TORM (NASDAQ:TRMD) Shares Up 3.2% – Here’s What Happened

TORM plc (NASDAQ:TRMD)’s stock price traded up 3.2% during mid-day trading on Monday . The stock traded as high as $18.80 and last traded at $18.65. 456,307 shares traded hands during trading, a decline of 45% from the average session volume of 827,589 shares. The stock had previously closed at $18.08.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on TRMD. Jefferies Financial Group cut their price objective on TORM from $37.00 to $32.00 and set a “buy” rating on the stock in a research report 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 stock has a 50-day moving average price of $23.48 and a two-hundred day moving average price of $31.77. The stock has a market cap of $1.55 billion, a price-to-earnings ratio of 2.45 and a beta of 0.21. The company has a current ratio of 2.47, a quick ratio of 2.24 and a debt-to-equity ratio of 0.51.

TORM Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, December 4th. Stockholders of record on Thursday, November 21st were paid a dividend of $0.876 per share. The ex-dividend date of this dividend was Thursday, November 21st. This represents a $3.50 dividend on an annualized basis and a dividend yield of 18.48%. TORM’s payout ratio is 45.28%.

Hedge Funds Weigh In On TORM

Several hedge funds and other institutional investors have recently modified their holdings of TRMD. Marshall Wace LLP grew its position in TORM by 860.9% during the 2nd quarter. Marshall Wace LLP now owns 1,429,989 shares of the company’s stock worth $55,441,000 after purchasing an additional 1,281,176 shares during the last quarter. Acadian Asset Management LLC grew its holdings in shares of TORM by 320.5% during the second quarter. Acadian Asset Management LLC now owns 1,265,792 shares of the company’s stock valued at $49,189,000 after buying an additional 964,801 shares during the last quarter. Hsbc Holdings PLC purchased a new stake in shares of TORM during the second quarter valued at $9,619,000. International Assets Investment Management LLC acquired a new position in shares of TORM in the 3rd quarter valued at $7,359,000. Finally, Renaissance Technologies LLC raised its stake in TORM by 38.9% in the 2nd quarter. Renaissance Technologies LLC now owns 669,200 shares of the company’s stock worth $25,945,000 after acquiring an additional 187,300 shares during the last quarter. 73.89% of the stock is owned by hedge funds and other 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.