TORM (NASDAQ:TRMD) Reaches New 1-Year Low – Here’s Why

TORM plc (NASDAQ:TRMD)’s share price hit a new 52-week low during mid-day trading on Friday . The company traded as low as $16.73 and last traded at $16.97, with a volume of 1223004 shares trading hands. The stock had previously closed at $17.68.

TORM Price Performance

The company has a current ratio of 2.47, a quick ratio of 2.24 and a debt-to-equity ratio of 0.51. The company has a 50 day simple moving average of $19.05 and a 200 day simple moving average of $23.36. The stock has a market cap of $1.60 billion, a P/E ratio of 2.20 and a beta of 0.14.

TORM Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 2nd. Stockholders of record on Thursday, March 20th will be given a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 14.14%. The ex-dividend date is Thursday, March 20th. TORM’s dividend payout ratio is presently 27.43%.

Institutional Investors Weigh In On TORM

Several hedge funds and other institutional investors have recently added to or reduced their stakes in TRMD. Quarry LP bought a new position in shares of TORM in the 3rd quarter valued at about $51,000. Jones Financial Companies Lllp grew its stake in TORM by 49.5% in the fourth 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 in the last quarter. Thrivent Financial for Lutherans bought a new position in TORM in the third quarter valued at approximately $224,000. Tower Research Capital LLC TRC raised its stake 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 worth $175,000 after purchasing an additional 711 shares in the last quarter. Finally, Apollon Wealth Management LLC boosted its holdings in shares of TORM by 26.1% in the 4th quarter. Apollon Wealth Management LLC now owns 10,719 shares of the company’s stock valued at $208,000 after buying an additional 2,219 shares during the last quarter. 73.89% of the stock is currently owned by institutional investors and hedge funds.

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.