TORM (NASDAQ:TRMD) Shares Up 2.4% – Should You Buy?

Shares of TORM plc (NASDAQ:TRMD) shot up 2.4% during trading on Monday . The company traded as high as $14.45 and last traded at $14.31. 467,373 shares changed hands during trading, a decline of 51% from the average session volume of 963,082 shares. The stock had previously closed at $13.97.

Analysts Set New Price Targets

Separately, Kepler Capital Markets downgraded TORM from a “hold” rating to a “strong sell” rating in a report on Thursday, March 27th.

TORM Price Performance

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 business’s fifty day moving average price is $18.58 and its 200-day moving average price is $22.43. The company has a market capitalization of $1.40 billion, a P/E ratio of 1.92 and a beta of 0.20.

TORM Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, April 2nd. Shareholders of record on Thursday, March 20th were given a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 16.16%. The ex-dividend date was Thursday, March 20th. TORM’s payout ratio is 27.43%.

Hedge Funds Weigh In On TORM

A number of institutional investors have recently bought and sold shares of the stock. Arrowstreet Capital Limited Partnership lifted its stake in TORM by 94.0% during the 4th 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. Norges Bank purchased a new stake in TORM in the 4th quarter worth $21,273,000. Millennium Management LLC grew its holdings in TORM by 439.0% during the 4th quarter. Millennium Management LLC now owns 430,399 shares of the company’s stock valued at $8,371,000 after buying an additional 350,555 shares in the last quarter. Vanguard Group Inc. increased its position in TORM by 22.4% in the fourth quarter. Vanguard Group Inc. now owns 1,885,040 shares of the company’s stock worth $36,417,000 after purchasing an additional 345,463 shares during the last quarter. Finally, Jane Street Group LLC grew its position in TORM by 353.5% in the fourth quarter. Jane Street Group LLC now owns 187,998 shares of the company’s stock worth $3,613,000 after acquiring an additional 262,149 shares in the last quarter. 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.