TORM (NASDAQ:TRMD) Shares Gap Up – What’s Next?

TORM plc (NASDAQ:TRMD) shares gapped up prior to trading on Friday . The stock had previously closed at $20.98, but opened at $21.86. TORM shares last traded at $22.11, with a volume of 630,276 shares traded.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Fearnley Fonds upgraded 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 report on Thursday, November 14th.

TORM Price Performance

The stock has a fifty day moving average of $21.12 and a two-hundred day moving average of $30.27. 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 stock has a market capitalization of $1.82 billion, a price-to-earnings ratio of 2.90 and a beta of 0.23.

TORM Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, December 4th. Investors of record on Thursday, November 21st were given a dividend of $0.876 per share. The ex-dividend date of this dividend was Thursday, November 21st. This represents a $3.50 annualized dividend and a yield of 15.65%. TORM’s dividend payout ratio (DPR) is 45.28%.

Institutional Trading of TORM

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Geode Capital Management LLC boosted its position in TORM by 0.6% in the 3rd quarter. Geode Capital Management LLC now owns 81,626 shares of the company’s stock valued at $2,791,000 after buying an additional 505 shares during the last quarter. Assetmark Inc. boosted its holdings in TORM by 76.9% in the third quarter. Assetmark Inc. now owns 1,187 shares of the company’s stock valued at $41,000 after acquiring an additional 516 shares during the last quarter. National Bank of Canada FI bought a new stake in TORM during the 2nd quarter worth about $26,000. Vanguard Personalized Indexing Management LLC lifted its position in TORM by 7.8% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 11,220 shares of the company’s stock valued at $433,000 after purchasing an additional 811 shares during the period. Finally, Hibernia Wealth Partners LLC boosted its stake in shares of TORM by 5.5% in the 3rd quarter. Hibernia Wealth Partners LLC now owns 20,974 shares of the company’s stock valued at $717,000 after purchasing an additional 1,092 shares during the last quarter. Institutional investors and hedge funds own 73.89% of the company’s stock.

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.