of TORM by 24.3% in the fourth quarter. Renaissance Technologies LLC now owns 561,889 shares of the company’s stock valued at $10,929,000 after acquiring an additional 109,916 shares during the period. 73.89% of the stock is owned by 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.