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

TORM plc (NASDAQ:TRMD)’s share price gapped down prior to trading on Thursday . The stock had previously closed at $17.68, but opened at $17.14. TORM shares last traded at $16.82, with a volume of 384,680 shares changing hands.

TORM Stock Performance

The firm’s 50-day moving average is $18.98 and its 200 day moving average is $23.24. The company has a debt-to-equity ratio of 0.51, a quick ratio of 2.24 and a current ratio of 2.47. The stock has a market cap of $1.59 billion, a PE ratio of 2.18 and a beta of 0.14.

TORM Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 2nd. Stockholders of record on Thursday, March 20th will be issued a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 14.23%. The ex-dividend date is Thursday, March 20th. TORM’s payout ratio is 27.43%.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Arrowstreet Capital Limited Partnership boosted its holdings in TORM by 94.0% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 4,366,769 shares of the company’s stock valued at $84,585,000 after purchasing an additional 2,115,672 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of TORM by 22.4% in the fourth quarter. Vanguard Group Inc. now owns 1,885,040 shares of the company’s stock valued at $36,417,000 after buying an additional 345,463 shares in the last quarter. Two Sigma Advisers LP grew 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 acquiring an additional 32,500 shares during the period. Norges Bank purchased a new position in TORM in the fourth quarter worth $21,273,000. Finally, Renaissance Technologies LLC lifted its holdings in TORM by 24.3% in the fourth quarter. Renaissance Technologies LLC now owns 561,889 shares of the company’s stock valued at $10,929,000 after acquiring an additional 109,916 shares during the period. 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.