TORM plc (NASDAQ:TRMD) Sees Significant Drop in Short Interest

TORM plc (NASDAQ:TRMD) was the recipient of a large drop in short interest in the month of March. As of March 15th, there was short interest totalling 3,890,000 shares, a drop of 24.8% from the February 28th total of 5,170,000 shares. Approximately 7.3% of the shares of the stock are short sold. Based on an average daily volume of 1,130,000 shares, the short-interest ratio is presently 3.4 days.

Analysts Set New Price Targets

Separately, Kepler Capital Markets cut shares of TORM from a “hold” rating to a “strong sell” rating in a report on Thursday.

TORM Stock Down 0.6 %

Shares of NASDAQ TRMD opened at $16.87 on Friday. 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 business has a 50-day moving average of $18.98 and a 200-day moving average of $23.18. The firm has a market capitalization of $1.59 billion, a price-to-earnings ratio of 2.18 and a beta of 0.14. TORM has a 12 month low of $16.58 and a 12 month high of $40.47.

TORM Cuts Dividend

The business also recently declared 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 dividend on an annualized basis and a dividend yield of 14.23%. The ex-dividend date is Thursday, March 20th. TORM’s payout ratio is 27.43%.

Institutional Trading of TORM

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Thrivent Financial for Lutherans bought a new position in TORM in the third quarter valued at $224,000. Centiva Capital LP bought a new position in shares of TORM during the 3rd quarter valued at about $3,077,000. Holocene Advisors LP purchased a new position in shares of TORM during the 3rd quarter valued at about $1,710,000. Quarry LP bought a new stake in TORM in the 3rd quarter worth approximately $51,000. Finally, Soros Fund Management LLC purchased a new stake in TORM in the third quarter worth approximately $3,419,000. 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.