TORM (NASDAQ:TRMD) Shares Gap Down – Here’s What Happened

TORM plc (NASDAQ:TRMD) gapped down before the market opened on Friday . The stock had previously closed at $20.95, but opened at $20.02. TORM shares last traded at $20.47, with a volume of 740,907 shares changing hands.

Wall Street Analysts Forecast Growth

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

TORM Stock Performance

The firm’s 50 day moving average price is $20.83 and its 200-day moving average price is $29.72. The firm has a market cap of $1.68 billion, a price-to-earnings ratio of 2.67 and a beta of 0.23. The company has a debt-to-equity ratio of 0.51, a current ratio of 2.47 and a quick ratio of 2.24.

TORM Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, December 4th. Shareholders of record on Thursday, November 21st were given a $0.876 dividend. The ex-dividend date was Thursday, November 21st. This represents a $3.50 annualized dividend and a yield of 16.98%. TORM’s dividend payout ratio is 45.28%.

Institutional Investors Weigh In On TORM

A number of institutional investors have recently added to or reduced their stakes in the company. Marshall Wace LLP raised its stake in shares of 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 purchasing an additional 1,281,176 shares in the last quarter. Hsbc Holdings PLC acquired a new stake in TORM during the 2nd quarter valued at $9,619,000. International Assets Investment Management LLC bought a new position in TORM in the 3rd quarter valued at $7,359,000. Renaissance Technologies LLC boosted its stake in TORM by 38.9% in 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. Finally, Barclays PLC grew its holdings in shares of TORM by 65.4% during the third quarter. Barclays PLC now owns 384,308 shares of the company’s stock worth $13,140,000 after purchasing an additional 151,942 shares during the last quarter. 73.89% of the stock is owned by institutional investors and hedge funds.

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.