TORM (NASDAQ:TRMD) Stock Price Down 2.5% – What’s Next?

TORM plc (NASDAQ:TRMD)’s stock price dropped 2.5% during trading on Friday . The stock traded as low as $20.05 and last traded at $20.09. Approximately 589,963 shares were traded during mid-day trading, a decline of 43% from the average daily volume of 1,040,155 shares. The stock had previously closed at $20.61.

Wall Street Analyst Weigh In

TRMD has been the topic of several research analyst reports. Jefferies Financial Group reduced their price target 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. Fearnley Fonds raised TORM to a “hold” rating in a research note on Friday, September 27th.

TORM Stock Performance

The company has a market cap of $1.65 billion, a P/E ratio of 2.62 and a beta of 0.21. The business’s 50 day simple moving average is $21.70 and its 200 day simple moving average is $30.78. 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 disclosed a quarterly dividend, which was paid on Wednesday, December 4th. Stockholders of record on Thursday, November 21st were given a $0.876 dividend. The ex-dividend date of this dividend was Thursday, November 21st. This represents a $3.50 annualized dividend and a dividend yield of 17.32%. TORM’s payout ratio is 45.28%.

Institutional Trading of TORM

A number of large investors have recently made changes to their positions in TRMD. Centiva Capital LP purchased a new position in shares of TORM in the 3rd quarter valued at about $3,077,000. DekaBank Deutsche Girozentrale increased its position in shares of TORM by 1,166.7% during the third quarter. DekaBank Deutsche Girozentrale now owns 38,000 shares of the company’s stock valued at $1,289,000 after acquiring an additional 35,000 shares during the last quarter. International Assets Investment Management LLC purchased a new stake in shares of TORM in the 3rd quarter valued at approximately $7,359,000. Lighthouse Investment Partners LLC boosted its position in shares of TORM by 276.2% during the 2nd quarter. Lighthouse Investment Partners LLC now owns 110,049 shares of the company’s stock worth $4,267,000 after purchasing an additional 80,793 shares during the period. Finally, Hsbc Holdings PLC acquired a new position in TORM during the second quarter worth $9,619,000. 73.89% of the stock is currently 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.