TORM plc (TRMD) To Go Ex-Dividend on March 24th

TORM plc (NASDAQ:TRMD – Get Rating) announced a quarterly dividend on Thursday, March 16th, Zacks reports. Stockholders of record on Monday, March 27th will be paid a dividend of 1.891 per share on Wednesday, April 5th. This represents a $7.56 annualized dividend and a dividend yield of 22.33%. The ex-dividend date is Friday, March 24th. This is a positive change from TORM’s previous quarterly dividend of $1.46.

TORM has a payout ratio of 38.7% meaning its dividend is sufficiently covered by earnings.

TORM Price Performance

TORM stock traded down $0.61 during midday trading on Friday, reaching $33.88. The company had a trading volume of 472,033 shares, compared to its average volume of 299,193. TORM has a 12-month low of $8.00 and a 12-month high of $36.60. The firm’s fifty day simple moving average is $30.18 and its 200-day simple moving average is $27.05. 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 company has a market capitalization of $2.76 billion, a P/E ratio of 8.56 and a beta of 0.45.

Analyst Ratings Changes

Separately, Danske downgraded TORM from a “buy” rating to a “hold” rating in a research note on Friday, March 10th.

Institutional Trading of TORM

A number of hedge funds have recently bought and sold shares of TRMD. Vanguard Group Inc. grew its position in shares of TORM by 5,904.2% in the third quarter. Vanguard Group Inc. now owns 982,649 shares of the company’s stock valued at $19,937,000 after purchasing an additional 966,283 shares in the last quarter. Norges Bank purchased a new stake in TORM in the 4th quarter valued at $21,066,000. Morgan Stanley increased its stake in shares of TORM by 3.5% in the 4th quarter. Morgan Stanley now owns 627,936 shares of the company’s stock worth $18,317,000 after acquiring an additional 21,043 shares during the last quarter. Renaissance Technologies LLC purchased a new position in shares of TORM during the 2nd quarter worth $5,933,000. Finally, Millennium Management LLC boosted its position in shares of TORM by 2,267.8% during the 2nd quarter. Millennium Management LLC now owns 430,816 shares of the company’s stock valued at $5,838,000 after acquiring an additional 412,621 shares during the last quarter. Institutional investors and hedge funds own 77.29% of the company’s stock.

About TORM

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TORM Plc engages in the ownership and operation of product tankers. The firm transports refined oil products such as gasoline, jet fuel, kerosene, naphtha and gas oil, and occasionally dirty petroleum products, such as fuel oil. The company was founded by Ditlev E. Torm and Christian Schmiegelow in 1889 and is headquartered in London, the United Kingdom.