TORM (NASDAQ:TRMD) Trading Down 3.6% – Here’s What Happened

TORM plc (NASDAQ:TRMD) shares traded down 3.6% during mid-day trading on Thursday . The stock traded as low as $18.64 and last traded at $18.83. 154,927 shares traded hands during trading, a decline of 83% from the average session volume of 934,939 shares. The stock had previously closed at $19.52.

TORM Stock Performance

The company has a 50 day moving average of $19.52 and a two-hundred day moving average of $23.95. 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 company has a market capitalization of $1.79 billion, a PE ratio of 2.47 and a beta of 0.14.

TORM Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 2nd. Stockholders of record on Thursday, March 20th will be paid a $0.60 dividend. The ex-dividend date of this dividend is Thursday, March 20th. This represents a $2.40 annualized dividend and a dividend yield of 12.58%. TORM’s dividend payout ratio is presently 27.43%.

Hedge Funds Weigh In On TORM

Hedge funds have recently added to or reduced their stakes in the company. Quarry LP bought a new stake in shares of TORM in the 3rd quarter worth $51,000. Jones Financial Companies Lllp raised its position in TORM by 49.5% in the 4th quarter. Jones Financial Companies Lllp now owns 5,859 shares of the company’s stock worth $114,000 after buying an additional 1,939 shares during the last quarter. Tower Research Capital LLC TRC lifted its stake in TORM by 8.6% during the 4th 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 period. Apollon Wealth Management LLC lifted its position in TORM by 26.1% during the fourth quarter. Apollon Wealth Management LLC now owns 10,719 shares of the company’s stock valued at $208,000 after purchasing an additional 2,219 shares during the period. Finally, Aristides Capital LLC purchased a new stake in TORM in the fourth quarter worth approximately $216,000. 73.89% of the stock is currently owned by hedge funds and other institutional investors.

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.