Too high a torque value would be the first suspect. Do the wheels spin true? (You would likely notice uneven tread wear tho.) I would inspect all other studs and maybe replace all of them. Maybe rotate the wheels (front - rear). Have you ever had your torque wrenches calibrated? Maybe balance the wheels/tires and drums/axles. Are the studs seating properly? Are the nuts seated properly in the wheels? Nuts possibly bottoming out?
Wheels look like aluminum and I would say 120 ft-lbs is just too much. If one stud does fail, it can cause others to fail soon after that so may not necessarily be a problem with all 6 studs. Original wheels? Do you maybe hit lots of potholes & speed bumps? How old is the trailer and wheels/tires? Bearings not loose? You have shocks which should help the situation but are they working okay? On a multi-axle trailer each axle has a different turning radius around corners and one axle (or two on a triple axle) will get the tires dragged across the pavement but I doubt this is of much significance. Have you ever weighed the trailer to see what actual weight the axles are carrying? (Maybe side-side weighing would help too.)