TORM (NASDAQ:TRMD) Shares Gap Down – Should You Sell?

Shares of TORM plc (NASDAQ:TRMD) gapped down prior to trading on Thursday . The stock had previously closed at $17.68, but opened at $17.14. TORM shares last traded at $16.82, with a volume of 384,680 shares changing hands.

TORM Stock Down 0.6 %

The firm has a 50 day moving average price of $18.98 and a 200-day moving average price of $23.24. The company has a current ratio of 2.47, a quick ratio of 2.24 and a debt-to-equity ratio of 0.51. The firm has a market cap of $1.59 billion, a PE ratio of 2.18 and a beta of 0.14.

TORM Cuts Dividend

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

Institutional Investors Weigh In On TORM

Several institutional investors have recently modified their holdings of TRMD. Arrowstreet Capital Limited Partnership raised its stake in TORM by 94.0% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 4,366,769 shares of the company’s stock valued at $84,585,000 after buying an additional 2,115,672 shares in the last quarter. Norges Bank acquired a new stake in shares of TORM during the 4th quarter worth about $21,273,000. Millennium Management LLC lifted its stake in TORM by 439.0% during the fourth quarter. Millennium Management LLC now owns 430,399 shares of the company’s stock worth $8,371,000 after purchasing an additional 350,555 shares during the last quarter. Vanguard Group Inc. boosted its holdings in TORM by 22.4% in the fourth quarter. Vanguard Group Inc. now owns 1,885,040 shares of the company’s stock valued at $36,417,000 after purchasing an additional 345,463 shares in the last quarter. Finally, Jane Street Group LLC raised its holdings in TORM by 353.5% during the fourth quarter. Jane Street Group LLC now owns 187,998 shares of the company’s stock worth $3,613,000 after purchasing an additional 262,149 shares in the last quarter. 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.