Allspring Global Investments Holdings LLC Lowers Holdings in Nomad Foods Limited $NOMD

Key Points

• Allspring Global Investments trimmed its Nomad Foods stake by 2.9% in the first quarter, though it still holds 5.45 million shares worth about $52.2 million. Institutional ownership remains high at 75.26%.
• Nomad Foods insiders bought shares in recent months, including CFO Ruben Baldew and CEO Dominic Brisby, signaling management confidence. Over the past 90 days, insiders purchased 264,731 shares worth about $2.52 million.
• The company reported better-than-expected first-quarter results, with EPS of $0.27 versus the $0.21 estimate and revenue of $827.87 million above forecasts. Nomad also pays a quarterly dividend of $0.17 per share, implying a 5.9% yield.

Allspring Global Investments Holdings LLC lessened its holdings in Nomad Foods Limited (NYSE:NOMD - Free Report) by 2.9% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 5,454,596 shares of the company's stock after selling 164,211 shares during the period. Allspring Global Investments Holdings LLC owned about 3.84% of Nomad Foods worth $52,200,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of NOMD. Money Concepts Capital Corp raised its holdings in Nomad Foods by 24.7% in the first quarter. Money Concepts Capital Corp now owns 233,883 shares of the company's stock worth $2,248,000 after purchasing an additional 46,288 shares in the last quarter. R Squared Ltd boosted its holdings in shares of Nomad Foods by 7.4% in the 1st quarter. R Squared Ltd now owns 33,400 shares of the company's stock valued at $321,000 after buying an additional 2,296 shares in the last quarter. Sound Income Strategies LLC boosted its holdings in shares of Nomad Foods by 102.3% in the 1st quarter. Sound Income Strategies LLC now owns 676,241 shares of the company's stock valued at $6,472,000 after buying an additional 341,964 shares in the last quarter. Caitong International Asset Management Co. Ltd grew its position in shares of 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 worth $29,000 after buying an additional 2,262 shares during the last quarter. Finally, DGS Capital Management LLC grew its position in shares of Nomad Foods by 17.8% in the 4th quarter. DGS Capital Management LLC now owns 14,839 shares of the company's stock worth $186,000 after buying an additional 2,243 shares during the last quarter. 75.26% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and issued a $10.00 price target (down from $15.00) on shares of Nomad Foods in a research note on Monday, March 30th. Zacks Research upgraded shares of Nomad Foods from a "strong sell" rating to a "hold" rating in a report on Wednesday, May 13th. Barclays cut their price objective on shares of Nomad Foods from $13.00 to $12.00 and set an "overweight" rating on the stock in a report on Tuesday, April 14th. BTIG Research reiterated a "buy" rating and issued a $15.00 target price on shares of Nomad Foods in a research note on Wednesday, May 13th. Finally, Weiss Ratings upgraded shares of Nomad Foods from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Thursday, July 2nd. Three analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $12.50.

Insider Buying and Selling

In other Nomad Foods news, CFO Ruben Baldew bought 14,731 shares of the company's stock in a transaction dated Thursday, May 14th. The stock was acquired at an average price of $9.71 per share, with a total value of $143,038.01. Following the completion of the acquisition, the chief financial officer directly owned 338,882 shares of the company's stock, valued at $3,290,544.22. This represents a 4.54% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Dominic Brisby purchased 150,000 shares of the company's stock in a transaction dated Friday, May 15th. The stock was bought at an average price of $9.79 per share, with a total value of $1,468,500.00. Following the completion of the transaction, the chief executive officer directly owned 676,794 shares of the company's stock, valued at approximately $6,625,813.26. This represents a 28.47% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last ninety days, insiders bought 264,731 shares of company stock worth $2,524,538. 17.27% of the stock is owned by corporate insiders.

Nomad Foods Trading Down 1.8%

Shares of NYSE:NOMD opened at $11.54 on Friday. The company has a current ratio of 1.06, a quick ratio of 0.66 and a debt-to-equity ratio of 0.91. Nomad Foods Limited has a 12-month low of $8.99 and a 12-month high of $18.33. The business has a 50 day moving average of $10.50 and a two-hundred day moving average of $10.85. The company has a market capitalization of $1.61 billion, a PE ratio of 11.21 and a beta of 0.69.

Nomad Foods (NYSE:NOMD - Get Free Report) last released its quarterly earnings data on Thursday, May 7th. The company reported $0.27 earnings per share for the quarter, beating analysts' consensus estimates of $0.21 by $0.06. The company had revenue of $827.87 million during the quarter, compared to analysts' expectations of $804.00 million. Nomad Foods had a net margin of 4.43% and a return on equity of 9.05%. The firm's revenue for the quarter was down 5.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.21 earnings per share. Nomad Foods has set its FY 2026 guidance at 1.720-1.900 EPS. As a group, analysts forecast that Nomad Foods Limited will post 1.75 EPS for the current year.

Nomad Foods Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, May 28th. Investors of record on Tuesday, May 12th were given a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 5.9%. The ex-dividend date was Tuesday, May 12th. Nomad Foods's payout ratio is presently 66.02%.

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.

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