TORM (NASDAQ:TRMD) Shares Gap Down to $33.72

Posted by Defense World Staff on Apr 23rd, 2023

TORM plc (NASDAQ:TRMD – Get Rating) shares gapped down before the market opened on Friday . The stock had previously closed at $33.72, but opened at $32.60. TORM shares last traded at $32.31, with a volume of 117,584 shares traded.

Analyst Ratings Changes

Separately, Danske lowered shares of TORM from a “buy” rating to a “hold” rating in a report on Friday, March 10th.

TORM Stock Performance

The stock’s 50 day moving average price is $32.88 and its 200 day moving average price is $29.12. The company has a debt-to-equity ratio of 0.57, a quick ratio of 3.24 and a current ratio of 3.58. The company has a market capitalization of $2.65 billion, a P/E ratio of 4.79 and a beta of 0.42.

TORM Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, April 5th. Stockholders of record on Monday, March 27th were paid a $1.891 dividend. This is a positive change from TORM’s previous quarterly dividend of $1.46. This represents a $7.56 dividend on an annualized basis and a dividend yield of 23.24%. The ex-dividend date of this dividend was Friday, March 24th. TORM’s dividend payout ratio is currently 111.34%.

Institutional Investors Weigh In On TORM

A number of institutional investors have recently modified their holdings of the company. AE Wealth Management LLC boosted its stake in shares of TORM by 46.4% in the 1st quarter. AE Wealth Management LLC now owns 26,687 shares of the company’s stock valued at $831,000 after purchasing an additional 8,462 shares during the last quarter. Morgan Stanley boosted its stake in TORM by 3.5% during the fourth quarter. Morgan Stanley now owns 627,936 shares of the company’s stock worth $18,317,000 after acquiring an additional 21,043 shares in the last quarter. Norges Bank bought a new position in TORM during the fourth quarter worth $21,066,000. Marshall Wace LLP boosted its stake in TORM by 45.6% during the fourth quarter. Marshall Wace LLP now owns 253,437 shares of the company’s stock worth $7,393,000 after acquiring an additional 79,362 shares in the last quarter. Finally, Platinum Investment Management Ltd. bought a new position in TORM during the fourth quarter worth $2,604,000. 77.29% of the stock is owned by institutional investors.

TORM Company Profile

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TORM Plc engages in the business of transporting clean and dirty petroleum products. It operates under the Tanker and Marine Exhaust segments. The Tanker segment focuses on the transportation of refined oil products such as gasoline, jet fuel, and naphtha. The Marine Exhaust segment includes developing and producing advanced and green marine equipment.

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