TORM (NASDAQ:TRMD) Trading 0.7% Higher – What’s Next?

TORM plc (NASDAQ:TRMD)’s stock price was up 0.7% on Wednesday . The stock traded as high as $24.31 and last traded at $24.14. Approximately 454,651 shares changed hands during trading, a decline of 42% from the average daily volume of 781,875 shares. The stock had previously closed at $23.97.

Analysts Set New Price Targets

Several brokerages have recently issued reports on TRMD. Fearnley Fonds raised shares of TORM to a “hold” rating in a research note on Friday, September 27th. Jefferies Financial Group cut their price objective on TORM from $37.00 to $32.00 and set a “buy” rating for the company in a research report on Thursday, November 14th. Finally, Evercore ISI boosted their target price on TORM from $45.00 to $48.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 23rd.

TORM Price Performance

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 50-day simple moving average of $29.83 and a 200 day simple moving average of $34.49.

TORM Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 4th. Shareholders of record on Thursday, November 21st will be paid a $0.876 dividend. This represents a $3.50 dividend on an annualized basis and a yield of 14.74%. The ex-dividend date is Thursday, November 21st. TORM’s dividend payout ratio (DPR) is presently 68.05%.

Hedge Funds Weigh In On TORM

A number of institutional investors have recently modified their holdings of TRMD. DekaBank Deutsche Girozentrale increased its holdings in shares of TORM by 1,166.7% during the 3rd quarter. DekaBank Deutsche Girozentrale now owns 38,000 shares of the company’s stock worth $1,289,000 after purchasing an additional 35,000 shares during the period. International Assets Investment Management LLC bought a new position in TORM during the third quarter valued at about $7,359,000. SG Americas Securities LLC raised its holdings in TORM by 597.3% in the 2nd quarter. SG Americas Securities LLC now owns 22,914 shares of the company’s stock valued at $888,000 after acquiring an additional 19,628 shares in the last quarter. Lighthouse Investment Partners LLC lifted its position in shares of TORM by 276.2% in the 2nd quarter. Lighthouse Investment Partners LLC now owns 110,049 shares of the company’s stock worth $4,267,000 after acquiring an additional 80,793 shares during the period. Finally, Hsbc Holdings PLC acquired a new stake in shares of TORM during the 2nd quarter worth approximately $9,619,000. Institutional investors 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.