Acadian Asset Management LLC Invests $1.55 Million in Nomad Foods Limited $NOMD

Key Points

• Acadian Asset Management LLC has made a new investment of approximately $1.55 million in Nomad Foods Limited, acquiring 78,947 shares in the first quarter of 2023.
• Nomad Foods' recent quarterly earnings beat expectations with an EPS of $0.45 and revenues reaching $879.27 million, despite a 0.8% year-over-year decline.
• The firm announced a quarterly dividend of $0.17, reflecting an annual yield of 4.9% and a payout ratio of 46.58%.

Acadian Asset Management LLC acquired a new position in Nomad Foods Limited (NYSE:NOMD - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 78,947 shares of the company's stock, valued at approximately $1,550,000. Acadian Asset Management LLC owned 0.05% of Nomad Foods as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Boston Partners raised its position in shares of Nomad Foods by 11.1% in the first quarter. Boston Partners now owns 10,209,283 shares of the company's stock valued at $200,615,000 after purchasing an additional 1,019,957 shares during the period. Ameriprise Financial Inc. grew its stake in Nomad Foods by 46.2% during the first quarter. Ameriprise Financial Inc. now owns 1,851,199 shares of the company's stock valued at $36,376,000 after acquiring an additional 585,054 shares in the last quarter. Vident Advisory LLC purchased a new position in Nomad Foods during the fourth quarter valued at approximately $9,003,000. Victory Capital Management Inc. grew its stake in Nomad Foods by 17.3% during the first quarter. Victory Capital Management Inc. now owns 2,724,866 shares of the company's stock valued at $53,544,000 after acquiring an additional 402,599 shares in the last quarter. Finally, Congress Asset Management Co. purchased a new position in Nomad Foods during the first quarter valued at approximately $7,383,000. Institutional investors own 75.26% of the company's stock.

Nomad Foods Price Performance

NOMD traded down $0.32 during trading hours on Friday, hitting $13.35. The company's stock had a trading volume of 1,383,147 shares, compared to its average volume of 1,551,952. The business's 50-day moving average price is $15.76 and its 200-day moving average price is $17.58. Nomad Foods Limited has a 12 month low of $13.31 and a 12 month high of $20.81. The stock has a market cap of $2.05 billion, a price-to-earnings ratio of 9.14 and a beta of 0.70. The company has a current ratio of 1.02, a quick ratio of 0.63 and a debt-to-equity ratio of 0.81.

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

Nomad Foods Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 26th. Investors of record on Monday, August 11th were issued 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 payout ratio is presently 46.58%.

Analysts Set New Price Targets

A number of equities analysts have commented on NOMD shares. Barclays cut their price target on shares of Nomad Foods from $20.00 to $18.00 and set an "overweight" rating for the company in a research note on Friday, August 8th. BTIG Research lowered their price target on shares of Nomad Foods from $20.00 to $18.00 and set a "buy" rating for the company in a report on Wednesday. Finally, Mizuho decreased their price objective on shares of Nomad Foods from $23.00 to $20.00 and set an "outperform" rating for the company in a report on Tuesday, August 12th. Four investment analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company presently has an average rating of "Buy" and an average target price of $19.75.

Nomad Foods Profile

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.