TORM (NASDAQ:TRMD) Shares Down 0.4% – Here’s Why

Shares of TORM plc (NASDAQ:TRMD) were down 0.4% during trading on Friday . The company traded as low as $20.69 and last traded at $21.09. Approximately 1,275,522 shares changed hands during mid-day trading, a decline of 14% from the average daily volume of 1,475,259 shares. The stock had previously closed at $21.18.

Analyst Ratings Changes

A number of brokerages have issued reports on TRMD. Fearnley Fonds upgraded shares of TORM to a “hold” rating in a research note on Friday, September 27th. Jefferies Financial Group cut their target price on 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 0.4 %

The stock’s 50 day moving average price is $27.98 and its two-hundred day moving average price is $33.83. 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 business also recently announced a quarterly dividend, which will be paid on Wednesday, December 4th. Stockholders of record on Thursday, November 21st will be paid 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 16.61%. TORM’s payout ratio is 45.28%.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. National Bank of Canada FI acquired a new position in shares of TORM in the 2nd quarter valued at $26,000. Assetmark Inc. raised its position in shares of TORM by 76.9% in the third quarter. Assetmark Inc. now owns 1,187 shares of the company’s stock worth $41,000 after acquiring an additional 516 shares during the period. Fifth Third Bancorp purchased a new stake in shares of TORM during the 2nd quarter worth about $43,000. Syquant Capital Sas acquired a new stake in shares of TORM during the 2nd quarter valued at about $46,000. Finally, Quarry LP purchased a new position in shares of TORM in the 3rd quarter valued at about $51,000. 73.89% of the stock is currently 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.