Invenomic Capital Management LP Cuts Position in Nomad Foods Limited $NOMD

Key Points

• Invenomic Capital Management LP reduced its stake in Nomad Foods Limited by 84.6%, selling over 1.15 million shares, leaving them with 210,687 shares valued at approximately $4.14 million.
• Nomad Foods reported $0.45 earnings per share for the recent quarter, exceeding expectations, while revenue was $879.27 million, slightly below the forecast.
• The company declared a quarterly dividend of $0.17 per share, yielding 4.6%, with a payout ratio of 46.58%.

Invenomic Capital Management LP lessened its stake in shares of Nomad Foods Limited (NYSE:NOMD - Free Report) by 84.6% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 210,687 shares of the company's stock after selling 1,158,076 shares during the quarter. Invenomic Capital Management LP owned 0.14% of Nomad Foods worth $4,140,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Tower Research Capital LLC TRC grew its stake in shares of Nomad Foods by 13,508.5% during the fourth quarter. Tower Research Capital LLC TRC now owns 6,396 shares of the company's stock worth $107,000 after purchasing an additional 6,349 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in Nomad Foods by 1.3% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 98,320 shares of the company's stock worth $1,650,000 after acquiring an additional 1,270 shares in the last quarter. Jane Street Group LLC raised its stake in Nomad Foods by 285.1% in the fourth quarter. Jane Street Group LLC now owns 50,489 shares of the company's stock valued at $847,000 after buying an additional 37,377 shares during the period. Ameriprise Financial Inc. grew its position in Nomad Foods by 5.2% during the fourth quarter. Ameriprise Financial Inc. now owns 1,266,145 shares of the company's stock worth $21,246,000 after buying an additional 62,196 shares in the last quarter. Finally, Expect Equity LLC acquired a new stake in Nomad Foods during the fourth quarter worth approximately $1,934,000. Institutional investors own 75.26% of the company's stock.

Nomad Foods Trading Up 1.4%

Shares of NOMD stock traded up $0.20 during mid-day trading on Thursday, hitting $14.31. The company's stock had a trading volume of 832,613 shares, compared to its average volume of 882,288. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.63 and a current ratio of 1.02. The company's fifty day simple moving average is $16.25 and its 200-day simple moving average is $17.84. The company has a market cap of $2.20 billion, a PE ratio of 9.81 and a beta of 0.70. Nomad Foods Limited has a 52 week low of $13.96 and a 52 week high of $20.81.

Nomad Foods (NYSE:NOMD - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported $0.45 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.44 by $0.01. Nomad Foods had a net margin of 6.93% and a return on equity of 10.26%. The business had revenue of $879.27 million for the quarter, compared to analysts' expectations of $762.81 million. During the same quarter in the previous year, the firm posted $0.44 EPS. The business's revenue for the quarter was down .8% compared to the same quarter last year. As a group, equities research analysts expect that Nomad Foods Limited will post 1.82 earnings per share 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 given a $0.17 dividend. The ex-dividend date was Monday, August 11th. This represents a $0.68 annualized dividend and a yield of 4.8%. Nomad Foods's payout ratio is 46.58%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the company. Barclays reduced their price target on Nomad Foods from $20.00 to $18.00 and set an "overweight" rating on the stock in a research report on Friday, August 8th. Mizuho reduced their price target on Nomad Foods from $23.00 to $20.00 and set an "outperform" rating on the stock in a research report on Tuesday, August 12th. Three investment analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Nomad Foods currently has an average rating of "Buy" and a consensus price target of $20.33.

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.