Nomad Foods (NYSE:NOMD) Hits New 52-Week Low – Here’s What Happened

Nomad Foods Limited (NYSE:NOMD)’s stock price hit a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $9.49 and last traded at $9.5620, with a volume of 205097 shares changing hands. The stock had previously closed at $9.70.

Analyst Ratings Changes

A number of equities research analysts recently commented on the company. BTIG Research lowered their price target on Nomad Foods from $18.00 to $15.00 and set a “buy” rating for the company in a research report on Monday, March 2nd. Zacks Research downgraded shares of Nomad Foods from a “hold” rating to a “strong sell” rating in a report on Monday, March 2nd. Mizuho lowered their target price on shares of Nomad Foods from $15.00 to $13.00 and set an “outperform” rating for the company in a report on Tuesday, March 3rd. Weiss Ratings lowered shares of Nomad Foods from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Monday, March 2nd. Finally, Barclays cut their price target on shares of Nomad Foods from $15.00 to $13.00 and set an “overweight” rating on the stock in a report on Monday, March 2nd. Three analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $13.67.

Nomad Foods Stock Down 1.9%

The company has a quick ratio of 0.66, a current ratio of 1.07 and a debt-to-equity ratio of 0.90. The company has a market capitalization of $1.35 billion, a PE ratio of 9.33 and a beta of 0.74. The stock has a 50-day moving average of $11.61 and a 200 day moving average of $12.15.

Nomad Foods Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, February 26th. Shareholders of record on Wednesday, February 11th were paid a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 7.1%. The ex-dividend date was Wednesday, February 11th. Nomad Foods’s dividend payout ratio is 66.67%.

Institutional Investors Weigh In On Nomad Foods

A number of hedge funds have recently made changes to their positions in NOMD. Boston Partners boosted its holdings in shares of Nomad Foods by 40.3% in the 2nd quarter. Boston Partners now owns 14,323,433 shares of the company’s stock worth $243,276,000 after buying an additional 4,114,150 shares during the last quarter. Ruffer LLP bought a new position in Nomad Foods during the fourth quarter valued at about $26,823,000. Polaris Capital Management LLC increased its holdings in Nomad Foods by 138.8% during the third quarter. Polaris Capital Management LLC now owns 3,441,900 shares of the company’s stock worth $45,261,000 after buying an additional 2,000,400 shares during the last quarter. Norges Bank bought a new stake in Nomad Foods in the second quarter worth about $15,603,000. Finally, Lombard Odier Asset Management Europe Ltd bought a new stake in Nomad Foods in the fourth quarter worth about $11,147,000. 75.26% of the stock is currently owned by institutional investors.

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.