TORM (NASDAQ:TRMD) Stock Price Down 3.4%

TORM plc (NASDAQ:TRMDGet Rating)’s share price dropped 3.4% during trading on Wednesday . The stock traded as low as $27.46 and last traded at $27.56. Approximately 436 shares changed hands during trading, a decline of 100% from the average daily volume of 293,515 shares. The stock had previously closed at $28.54.

Wall Street Analysts Forecast Growth

Separately, Evercore ISI raised their price objective on TORM to $25.00 in a research note on Monday, August 22nd.

TORM Stock Performance

The stock has a market cap of $2.20 billion, a P/E ratio of 6.81 and a beta of -211.60. The stock has a fifty day simple moving average of $24.30 and a 200-day simple moving average of $18.66. The company has a debt-to-equity ratio of 0.63, a quick ratio of 2.72 and a current ratio of 3.06.

TORM Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 8th. Stockholders of record on Wednesday, November 23rd will be issued a $1.46 dividend. This represents a $5.84 annualized dividend and a dividend yield of 21.66%. The ex-dividend date of this dividend is Tuesday, November 22nd. TORM’s payout ratio is 107.58%.

Hedge Funds Weigh In On TORM

Several hedge funds have recently modified their holdings of TRMD. Vanguard Group Inc. grew its holdings in shares of TORM by 5,904.2% in the 3rd quarter. Vanguard Group Inc. now owns 982,649 shares of the company’s stock valued at $19,937,000 after acquiring an additional 966,283 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in TORM by 7,393.9% during the second quarter. JPMorgan Chase & Co. now owns 871,318 shares of the company’s stock worth $11,807,000 after purchasing an additional 859,691 shares during the period. Renaissance Technologies LLC bought a new position in TORM during the second quarter worth about $5,933,000. Millennium Management LLC grew its holdings in TORM by 2,267.8% during the second quarter. Millennium Management LLC now owns 430,816 shares of the company’s stock worth $5,838,000 after purchasing an additional 412,621 shares during the period. Finally, Citadel Advisors LLC bought a new position in TORM during the second quarter worth about $4,924,000.

About TORM

(Get Rating)

TORM plc, a product tanker company, engages in the transportation of refined oil products and crude oil worldwide. The company transports gasoline, jet fuel, and naphtha. As of March 23, 2022, it operated a fleet of approximately 85 vessels. The company was founded in 1889 and is headquartered in London, the United Kingdom.

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