TORM (NASDAQ:TRMD) Shares Down 3.6% – Here’s Why

TORM plc (NASDAQ:TRMD) traded down 3.6% during trading on Thursday . The stock traded as low as $18.64 and last traded at $18.83. 154,927 shares were traded during mid-day trading, a decline of 83% from the average session volume of 934,939 shares. The stock had previously closed at $19.52.

TORM Trading Down 4.6 %

The firm’s 50-day simple moving average is $19.41 and its 200 day simple moving average is $23.79. 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 stock has a market cap of $1.72 billion, a P/E ratio of 2.37 and a beta of 0.14.

TORM Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 2nd. Investors of record on Thursday, March 20th will be paid a dividend of $0.60 per share. The ex-dividend date of this dividend is Thursday, March 20th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 13.10%. TORM’s dividend payout ratio is presently 27.43%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Arrowstreet Capital Limited Partnership increased its stake in shares of TORM by 94.0% during 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. increased its stake in shares of TORM by 22.4% during 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 increased its stake in shares of TORM by 2.6% during 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 acquired a new position in shares of TORM during the fourth quarter valued at approximately $21,273,000. Finally, Renaissance Technologies LLC grew its position in TORM by 24.3% in the fourth quarter. Renaissance Technologies LLC now owns 561,889 shares of the company’s stock worth $10,929,000 after buying an additional 109,916 shares during the last quarter. Institutional investors and hedge funds 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.