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

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

Wall Street Analyst Weigh In

TRMD has been the subject of a number of recent research reports. Fearnley Fonds raised shares of TORM to a “hold” rating in a research report on Friday, September 27th. Jefferies Financial Group reduced their target price on shares of 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 4.9 %

The stock has a market cap of $1.55 billion, a PE ratio of 2.45 and a beta of 0.21. The business has a 50 day moving average price of $23.48 and a 200 day moving average price of $31.77. The company has a quick ratio of 2.24, a current ratio of 2.47 and a debt-to-equity ratio of 0.51.

TORM Cuts Dividend

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

Institutional Trading of TORM

A number of hedge funds have recently added to or reduced their stakes in TRMD. Marshall Wace LLP increased its holdings in 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 buying an additional 1,281,176 shares in the last quarter. Acadian Asset Management LLC increased its stake in shares of TORM by 320.5% in the 2nd 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 in the last quarter. Hsbc Holdings PLC acquired a new position in TORM in the 2nd quarter worth about $9,619,000. International Assets Investment Management LLC purchased a new position in TORM during the third quarter worth approximately $7,359,000. Finally, Renaissance Technologies LLC boosted its position in TORM by 38.9% during the second quarter. Renaissance Technologies LLC now owns 669,200 shares of the company’s stock worth $25,945,000 after purchasing an additional 187,300 shares in the last quarter. 73.89% of the stock is owned by hedge funds and other institutional investors.

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.