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

Shares of TORM plc (NASDAQ:TRMD) shot up 0.7% on Wednesday . The stock traded as high as $24.31 and last traded at $24.14. 454,651 shares changed hands during mid-day trading, a decline of 42% from the average session volume of 781,875 shares. The stock had previously closed at $23.97.

Analyst Ratings Changes

TRMD has been the subject of a number of 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 note on Thursday, November 14th. Fearnley Fonds raised shares of TORM to a “hold” rating in a research report on Friday, September 27th.

TORM Trading Down 3.7 %

The company has a debt-to-equity ratio of 0.51, a current ratio of 2.47 and a quick ratio of 2.24. The stock has a fifty day moving average price of $29.41 and a 200-day moving average price of $34.33.

TORM Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 4th. Shareholders of record on Thursday, November 21st will be issued a $0.876 dividend. The ex-dividend date of this dividend is Thursday, November 21st. This represents a $3.50 dividend on an annualized basis and a yield of 16.13%. TORM’s dividend payout ratio is presently 68.05%.

Institutional Trading of TORM

A number of institutional investors have recently modified their holdings of TRMD. National Bank of Canada FI purchased a new stake in TORM during the second quarter valued at approximately $26,000. Assetmark Inc. lifted its holdings in shares of 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 purchasing an additional 516 shares during the last quarter. Fifth Third Bancorp acquired a new stake in shares of TORM in the 2nd quarter worth $43,000. Syquant Capital Sas purchased a new position in TORM during the 2nd quarter worth $46,000. Finally, Quarry LP acquired a new position in TORM during the 3rd quarter valued at about $51,000. 73.89% of the stock is currently 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.