TORM (NASDAQ:TRMD) Trading Down 2.7% – Time to Sell?

Shares of TORM plc (NASDAQ:TRMD) were down 2.7% during trading on Wednesday . The stock traded as low as $21.98 and last traded at $22.05. Approximately 829,908 shares traded hands during trading, a decline of 41% from the average daily volume of 1,409,575 shares. The stock had previously closed at $22.67.

Analysts Set New Price Targets

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

TORM Trading Down 1.8 %

The company’s 50 day moving average price is $20.95 and its 200 day moving average price is $29.83. The company has a debt-to-equity ratio of 0.51, a quick ratio of 2.24 and a current ratio of 2.47. The company has a market cap of $1.81 billion, a price-to-earnings ratio of 2.88 and a beta of 0.23.

TORM Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 4th. Shareholders of record on Thursday, November 21st were given a $0.876 dividend. This represents a $3.50 annualized dividend and a yield of 15.74%. The ex-dividend date of this dividend was Thursday, November 21st. TORM’s payout ratio is presently 45.28%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of TRMD. Assetmark Inc. boosted its holdings in shares of 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 buying an additional 516 shares during the period. Quarry LP acquired a new position in shares of TORM in the third quarter valued at approximately $51,000. Point72 Hong Kong Ltd acquired a new position in shares of TORM in the second quarter valued at approximately $78,000. Thrivent Financial for Lutherans acquired a new position in shares of TORM in the third quarter valued at approximately $224,000. Finally, Apollon Wealth Management LLC acquired a new position in shares of TORM in the third quarter valued at approximately $291,000. 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.