TORM (NASDAQ:TRMD) Stock Price Down 5% – Here’s What Happened

Shares of TORM plc (NASDAQ:TRMD) fell 5% on Tuesday . The company traded as low as $19.35 and last traded at $19.38. 1,009,063 shares changed hands during trading, a decline of 33% from the average session volume of 1,499,925 shares. The stock had previously closed at $20.39.

Analysts Set New Price Targets

Several research firms have recently issued reports on TRMD. Fearnley Fonds upgraded shares of TORM to a “hold” rating in a report on Friday, September 27th. Jefferies Financial Group cut their target price on TORM from $37.00 to $32.00 and set a “buy” rating on the stock in a research note on Thursday, November 14th.

TORM Stock Performance

The firm has a 50 day moving average of $20.69 and a 200-day moving average of $29.33. The company has a market cap of $1.82 billion, a P/E ratio of 2.50 and a beta of 0.23. The company has a quick ratio of 2.24, a current ratio of 2.47 and a debt-to-equity ratio of 0.51.

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 paid a dividend of $0.876 per share. The ex-dividend date of this dividend was Thursday, November 21st. This represents a $3.50 dividend on an annualized basis and a dividend yield of 18.12%. TORM’s dividend payout ratio is presently 45.28%.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Assetmark Inc. lifted its position in shares of TORM by 76.9% during the third quarter. Assetmark Inc. now owns 1,187 shares of the company’s stock valued at $41,000 after buying an additional 516 shares during the last quarter. Quarry LP acquired a new stake in TORM in the third quarter valued at approximately $51,000. Point72 Hong Kong Ltd purchased a new position in TORM in the second quarter worth $78,000. Thrivent Financial for Lutherans acquired a new position in shares of TORM during the third quarter worth $224,000. Finally, Apollon Wealth Management LLC purchased a new stake in shares of TORM during the 3rd quarter valued at $291,000. 73.89% of the stock is 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.