Nomad Foods (NYSE:NOMD) Cut to Strong Sell at Zacks Research

Zacks Research cut shares of Nomad Foods (NYSE:NOMD) from a hold rating to a strong sell rating in a research note issued to investors on Monday morning,Zacks.com reports.

Several other analysts have also commented on the stock. Mizuho reduced their price target on shares of Nomad Foods from $15.00 to $13.00 and set an “outperform” rating on the stock in a research report on Tuesday. BTIG Research lowered their price objective on Nomad Foods from $18.00 to $15.00 and set a “buy” rating for the company in a research report on Monday. Weiss Ratings cut Nomad Foods from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Monday. Finally, Barclays reduced their target price on Nomad Foods from $15.00 to $13.00 and set an “overweight” rating on the stock in a research report on Monday. Three investment analysts have rated the stock with a Buy rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $13.67.

Nomad Foods Stock Down 1.2%

NYSE NOMD opened at $10.37 on Monday. The business has a fifty day moving average price of $12.25 and a 200 day moving average price of $12.70. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.59 and a current ratio of 1.07. The company has a market cap of $1.59 billion, a P/E ratio of 10.17 and a beta of 0.74. Nomad Foods has a one year low of $10.27 and a one year high of $20.81.

Nomad Foods Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, February 26th. Shareholders of record on Wednesday, February 11th were given a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 6.6%. The ex-dividend date of this dividend was Wednesday, February 11th. Nomad Foods’s payout ratio is currently 66.67%.

Institutional Trading of Nomad Foods

Several hedge funds have recently made changes to their positions in NOMD. WealthCollab LLC grew its holdings in shares of Nomad Foods by 242.0% in the fourth quarter. WealthCollab LLC now owns 2,052 shares of the company’s stock valued at $26,000 after purchasing an additional 1,452 shares in the last quarter. Caitong International Asset Management Co. Ltd boosted its position in Nomad Foods by 3,231.4% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,332 shares of the company’s stock valued at $29,000 after buying an additional 2,262 shares during the period. SBI Securities Co. Ltd. grew its stake in shares of Nomad Foods by 469.6% in the fourth quarter. SBI Securities Co. Ltd. now owns 2,421 shares of the company’s stock worth $30,000 after acquiring an additional 1,996 shares in the last quarter. Johnson Financial Group Inc. acquired a new position in shares of Nomad Foods in the third quarter worth $43,000. Finally, Mondrian Investment Partners LTD purchased a new stake in shares of Nomad Foods during the third quarter worth $44,000. Institutional investors and hedge funds own 75.26% of the company’s stock.

About Nomad Foods

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.