BTIG Research Cuts Nomad Foods (NYSE:NOMD) Price Target to $18.00

Key Points

• BTIG Research has lowered its price target for Nomad Foods (NYSE:NOMD) from $20.00 to $18.00, while maintaining a "buy" rating, indicating a potential upside of 30.72% from the current price.
• Nomad Foods reported earnings of $0.45 EPS for the last quarter, surpassing analysts' expectations, but revenue decreased by 0.8% year-over-year.
• Institutional investors hold 75.26% of Nomad Foods' stock, with significant increases in holdings by firms like Boston Partners and Qube Research & Technologies Ltd during the second quarter.

Nomad Foods (NYSE:NOMD - Free Report) had its target price trimmed by BTIG Research from $20.00 to $18.00 in a research report sent to investors on Wednesday, MarketBeat Ratings reports. The firm currently has a buy rating on the stock.

NOMD has been the topic of several other research reports. Barclays dropped their price target on Nomad Foods from $20.00 to $18.00 and set an "overweight" rating on the stock in a report on Friday, August 8th. Mizuho dropped their price target on Nomad Foods from $23.00 to $20.00 and set an "outperform" rating on the stock in a report on Tuesday, August 12th. Four research analysts have rated the stock with a Buy rating, According to MarketBeat, the company has a consensus rating of "Buy" and a consensus target price of $19.75.

Nomad Foods Price Performance

NOMD traded down $0.32 during trading on Wednesday, reaching $13.35. The stock had a trading volume of 1,383,147 shares, compared to its average volume of 1,551,952. The firm has a market capitalization of $2.05 billion, a price-to-earnings ratio of 9.14 and a beta of 0.70. The company has a quick ratio of 0.63, a current ratio of 1.02 and a debt-to-equity ratio of 0.81. Nomad Foods has a 1-year low of $13.31 and a 1-year high of $20.81. The stock has a 50 day moving average of $15.76 and a two-hundred day moving average of $17.56.

Nomad Foods (NYSE:NOMD - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported $0.45 earnings per share for the quarter, topping analysts' consensus estimates of $0.44 by $0.01. The firm had revenue of $879.27 million during the quarter, compared to the consensus estimate of $762.81 million. Nomad Foods had a return on equity of 10.26% and a net margin of 6.93%.The firm's revenue for the quarter was down .8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.44 earnings per share. As a group, equities analysts anticipate that Nomad Foods will post 1.82 EPS for the current fiscal year.

Nomad Foods Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, August 26th. Investors of record on Monday, August 11th were paid a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 5.1%. The ex-dividend date was Monday, August 11th. Nomad Foods's dividend payout ratio (DPR) is presently 46.58%.

Institutional Trading of Nomad Foods

Hedge funds have recently modified their holdings of the company. Summit Securities Group LLC bought a new position in Nomad Foods in the first quarter valued at approximately $32,000. Osaic Holdings Inc. increased its stake in shares of Nomad Foods by 87.4% during the 2nd quarter. Osaic Holdings Inc. now owns 2,658 shares of the company's stock worth $45,000 after purchasing an additional 1,240 shares during the last quarter. Lazard Asset Management LLC acquired a new position in shares of Nomad Foods during the 4th quarter worth about $134,000. State of Wyoming grew its stake in Nomad Foods by 56.6% in the 1st quarter. State of Wyoming now owns 9,466 shares of the company's stock valued at $186,000 after buying an additional 3,421 shares during the last quarter. Finally, Sequoia Financial Advisors LLC acquired a new position in Nomad Foods in the 1st quarter valued at about $196,000. Institutional investors and hedge funds own 75.26% of the company's stock.

About Nomad Foods

Nomad Foods Limited, together with its subsidiaries, manufactures, markets, and distributes a range of frozen food products in the United Kingdom and internationally. The company offers frozen fish products, including fish fingers, coated fish, and natural fish; ready-to-cook vegetable products, such as peas and spinach; and frozen poultry and meat products comprising nuggets, grills, and burgers.