BTIG Research Cuts Nomad Foods (NYSE:NOMD) Price Target to $15.00

Nomad Foods (NYSE:NOMD) had its price target decreased by BTIG Research from $18.00 to $15.00 in a report issued on Monday,Benzinga reports. BTIG Research currently has a buy rating on the stock.

NOMD has been the topic of a number of other research reports. Mizuho reduced their price target on Nomad Foods from $17.00 to $15.00 and set an “outperform” rating on the stock in a research note on Thursday, January 8th. Zacks Research raised Nomad Foods from a “strong sell” rating to a “hold” rating in a research report on Tuesday, January 6th. Finally, Weiss Ratings reiterated a “hold (c-)” rating on shares of Nomad Foods in a research report on Wednesday, January 28th. Three investment analysts have rated the stock with a Buy rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, Nomad Foods currently has an average rating of “Hold” and an average target price of $13.67.

Nomad Foods Stock Performance

NYSE:NOMD opened at $10.37 on Monday. The company has a debt-to-equity ratio of 0.90, a current ratio of 1.07 and a quick ratio of 0.59. The firm has a market cap of $1.59 billion, a PE ratio of 10.17 and a beta of 0.74. The firm has a 50 day simple moving average of $12.25 and a 200-day simple moving average of $12.70. Nomad Foods has a 1-year low of $10.27 and a 1-year high of $20.81.

Nomad Foods Announces Dividend

The company 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. The ex-dividend date was Wednesday, February 11th. This represents a $0.68 annualized dividend and a dividend yield of 6.6%. Nomad Foods’s dividend payout ratio is currently 66.67%.

Institutional Investors Weigh In On Nomad Foods

Several large investors have recently made changes to their positions in the company. Royal Bank of Canada increased its position in Nomad Foods by 9.2% in the 1st quarter. Royal Bank of Canada now owns 143,968 shares of the company’s stock valued at $2,829,000 after acquiring an additional 12,131 shares during the period. Millennium Management LLC grew its position in Nomad Foods by 81.3% in the 1st 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 in the last quarter. Jane Street Group LLC increased its stake in Nomad Foods by 50.2% during the 1st quarter. Jane Street Group LLC now owns 75,847 shares of the company’s stock valued at $1,490,000 after buying an additional 25,358 shares during the period. Bank of New York Mellon Corp raised its position in shares of Nomad Foods by 1.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 808,332 shares of the company’s stock worth $13,734,000 after buying an additional 8,453 shares in the last quarter. Finally, Acadian Asset Management LLC lifted its stake in shares of Nomad Foods by 261.9% in the 2nd quarter. Acadian Asset Management LLC now owns 285,675 shares of the company’s stock worth $4,846,000 after acquiring an additional 206,728 shares during the period. 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.