TORM plc (NASDAQ:TRMD) Short Interest Up 27.5% in November

TORM plc (NASDAQ:TRMD) saw a significant increase in short interest during the month of November. As of November 15th, there was short interest totalling 3,480,000 shares, an increase of 27.5% from the October 31st total of 2,730,000 shares. Currently, 6.7% of the company’s shares are sold short. Based on an average trading volume of 1,120,000 shares, the days-to-cover ratio is presently 3.1 days.

Institutional Investors Weigh In On TORM

Large investors have recently added to or reduced their stakes in the business. National Bank of Canada FI purchased a new stake in shares of TORM during the second quarter worth $26,000. Assetmark Inc. raised its position in TORM by 76.9% in the 3rd quarter. Assetmark Inc. now owns 1,187 shares of the company’s stock valued at $41,000 after purchasing an additional 516 shares in the last quarter. Fifth Third Bancorp purchased a new position in shares of TORM in the 2nd quarter valued at about $43,000. Syquant Capital Sas acquired a new position in shares of TORM during the second quarter worth about $46,000. Finally, Quarry LP purchased a new stake in shares of TORM during the third quarter worth approximately $51,000. 73.89% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

TORM Price Performance

TORM stock traded down $0.15 during midday trading on Friday, reaching $20.94. 639,449 shares of the stock traded hands, compared to its average volume of 804,008. The company has a debt-to-equity ratio of 0.51, a quick ratio of 2.24 and a current ratio of 2.47. The company has a 50-day simple moving average of $27.70 and a two-hundred day simple moving average of $33.72. TORM has a 12-month low of $20.69 and a 12-month high of $40.47.

TORM Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 4th. Investors of record on Thursday, November 21st will be issued a $0.876 dividend. This represents a $3.50 dividend on an annualized basis and a dividend yield of 16.73%. The ex-dividend date is Thursday, November 21st. TORM’s dividend payout ratio (DPR) is currently 45.28%.

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.