TORM (NASDAQ:TRMD) Shares Up 0% – Still a Buy?

Shares of TORM plc (NASDAQ:TRMD) were up 0% during mid-day trading on Friday . The company traded as high as $21.77 and last traded at $21.72. Approximately 517,181 shares traded hands during trading, a decline of 35% from the average daily volume of 792,803 shares. The stock had previously closed at $21.71.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on TRMD. Jefferies Financial Group cut their price objective on shares of TORM from $37.00 to $32.00 and set a “buy” rating for the company in a research report on Thursday, November 14th. Fearnley Fonds raised shares of TORM to a “hold” rating in a research report on Friday, September 27th.

TORM Price Performance

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’s 50-day moving average is $29.41 and its 200-day moving average is $34.33.

TORM Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 4th. Stockholders of record on Thursday, November 21st will be issued a dividend of $0.876 per share. This represents a $3.50 annualized dividend and a dividend yield of 16.10%. The ex-dividend date of this dividend is Thursday, November 21st. TORM’s payout ratio is 68.05%.

Institutional Trading of TORM

Hedge funds have recently modified their holdings of the company. National Bank of Canada FI acquired a new stake in shares of TORM during the second quarter worth approximately $26,000. Assetmark Inc. grew its stake in shares of TORM by 76.9% during the third quarter. Assetmark Inc. now owns 1,187 shares of the company’s stock valued at $41,000 after purchasing an additional 516 shares during the last quarter. Fifth Third Bancorp bought a new stake in shares of TORM during the second quarter valued at approximately $43,000. Syquant Capital Sas bought a new position in TORM in the second quarter valued at approximately $46,000. Finally, Quarry LP bought a new position in TORM in the third quarter valued at approximately $51,000. Institutional investors and hedge funds own 73.89% of the company’s stock.

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.