TORM (NASDAQ:TRMD) Shares Gap Up Following Dividend Announcement

TORM plc (NASDAQ:TRMD) shares gapped up before the market opened on Thursday following a dividend announcement from the company. The stock had previously closed at $17.35, but opened at $18.87. TORM shares last traded at $19.45, with a volume of 664,846 shares trading hands.

The newly announced dividend which will be paid on Wednesday, April 2nd. Shareholders 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 yield of 12.59%. TORM’s dividend payout ratio (DPR) is presently 45.28%.

Wall Street Analysts Forecast Growth

Separately, Jefferies Financial Group cut their price objective on TORM from $37.00 to $32.00 and set a “buy” rating on the stock in a research report on Thursday, November 14th.

TORM Stock Performance

The firm has a fifty day simple moving average of $19.80 and a 200-day simple moving average of $25.11. The company has a quick ratio of 2.24, a current ratio of 2.47 and a debt-to-equity ratio of 0.51. The company has a market cap of $1.79 billion, a PE ratio of 2.47 and a beta of 0.14.

Hedge Funds Weigh In On TORM

A number of hedge funds have recently modified their holdings of TRMD. Assetmark Inc. grew its position in TORM by 76.9% during the 3rd quarter. Assetmark Inc. now owns 1,187 shares of the company’s stock worth $41,000 after purchasing an additional 516 shares during the last quarter. Quarry LP purchased a new position in shares of TORM in the 3rd quarter valued at approximately $51,000. Jones Financial Companies Lllp grew 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 purchasing an additional 1,939 shares during the last quarter. Tower Research Capital LLC TRC increased its holdings in shares of TORM by 8.6% in the fourth quarter. Tower Research Capital LLC TRC now owns 8,991 shares of the company’s stock valued at $175,000 after purchasing an additional 711 shares during the period. Finally, Apollon Wealth Management LLC raised its stake in shares of TORM by 26.1% during the fourth quarter. Apollon Wealth Management LLC now owns 10,719 shares of the company’s stock worth $208,000 after purchasing an additional 2,219 shares during the last quarter. 73.89% of the stock is currently owned by hedge funds and other institutional investors.

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.