TORM (NASDAQ:TRMD) Stock Price Down 1.1% – Here’s Why

TORM plc (NASDAQ:TRMD) shares traded down 1.1% during mid-day trading on Wednesday . The company traded as low as $20.34 and last traded at $20.49. 303,644 shares were traded during trading, a decline of 62% from the average session volume of 805,782 shares. The stock had previously closed at $20.71.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. Fearnley Fonds upgraded shares of TORM to a “hold” rating in a research note on Friday, September 27th. Jefferies Financial Group dropped their target price on shares of TORM from $37.00 to $32.00 and set a “buy” rating on the stock in a research report on Thursday, November 14th.

TORM Trading Down 1.7 %

The company has a quick ratio of 2.24, a current ratio of 2.47 and a debt-to-equity ratio of 0.51. The business’s fifty day moving average is $27.12 and its 200 day moving average is $33.41.

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 is Thursday, November 21st. This represents a $3.50 dividend on an annualized basis and a dividend yield of 17.22%. TORM’s dividend payout ratio (DPR) is presently 45.28%.

Institutional Investors Weigh In On TORM

Hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. grew its position in TORM by 7.9% in the first quarter. Vanguard Group Inc. now owns 1,179,417 shares of the company’s stock worth $41,221,000 after acquiring an additional 85,937 shares in the last quarter. DekaBank Deutsche Girozentrale grew its position in TORM by 11.4% in the first quarter. DekaBank Deutsche Girozentrale now owns 58,000 shares of the company’s stock worth $1,971,000 after acquiring an additional 5,933 shares in the last quarter. Lion Street Advisors LLC purchased a new position in TORM in the second quarter worth $216,000. SG Americas Securities LLC grew its position in TORM by 597.3% in the second quarter. SG Americas Securities LLC now owns 22,914 shares of the company’s stock worth $888,000 after acquiring an additional 19,628 shares in the last quarter. Finally, Fifth Third Bancorp purchased a new position in TORM in the second quarter worth $43,000. Institutional investors own 73.89% of the company’s stock.

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.