TORM (NASDAQ:TRMD) Shares Down 1.6% After Analyst Downgrade

TORM plc (NASDAQ:TRMD) fell 1.6% on Friday after Jefferies Financial Group lowered their price target on the stock from $37.00 to $32.00. Jefferies Financial Group currently has a buy rating on the stock. TORM traded as low as $23.17 and last traded at $23.25. 282,093 shares were traded during trading, a decline of 63% from the average session volume of 771,616 shares. The stock had previously closed at $23.63.

TRMD has been the subject of several other reports. Evercore ISI increased their price target on TORM from $45.00 to $48.00 and gave the stock an “outperform” rating in a report on Tuesday, July 23rd. Fearnley Fonds upgraded shares of TORM to a “hold” rating in a report on Friday, September 27th.

Institutional Trading of TORM

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Assetmark Inc. grew its position in 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 purchasing an additional 516 shares in the last quarter. National Bank of Canada FI acquired a new stake in shares of TORM in the second quarter valued at about $26,000. Vanguard Personalized Indexing Management LLC raised its holdings in TORM by 7.8% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 11,220 shares of the company’s stock worth $433,000 after acquiring an additional 811 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in TORM by 12.4% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,338 shares of the company’s stock valued at $365,000 after purchasing an additional 1,030 shares during the last quarter. Finally, Hibernia Wealth Partners LLC grew its stake in TORM by 5.5% in the third quarter. Hibernia Wealth Partners LLC now owns 20,974 shares of the company’s stock valued at $717,000 after purchasing an additional 1,092 shares in the last quarter. 73.89% of the stock is currently owned by institutional investors and hedge funds.

TORM Trading Down 3.3 %

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 50-day simple moving average of $30.40 and a two-hundred day simple moving average of $34.72.

TORM (NASDAQ:TRMD) last announced its quarterly earnings results on Thursday, August 15th. The company reported $2.02 EPS for the quarter, beating analysts’ consensus estimates of $1.99 by $0.03. TORM had a net margin of 43.81% and a return on equity of 34.45%. The firm had revenue of $437.70 million during the quarter, compared to analysts’ expectations of $325.38 million. During the same quarter last year, the company posted $2.14 earnings per share. Research analysts forecast that TORM plc will post 6.41 EPS for the current fiscal year.

TORM Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 4th. Stockholders of record on Thursday, November 21st will be paid a dividend of $0.876 per share. The ex-dividend date is Thursday, November 21st. This represents a $3.50 annualized dividend and a dividend yield of 15.33%. TORM’s dividend payout ratio is currently 68.05%.

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.