TORM (NASDAQ:TRMD) Shares Gap Down – Here’s What Happened

TORM plc (NASDAQ:TRMD)’s stock price 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 trading hands.

TORM Trading Down 3.8 %

The firm’s 50-day simple moving average is $19.13 and its 200 day simple moving average is $23.40. 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 capitalization of $1.60 billion, a price-to-earnings ratio of 2.20 and a beta of 0.14.

TORM Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 2nd. Stockholders of record on Thursday, March 20th will be issued a dividend of $0.60 per share. The ex-dividend date is Thursday, March 20th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 14.12%. TORM’s dividend payout ratio (DPR) is currently 27.43%.

Institutional Investors Weigh In On TORM

A number of hedge funds have recently made changes to their positions in the stock. Quarry LP acquired a new position in TORM during the 3rd quarter worth approximately $51,000. Jones Financial Companies Lllp lifted its stake in shares of TORM by 49.5% in the 4th quarter. Jones Financial Companies Lllp now owns 5,859 shares of the company’s stock valued at $114,000 after acquiring an additional 1,939 shares during the last quarter. Tower Research Capital LLC TRC boosted its holdings in shares of 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 in the last quarter. Apollon Wealth Management LLC boosted its holdings in shares of TORM by 26.1% during the 4th quarter. Apollon Wealth Management LLC now owns 10,719 shares of the company’s stock valued at $208,000 after acquiring an additional 2,219 shares in the last quarter. Finally, Aristides Capital LLC bought a new stake in TORM during the 4th quarter worth $216,000. 73.89% of the stock is currently owned by institutional investors and hedge funds.

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.