TORM (NASDAQ:TRMD) Sets New 52-Week Low – Here’s Why

TORM plc (NASDAQ:TRMD)’s stock price reached a new 52-week low during trading on Friday . The company traded as low as $16.73 and last traded at $16.97, with a volume of 1223004 shares changing hands. The stock had previously closed at $17.68.

Analysts Set New Price Targets

Separately, Kepler Capital Markets downgraded shares of TORM from a “hold” rating to a “strong sell” rating in a research report on Thursday.

TORM Price Performance

The firm has a 50-day moving average of $18.98 and a 200 day moving average of $23.18. The company has a market capitalization of $1.59 billion, a PE ratio of 2.18 and a beta of 0.14. The company has a debt-to-equity ratio of 0.51, a current ratio of 2.47 and a quick ratio of 2.24.

TORM Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 2nd. Stockholders of record on Thursday, March 20th will be issued a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 14.23%. The ex-dividend date of this dividend is Thursday, March 20th. TORM’s payout ratio is presently 27.43%.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in TRMD. Quarry LP bought a new stake in TORM in the 3rd quarter worth approximately $51,000. Jones Financial Companies Lllp grew its holdings in shares of TORM by 49.5% in the fourth quarter. Jones Financial Companies Lllp now owns 5,859 shares of the company’s stock worth $114,000 after acquiring an additional 1,939 shares during the period. Tower Research Capital LLC TRC increased its position in TORM by 8.6% during the fourth quarter. Tower Research Capital LLC TRC now owns 8,991 shares of the company’s stock valued at $175,000 after acquiring an additional 711 shares during the last quarter. Apollon Wealth Management LLC lifted its holdings in TORM by 26.1% in the fourth quarter. Apollon Wealth Management LLC now owns 10,719 shares of the company’s stock valued at $208,000 after acquiring an additional 2,219 shares during the period. Finally, Aristides Capital LLC purchased a new position in TORM in the fourth quarter worth about $216,000. 73.89% of the stock is owned by hedge funds and other institutional investors.

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.