TORM (NASDAQ:TRMD) Shares Up 0.7% – Still a Buy?

TORM plc (NASDAQ:TRMD) shares were up 0.7% during mid-day trading on Wednesday . The company traded as high as $24.31 and last traded at $24.14. Approximately 454,651 shares changed hands during trading, a decline of 42% from the average daily volume of 781,875 shares. The stock had previously closed at $23.97.

Analysts Set New Price Targets

A number of research firms recently weighed in on TRMD. Evercore ISI raised their price target on shares of TORM from $45.00 to $48.00 and gave the company an “outperform” rating in a report on Tuesday, July 23rd. Jefferies Financial Group lowered their price objective on TORM from $37.00 to $32.00 and set a “buy” rating for the company in a report on Thursday, November 14th. Finally, Fearnley Fonds upgraded shares of TORM to a “hold” rating in a research note on Friday, September 27th.

TORM Price Performance

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’s 50-day moving average price is $29.83 and its 200 day moving average price is $34.49.

TORM Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 4th. Shareholders of record on Thursday, November 21st will be given a $0.876 dividend. This represents a $3.50 annualized dividend and a yield of 14.74%. The ex-dividend date is Thursday, November 21st. TORM’s dividend payout ratio (DPR) is 68.05%.

Hedge Funds Weigh In On TORM

Several hedge funds and other institutional investors have recently made changes to their positions in TRMD. National Bank of Canada FI bought a new position in TORM in the 2nd quarter valued at about $26,000. 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 acquiring an additional 516 shares in the last quarter. Fifth Third Bancorp acquired a new position in shares of TORM during the second quarter valued at approximately $43,000. Syquant Capital Sas bought a new stake in TORM during the second quarter worth approximately $46,000. Finally, Quarry LP acquired a new stake in TORM in the third quarter worth approximately $51,000. 73.89% of the stock is currently owned by institutional investors and hedge funds.

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.