Geode Capital Management LLC Has $2.79 Million Stock Position in TORM plc (NASDAQ:TRMD)

Geode Capital Management LLC increased its stake in shares of TORM plc (NASDAQ:TRMD) by 0.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 81,626 shares of the company’s stock after purchasing an additional 505 shares during the period. Geode Capital Management LLC’s holdings in TORM were worth $2,791,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. National Bank of Canada FI acquired a new stake in TORM during the 2nd quarter worth $26,000. Assetmark Inc. increased 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 worth $41,000 after acquiring an additional 516 shares in the last quarter. Quarry LP acquired a new stake in shares of TORM during the third quarter worth about $51,000. Point72 Hong Kong Ltd bought a new position in shares of TORM during the 2nd quarter valued at about $78,000. Finally, Thrivent Financial for Lutherans acquired a new position in shares of TORM in the 3rd quarter valued at approximately $224,000. Institutional investors own 73.89% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have weighed in on TRMD. Fearnley Fonds raised shares of TORM to a “hold” rating in a research note on Friday, September 27th. Jefferies Financial Group cut their price objective on shares of TORM from $37.00 to $32.00 and set a “buy” rating on the stock in a research report on Thursday, November 14th.

TORM Stock Up 4.6 %

Shares of TORM stock opened at $21.28 on Wednesday. TORM plc has a 52-week low of $17.77 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. The business’s 50 day simple moving average is $21.32 and its 200 day simple moving average is $30.40. The firm has a market cap of $1.73 billion, a PE ratio of 2.75 and a beta of 0.23.

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 given a $0.876 dividend. This represents a $3.50 dividend on an annualized basis and a dividend yield of 16.47%. The ex-dividend date of this dividend was Thursday, November 21st. TORM’s dividend payout ratio is presently 45.28%.

TORM 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.