TORM (NASDAQ:TRMD) Trading Down 8% – Here’s What Happened

TORM plc (NASDAQ:TRMD)’s share price traded down 8% during trading on Thursday . The company traded as low as $21.84 and last traded at $21.91. 887,132 shares changed hands during trading, an increase of 13% from the average session volume of 787,823 shares. The stock had previously closed at $23.81.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the company. Fearnley Fonds raised TORM to a “hold” rating in a report on Friday, September 27th. Jefferies Financial Group reduced their target price on TORM from $37.00 to $32.00 and set a “buy” rating for the company in a report on Thursday, November 14th.

TORM Stock Up 0.8 %

The business has a fifty day simple moving average of $29.16 and a 200 day simple moving average of $34.24. 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 business also recently declared a quarterly dividend, which will be paid on Wednesday, December 4th. Investors 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 annualized dividend and a dividend yield of 16.01%. TORM’s dividend payout ratio is presently 45.28%.

Institutional Investors Weigh In On TORM

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Marshall Wace LLP increased its holdings in shares of TORM by 860.9% in the second quarter. Marshall Wace LLP now owns 1,429,989 shares of the company’s stock valued at $55,441,000 after purchasing an additional 1,281,176 shares during the last quarter. Two Sigma Advisers LP increased its holdings in shares of TORM by 2.6% in the third quarter. Two Sigma Advisers LP now owns 1,266,900 shares of the company’s stock valued at $43,315,000 after purchasing an additional 32,500 shares during the last quarter. Acadian Asset Management LLC increased its holdings in shares of TORM by 320.5% in the second quarter. Acadian Asset Management LLC now owns 1,265,792 shares of the company’s stock valued at $49,189,000 after purchasing an additional 964,801 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of TORM by 7.9% in the first quarter. Vanguard Group Inc. now owns 1,179,417 shares of the company’s stock valued at $41,221,000 after purchasing an additional 85,937 shares during the last quarter. Finally, Renaissance Technologies LLC increased its holdings in shares of TORM by 38.9% in the second quarter. Renaissance Technologies LLC now owns 669,200 shares of the company’s stock valued at $25,945,000 after purchasing an additional 187,300 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.