TORM (NASDAQ:TRMD) Stock Price Up 1.8% – Here’s What Happened

TORM plc (NASDAQ:TRMD) shot up 1.8% on Tuesday . The company traded as high as $23.89 and last traded at $23.85. 374,200 shares changed hands during trading, a decline of 52% from the average session volume of 779,436 shares. The stock had previously closed at $23.43.

Analyst Upgrades and Downgrades

A number of brokerages 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 for the company 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 Trading Down 0.7 %

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 company has a 50 day moving average of $29.65 and a 200-day moving average of $34.41.

TORM Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 4th. Shareholders of record on Thursday, November 21st will be paid 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 14.72%. TORM’s dividend payout ratio (DPR) is 68.05%.

Institutional Investors Weigh In On TORM

Several large investors have recently bought and sold shares of the stock. Geode Capital Management LLC raised its holdings in shares of TORM by 0.6% in the 3rd quarter. Geode Capital Management LLC now owns 81,626 shares of the company’s stock valued at $2,791,000 after purchasing an additional 505 shares in the last quarter. Barclays PLC lifted its holdings in TORM by 65.4% during the 3rd quarter. Barclays PLC now owns 384,308 shares of the company’s stock worth $13,140,000 after buying an additional 151,942 shares during the last quarter. XTX Topco Ltd increased its holdings in shares of TORM by 120.3% in the 3rd quarter. XTX Topco Ltd now owns 24,070 shares of the company’s stock valued at $823,000 after acquiring an additional 13,144 shares during the last quarter. Weiss Asset Management LP purchased a new stake in TORM during the third quarter worth approximately $1,026,000. Finally, Two Sigma Advisers LP raised its holdings in TORM by 2.6% during the third quarter. Two Sigma Advisers LP now owns 1,266,900 shares of the company’s stock worth $43,315,000 after purchasing an additional 32,500 shares in the last quarter. Hedge funds and other 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.