TORM (NASDAQ:TRMD) Shares Gap Down to $29.14

TORM plc (NASDAQ:TRMDGet Rating) gapped down before the market opened on Tuesday . The stock had previously closed at $29.14, but opened at $28.34. TORM shares last traded at $28.28, with a volume of 1,537 shares traded.

Analysts Set New Price Targets

Separately, Evercore ISI boosted their target price on shares of TORM to $25.00 in a research report on Monday, August 22nd.

TORM Trading Down 5.5 %

The business’s 50-day moving average price is $24.22 and its 200 day moving average price is $18.60. The company has a debt-to-equity ratio of 0.63, a current ratio of 3.06 and a quick ratio of 2.72. The firm has a market capitalization of $2.20 billion, a price-to-earnings ratio of 6.81 and a beta of -211.60.

TORM Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 8th. Investors of record on Wednesday, November 23rd will be issued a $1.46 dividend. The ex-dividend date is Tuesday, November 22nd. This represents a $5.84 annualized dividend and a yield of 21.66%. TORM’s dividend payout ratio is presently 107.58%.

Institutional Trading of TORM

Several institutional investors have recently added to or reduced their stakes in TRMD. Lazard Asset Management LLC acquired a new stake in TORM in the third quarter valued at $59,000. JPMorgan Chase & Co. acquired a new stake in TORM in the first quarter valued at $103,000. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in TORM by 42.7% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,432 shares of the company’s stock valued at $111,000 after purchasing an additional 1,626 shares during the last quarter. Mraz Amerine & Associates Inc. bought a new stake in TORM during the second quarter valued at $147,000. Finally, Citigroup Inc. bought a new stake in TORM during the first quarter valued at $148,000.

About TORM

(Get Rating)

TORM plc, a product tanker company, engages in the transportation of refined oil products and crude oil worldwide. The company transports gasoline, jet fuel, and naphtha. As of March 23, 2022, it operated a fleet of approximately 85 vessels. The company was founded in 1889 and is headquartered in London, the United Kingdom.

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