Nomad Foods (NYSE:NOMD) Hits New 12-Month Low – Here’s Why

Shares of Nomad Foods Limited (NYSE:NOMD) reached a new 52-week low on Tuesday . The company traded as low as $9.43 and last traded at $9.7350, with a volume of 1723415 shares traded. The stock had previously closed at $9.74.

Analyst Ratings Changes

A number of brokerages recently issued reports on NOMD. Mizuho dropped their price target on shares of Nomad Foods from $15.00 to $13.00 and set an “outperform” rating for the company in a research note on Tuesday, March 3rd. Barclays decreased their price objective on shares of Nomad Foods from $15.00 to $13.00 and set an “overweight” rating for the company in a report on Monday, March 2nd. Weiss Ratings downgraded shares of Nomad Foods from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Monday, March 2nd. BTIG Research cut their target price on shares of Nomad Foods from $18.00 to $15.00 and set a “buy” rating on the stock in a research note on Monday, March 2nd. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $10.00 price target (down from $15.00) on shares of Nomad Foods in a research report on Monday. Three analysts have rated the stock with a Buy rating, one has given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $12.75.

Nomad Foods Stock Down 0.1%

The company has a debt-to-equity ratio of 0.90, a current ratio of 1.07 and a quick ratio of 0.66. The stock’s fifty day simple moving average is $11.45 and its 200-day simple moving average is $12.03. The stock has a market cap of $1.38 billion, a P/E ratio of 9.54 and a beta of 0.74.

Nomad Foods Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, February 26th. Stockholders of record on Wednesday, February 11th were given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 7.0%. The ex-dividend date was Wednesday, February 11th. Nomad Foods’s dividend payout ratio is presently 66.67%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NOMD. Royal Bank of Canada grew its stake in Nomad Foods by 9.2% during the 1st quarter. Royal Bank of Canada now owns 143,968 shares of the company’s stock worth $2,829,000 after buying an additional 12,131 shares during the last quarter. Millennium Management LLC lifted its stake in Nomad Foods by 81.3% in the first quarter. Millennium Management LLC now owns 656,686 shares of the company’s stock valued at $12,904,000 after buying an additional 294,386 shares during the last quarter. Jane Street Group LLC boosted its holdings in shares of Nomad Foods by 50.2% during the first quarter. Jane Street Group LLC now owns 75,847 shares of the company’s stock valued at $1,490,000 after acquiring an additional 25,358 shares during the period. Cetera Investment Advisers bought a new position in shares of Nomad Foods during the second quarter worth about $221,000. Finally, JPMorgan Chase & Co. grew its position in shares of Nomad Foods by 427.3% during the second quarter. JPMorgan Chase & Co. now owns 105,871 shares of the company’s stock worth $1,799,000 after acquiring an additional 85,793 shares during the last quarter. Institutional investors and hedge funds own 75.26% of the company’s stock.

Nomad Foods Company Profile

Nomad Foods Limited is a leading frozen foods company headquartered in the United Kingdom, operating under the ticker symbol NOMD on the New York Stock Exchange. The company’s portfolio comprises well-known consumer brands such as Birds Eye, iglo, Findus, Goodfella’s and Aunt Bessie’s, covering a wide range of categories including vegetables, seafood, ready meals, pizzas and desserts. Nomad Foods focuses on delivering convenient, high-quality frozen products designed to meet evolving consumer preferences for taste, nutrition and ease of preparation.

Formed in 2015 through the acquisition of Iglo Group by investment firms Permira and Goldman Sachs Asset Management, Nomad Foods was created with the strategy of building Europe’s largest frozen foods platform.