Assetmark Inc. Buys 516 Shares of TORM plc (NASDAQ:TRMD)

Assetmark Inc. grew its position in TORM plc (NASDAQ:TRMD) by 76.9% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,187 shares of the company’s stock after acquiring an additional 516 shares during the period. Assetmark Inc.’s holdings in TORM were worth $41,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. National Bank of Canada FI acquired a new position in shares of TORM during the 2nd quarter worth approximately $26,000. Fifth Third Bancorp acquired a new position in shares of TORM in the second quarter valued at $43,000. Syquant Capital Sas bought a new position in shares of TORM in the second quarter valued at about $46,000. Point72 Hong Kong Ltd bought a new position in TORM in the 2nd quarter valued at about $78,000. Finally, Allspring Global Investments Holdings LLC acquired a new stake in TORM during the 2nd quarter worth approximately $116,000. 73.89% of the stock is currently owned by institutional investors and hedge funds.

TORM Stock Up 2.5 %

Shares of NASDAQ TRMD opened at $23.43 on Tuesday. The stock has a market capitalization of $1.91 billion, a P/E ratio of 3.03 and a beta of 0.27. The stock’s fifty day moving average is $30.01 and its 200 day moving average is $34.56. TORM plc has a 52 week low of $22.72 and a 52 week high of $40.47. The company has a debt-to-equity ratio of 0.51, a quick ratio of 2.24 and a current ratio of 2.47.

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 issued a $0.876 dividend. This represents a $3.50 annualized dividend and a yield of 14.96%. The ex-dividend date is Thursday, November 21st. TORM’s dividend payout ratio is currently 45.28%.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Fearnley Fonds raised TORM to a “hold” rating in a 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. Finally, Evercore ISI lifted their price target on shares of TORM from $45.00 to $48.00 and gave the company an “outperform” rating in a research report on Tuesday, July 23rd.

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.