TORM (NASDAQ:TRMD) Trading Down 0.6% – Here’s What Happened

Shares of TORM plc (NASDAQ:TRMD) dropped 0.6% during trading on Wednesday . The stock traded as low as $20.69 and last traded at $21.06. Approximately 558,647 shares were traded during mid-day trading, a decline of 30% from the average daily volume of 801,366 shares. The stock had previously closed at $21.18.

Analyst Upgrades and Downgrades

TRMD has been the subject of several recent analyst reports. Jefferies Financial Group lowered their target price 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 note on Friday, September 27th.

TORM Price Performance

The company’s 50 day simple moving average is $27.98 and its 200 day simple moving average is $33.83. The company has a quick ratio of 2.24, a current ratio of 2.47 and a debt-to-equity ratio of 0.51.

TORM Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 4th. Stockholders of record on Thursday, November 21st will be paid a dividend of $0.876 per share. The ex-dividend date is Thursday, November 21st. This represents a $3.50 annualized dividend and a dividend yield of 16.61%. TORM’s dividend payout ratio is presently 45.28%.

Institutional Trading of TORM

Institutional investors have recently made changes to their positions in the stock. National Bank of Canada FI purchased a new stake in shares of TORM during the 2nd quarter valued at $26,000. Fifth Third Bancorp purchased a new stake in shares of TORM during the 2nd quarter valued at $43,000. Syquant Capital Sas purchased a new stake in shares of TORM during the 2nd quarter valued at $46,000. Assetmark Inc. boosted its position in TORM by 76.9% during the 3rd quarter. Assetmark Inc. now owns 1,187 shares of the company’s stock worth $41,000 after purchasing an additional 516 shares during the period. Finally, Quarry LP purchased a new stake in TORM during the 3rd quarter worth $51,000. 73.89% of the stock is owned by hedge funds and other institutional investors.

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.