Fenimore Asset Management Inc Sells 123,431 Shares of Nomad Foods Limited $NOMD

Key Points

• Fenimore Asset Management Inc reduced its stake in Nomad Foods Limited by 11.8%, selling 123,431 shares during the second quarter, bringing its total ownership to 921,333 shares valued at $15,653,000.
• Nomad Foods has recently been under scrutiny from analysts, with Zacks Research downgrading their rating to "strong sell", while the consensus rating remains a "Moderate Buy" with a price target of $19.75.
• The company declared a quarterly dividend of $0.17 per share, providing a 5.2% yield to shareholders, with a payout ratio of 46.58%.

Fenimore Asset Management Inc lowered its stake in Nomad Foods Limited (NYSE:NOMD - Free Report) by 11.8% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 921,333 shares of the company's stock after selling 123,431 shares during the quarter. Fenimore Asset Management Inc owned 0.60% of Nomad Foods worth $15,653,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the business. Summit Securities Group LLC purchased a new position in shares of Nomad Foods during the first quarter valued at approximately $32,000. State of Wyoming raised its stake in Nomad Foods by 56.6% during the first 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. Sequoia Financial Advisors LLC bought a new position in Nomad Foods in the 1st quarter worth about $196,000. Sciencast Management LP bought a new stake in shares of Nomad Foods in the 1st quarter worth $196,000. Finally, First Bank & Trust bought a new stake in Nomad Foods in the 1st quarter worth about $219,000. 75.26% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on NOMD shares. Weiss Ratings reissued a "hold (c)" rating on shares of Nomad Foods in a report on Saturday, September 27th. Zacks Research cut Nomad Foods from a "hold" rating to a "strong sell" rating in a report on Monday, September 29th. Mizuho dropped 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. BTIG Research dropped their price objective on shares of Nomad Foods from $20.00 to $18.00 and set a "buy" rating for the company in a research note on Wednesday, September 17th. Finally, Barclays decreased 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. Four analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $19.75.

Nomad Foods Stock Down 1.0%

Shares of Nomad Foods stock opened at $13.10 on Monday. The stock has a market cap of $2.01 billion, a price-to-earnings ratio of 8.97 and a beta of 0.70. The firm's 50-day moving average is $14.86 and its two-hundred day moving average is $17.07. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.02 and a quick ratio of 0.63. Nomad Foods Limited has a 1 year low of $12.89 and a 1 year high of $20.81.

Nomad Foods (NYSE:NOMD - Get Free Report) last posted 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 company had revenue of $879.27 million during the quarter, compared to analyst estimates of $762.81 million. Nomad Foods had a return on equity of 10.26% and a net margin of 6.93%.Nomad Foods's revenue was down .8% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.44 earnings per share. As a group, research 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 declared a quarterly dividend, which was paid on Tuesday, August 26th. Shareholders of record on Monday, August 11th were issued a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 5.2%. The ex-dividend date of this dividend was Monday, August 11th. Nomad Foods's payout ratio is currently 46.58%.

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.

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