TORM (NASDAQ:TRMD) Stock Price Up 1.5% – Here’s What Happened

TORM plc (NASDAQ:TRMD) shot up 1.5% during mid-day trading on Tuesday . The stock traded as high as $19.35 and last traded at $19.29. 271,065 shares were traded during trading, a decline of 67% from the average session volume of 833,963 shares. The stock had previously closed at $19.00.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. Jefferies Financial Group dropped their price target on TORM from $37.00 to $32.00 and set a “buy” rating on the stock in a research report on Thursday, November 14th. Fearnley Fonds raised TORM to a “hold” rating in a report on Friday, September 27th.

TORM Price Performance

The company’s 50-day simple moving average is $22.39 and its 200 day simple moving average is $31.14. The company has a quick ratio of 2.24, a current ratio of 2.47 and a debt-to-equity ratio of 0.51. The stock has a market capitalization of $1.57 billion, a price-to-earnings ratio of 2.50 and a beta of 0.21.

TORM Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, December 4th. Stockholders of record on Thursday, November 21st were given a $0.876 dividend. The ex-dividend date of this dividend was Thursday, November 21st. This represents a $3.50 annualized dividend and a dividend yield of 18.14%. TORM’s dividend payout ratio is 45.28%.

Institutional Trading of TORM

Institutional investors and hedge funds have recently modified their holdings of the company. National Bank of Canada FI acquired a new stake in shares of TORM in the 2nd quarter valued at $26,000. Assetmark Inc. raised its holdings in TORM by 76.9% during the 3rd quarter. Assetmark Inc. now owns 1,187 shares of the company’s stock worth $41,000 after buying an additional 516 shares during the period. Quarry LP acquired a new position in TORM in the 3rd quarter worth $51,000. Point72 Hong Kong Ltd acquired a new position in TORM during the 2nd quarter worth approximately $78,000. Finally, Allspring Global Investments Holdings LLC bought a new position in shares of TORM in the 2nd quarter valued at about $116,000. 73.89% of the stock is currently owned by 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.