TORM (NASDAQ:TRMD) Sets New 12-Month High at $15.07

TORM plc (NASDAQ:TRMDGet Rating)’s share price reached a new 52-week high on Tuesday . The company traded as high as $15.07 and last traded at $14.83, with a volume of 602596 shares. The stock had previously closed at $13.05.

TRMD has been the subject of several analyst reports. Pareto Securities assumed coverage on shares of TORM in a report on Wednesday, May 25th. They issued a “buy” rating for the company. HC Wainwright lifted their price objective on TORM from $14.00 to $16.00 in a research note on Thursday, May 12th. Finally, TheStreet upgraded TORM from a “c” rating to a “b-” rating in a research note on Tuesday, June 7th.

The stock’s 50 day simple moving average is $11.99 and its 200 day simple moving average is $9.39. The firm has a market cap of $1.01 billion, a PE ratio of -96.92 and a beta of -275.17. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.34 and a current ratio of 1.61.

Hedge funds have recently modified their holdings of the business. Bank of America Corp DE grew its position in TORM by 196.3% during the first quarter. Bank of America Corp DE now owns 73,443 shares of the company’s stock valued at $651,000 after acquiring an additional 48,660 shares during the last quarter. Jane Street Group LLC grew its holdings in shares of TORM by 190.7% during the 1st quarter. Jane Street Group LLC now owns 196,065 shares of the company’s stock valued at $1,695,000 after purchasing an additional 128,617 shares during the last quarter. Goldman Sachs Group Inc. raised its position in TORM by 148.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 33,443 shares of the company’s stock worth $296,000 after purchasing an additional 19,968 shares during the period. Citigroup Inc. bought a new stake in TORM in the first quarter worth $148,000. Finally, JPMorgan Chase & Co. purchased a new stake in TORM during the first quarter valued at about $103,000.

TORM Company Profile (NASDAQ:TRMD)

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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