Hennessy Advisors Inc. Acquires Shares of 507,200 Nomad Foods Limited $NOMD

Key Points

• Hennessy Advisors Inc. has acquired 507,200 shares of Nomad Foods Limited for approximately $8.6 million, representing about 0.33% of the company after the second quarter.
• Several hedge funds have increased their holdings in Nomad Foods, with the highest increase being an 81.3% stake raised by Millennium Management LLC in the first quarter.
• Nomad Foods has announced a quarterly dividend of $0.17, providing an annualized dividend yield of 5.2% while maintaining a payout ratio of 46.58%.

Hennessy Advisors Inc. acquired a new position in shares of Nomad Foods Limited (NYSE:NOMD - Free Report) in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 507,200 shares of the company's stock, valued at approximately $8,617,000. Hennessy Advisors Inc. owned about 0.33% of Nomad Foods at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in NOMD. Boston Partners lifted its stake in shares of Nomad Foods by 11.1% during the 1st quarter. Boston Partners now owns 10,209,283 shares of the company's stock worth $200,615,000 after purchasing an additional 1,019,957 shares during the last quarter. Ameriprise Financial Inc. raised its stake in Nomad Foods by 46.2% in the first quarter. Ameriprise Financial Inc. now owns 1,851,199 shares of the company's stock valued at $36,376,000 after buying an additional 585,054 shares during the last quarter. Victory Capital Management Inc. raised its stake in Nomad Foods by 17.3% in the first quarter. Victory Capital Management Inc. now owns 2,724,866 shares of the company's stock valued at $53,544,000 after buying an additional 402,599 shares during the last quarter. Congress Asset Management Co. purchased a new stake in Nomad Foods in the first quarter valued at about $7,383,000. Finally, Millennium Management LLC raised its stake in Nomad Foods by 81.3% in the first 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 during the last quarter. 75.26% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

NOMD has been the subject of a number of research analyst reports. Weiss Ratings reiterated a "hold (c)" rating on shares of Nomad Foods in a research note on Saturday, September 27th. Barclays decreased their price target on 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 decreased their price target on Nomad Foods from $20.00 to $18.00 and set a "buy" rating for the company in a research note on Wednesday, September 17th. Zacks Research cut Nomad Foods from a "hold" rating to a "strong sell" rating in a research note on Monday, September 29th. Finally, Mizuho reduced their price objective on Nomad Foods from $23.00 to $20.00 and set an "outperform" rating for the company in a research note on Tuesday, August 12th. Four analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $19.75.

Nomad Foods Stock Down 1.0%

Nomad Foods stock opened at $13.10 on Friday. The firm has a market cap of $2.01 billion, a price-to-earnings ratio of 8.97 and a beta of 0.70. Nomad Foods Limited has a 52 week low of $12.89 and a 52 week high of $20.81. The business's 50-day moving average price is $14.86 and its 200 day moving average price is $17.11. 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 (NYSE:NOMD - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $0.45 EPS for the quarter, beating the consensus estimate of $0.44 by $0.01. Nomad Foods had a return on equity of 10.26% and a net margin of 6.93%.The company had revenue of $879.27 million for the quarter, compared to analyst estimates of $762.81 million. During the same period last year, the company earned $0.44 earnings per share. Nomad Foods's quarterly revenue was down .8% compared to the same quarter last year. As a group, sell-side analysts anticipate that Nomad Foods Limited will post 1.82 earnings per share for the current year.

Nomad Foods Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, August 26th. Stockholders of record on Monday, August 11th were paid a $0.17 dividend. The ex-dividend date of this dividend was Monday, August 11th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 5.2%. 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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