JPMorgan Chase & Co. Reduces Position in TORM plc (NASDAQ:TRMD)

JPMorgan Chase & Co. decreased its holdings in TORM plc (NASDAQ:TRMD) by 31.2% in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 290,501 shares of the company’s stock after selling 131,866 shares during the quarter. JPMorgan Chase & Co. owned 0.36% of TORM worth $9,932,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of TRMD. Franklin Resources Inc. bought a new position in shares of TORM in the 3rd quarter worth approximately $1,047,000. Tidal Investments LLC purchased a new position in shares of TORM during the 3rd quarter worth $1,601,000. Geode Capital Management LLC grew its position in shares of TORM by 0.6% during the 3rd quarter. Geode Capital Management LLC now owns 81,626 shares of the company’s stock valued at $2,791,000 after acquiring an additional 505 shares during the period. Barclays PLC increased its stake in shares of TORM by 65.4% in the 3rd quarter. Barclays PLC now owns 384,308 shares of the company’s stock worth $13,140,000 after purchasing an additional 151,942 shares in the last quarter. Finally, XTX Topco Ltd raised its holdings in TORM by 120.3% in the 3rd quarter. XTX Topco Ltd now owns 24,070 shares of the company’s stock worth $823,000 after purchasing an additional 13,144 shares during the period. Institutional investors own 73.89% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have commented on TRMD shares. Fearnley Fonds upgraded TORM to a “hold” rating in a research report on Friday, September 27th. Jefferies Financial Group reduced their target price on shares of TORM from $37.00 to $32.00 and set a “buy” rating for the company in a report on Thursday, November 14th.

TORM Trading Up 4.0 %

Shares of TRMD opened at $23.06 on Tuesday. TORM plc has a 1 year low of $17.77 and a 1 year high of $40.47. The company has a 50 day simple moving average of $21.00 and a two-hundred day simple moving average of $29.94. The company has a debt-to-equity ratio of 0.51, a current ratio of 2.47 and a quick ratio of 2.24. The firm has a market cap of $1.88 billion, a P/E ratio of 2.98 and a beta of 0.23.

TORM Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, December 4th. Stockholders of record on Thursday, November 21st were given a dividend of $0.876 per share. This represents a $3.50 annualized dividend and a dividend yield of 15.20%. The ex-dividend date was Thursday, November 21st. TORM’s dividend payout ratio is currently 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.