TORM (NASDAQ:TRMD) Trading 6.1% Higher – Still a Buy?

TORM plc (NASDAQ:TRMD)’s share price traded up 6.1% on Thursday . The stock traded as high as $20.69 and last traded at $20.63. 603,773 shares were traded during mid-day trading, a decline of 28% from the average session volume of 836,479 shares. The stock had previously closed at $19.45.

Wall Street Analysts Forecast Growth

TRMD has been the topic of several research analyst reports. Fearnley Fonds raised TORM to a “hold” rating in a research report on Friday, September 27th. Jefferies Financial Group lowered their target price on shares of 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 Up 4.8 %

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 firm has a market capitalization of $1.66 billion, a PE ratio of 2.64 and a beta of 0.21. The business has a 50 day moving average price of $21.82 and a 200-day moving average price of $30.85.

TORM Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, December 4th. Investors of record on Thursday, November 21st were issued a dividend of $0.876 per share. The ex-dividend date was Thursday, November 21st. This represents a $3.50 annualized dividend and a yield of 17.18%. TORM’s dividend payout ratio is presently 45.28%.

Institutional Trading of TORM

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